Ripple’s RLUSD Stablecoin Drives $2.5 Billion in XRP Ledger Trading

The data reveals that the RLUSD/XRP pair alone cleared approximately $900 million in volume over the past six months. Rather than displacing XRP, the stablecoin serves as a liquidity layer that generates consistent network demand. Every trade, swap, and transfer of RLUSD settles on the XRP Ledger, requiring users to pay network fees in XRP. This mechanism currently drives roughly 1 million transactions per month, effectively burning XRP fees with each interaction.

Supply dynamics have also shifted significantly toward the Ripple ecosystem. As of late June 2026, the XRP Ledger holds 51% of all RLUSD in circulation, a sharp increase from 17% in April 2026. This growth represents a migration from Ethereum, with total supply on the ledger climbing from $20 million at the end of 2024 to $800 million. While Ripple continues to expand RLUSD across various layer-2 networks, the XRP Ledger remains the primary hub for the stablecoin’s institutional utility, particularly in cross-border payment corridors involving assets like the MXNB peso-backed token.