A recent report provides concrete data addressing a question that has been debated within the crypto community for months.
Crypto analyst Diana (@InvestWithD) highlighted findings from Evernorth to counter the viewpoint that RLUSD poses a threat to XRP’s position on the XRP Ledger.
The study originates from Evernorth, a Ripple-backed XRP digital asset treasury enterprise listed on Nasdaq under the ticker XRPN. Its analysis focuses on how XRP and RLUSD interact via the ledger’s native decentralized exchange (DEX).
OMG… Evernorth’s NEW Report Reveals 92% of $1.65 BILLION in $RLUSD Swaps on XRPL Were Traded Against $XRP?!
People keep asking whether stablecoins will REPLACE $XRP.
Around $1.52 BILLION in $RLUSD swap volume INVOLVED XRP pairs!
So instead of pushing XRP aside,… https://t.co/sFXcqHAfpy pic.twitter.com/3L9ZhWRuP
— Diana (@InvestWithD) November 8, 2026
The Numbers Tell a Clear Story
In 2024, only 10.5% of XRP trading on the XRPL native DEX involved stablecoins or fiat-backed tokens. That metric rose to 50% by 2025 and reaches 86% in 2026 to date.
While these statistics illustrate the rapid expansion of dollar-denominated activity on the ledger, they require additional context to clarify their impact on XRP. The Evernorth report supplies that perspective.
Out of $1.65 billion in RLUSD swapped on the DEX in 2026, 92% traded directly against XRP, representing roughly $1.52 billion in RLUSD volume passing through XRP pairs. As the report notes, “The dollar isn’t taking liquidity away from XRP. It trades against XRP.”
XRP as Settlement Infrastructure
Rather than being sidelined as dollar-backed tokens expand on the ledger, XRP is functioning as the settlement layer those assets utilize.
As Diana pointed out, the XRPL now mirrors traditional foreign exchange markets, where the U.S. dollar is present on one side of roughly 89% of trades, and benchmark commodities like oil and gold are priced in dollars. XRP holds a structurally parallel position on the XRPL.
Just as the U.S. dollar dominates global FX by acting as the common medium for transactions rather than displacing other currencies, the Evernorth report indicates XRP is establishing a comparable function within the XRPL ecosystem as a bridge currency.
Is RLUSD Replacing XRP?
Some critics of Ripple have suggested that the growth of RLUSD points to an internal pivot away from XRP. However, on-chain metrics contradict that theory. Furthermore, every RLUSD transaction on the XRPL incurs fees paid in XRP, creating genuine economic activity for the network.
Diana’s commentary underscores the key takeaway: greater institutional adoption of assets on the XRPL will likely drive demand for XRP pairs higher rather than lower. Current data supports that path, confirming that RLUSD is not replacing XRP and that its growth has not occurred at XRP’s expense.
Frequently Asked Questions
What does the Evernorth report reveal about RLUSD and XRP?
The report shows that 92% of the $1.65 billion in RLUSD swapped on the XRPL DEX in 2026 traded directly against XRP, totaling roughly $1.52 billion in volume through XRP pairs.
Is RLUSD replacing XRP on the XRP Ledger?
No. Data indicates that dollar-denominated tokens like RLUSD trade against XRP rather than displacing it, with XRP serving as a bridge currency and settlement layer.
How have stablecoin trading volumes on the XRPL changed over time?
Only 10.5% of XRP trading on the native DEX occurred against stablecoins or fiat-backed tokens in 2024. That proportion increased to 50% in 2025 and stands at 86% in 2026 to date.
Who published the report?
The findings come from Evernorth, a Ripple-backed digital asset treasury company traded on Nasdaq under the ticker XRPN.
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Written by
Elara Winter
