How much XRPL trading involves RLUSD, and how much of it is against XRP?

The full answer

The measure of RLUSD’s share of XRP Ledger trading used on this page comes from Evernorth, whose on-chain figures were compiled from Dune Analytics data. On July 13, 2026 it filed a set of social-media posts with the SEC as merger material.[1] One card reads “~12% of all trading on the XRP Ledger,” and another says the RLUSD/XRP pair cleared “~$900M” in six months, “= 90% of all RLUSD trading.”[1] Both cite Dune Analytics’ xrpl.dex_swaps table through May 2026.[1]

What exactly did Evernorth report?

The thread says RLUSD’s share “hit ~12% in under 18 months” and “was under 1% at the start of 2025.”[1] crypto.news, reporting Evernorth’s June 30 report, added that more than $2.5 billion had traded through RLUSD pairs since launch, and about 1 million RLUSD transactions a month came from trading alone.[2]

Taken at face value, the 90% share means about $1 billion of RLUSD trading over those six months, with roughly $100 million in pairs other than XRP. That split is this page’s own arithmetic on Evernorth’s rounded figures. The 12% needs care: it is RLUSD’s share of all ledger trading, while the 90% is the XRP pair’s share of RLUSD trading. The filing does not say whether the 12% is a monthly reading or a six-month average.[1]

Is an XRP treasury company’s filing a neutral source for this figure, and has anyone reproduced it?

It is not neutral. Evernorth’s business is holding XRP, and its October 20, 2025 announcement names Ripple as a strategic investor.[4] The same thread opens by asking “Does RLUSD cannibalize XRP?” and answers that “RLUSD doesn’t replace XRP.”[1] Filing with the SEC does not make the numbers checked: the filing itself says the SEC has not “passed upon the adequacy or accuracy of the disclosure.”[1]

Evernorth describes its method in its Q2 report. It rebuilds trading from Dune’s native XRP Ledger tables and says query IDs and extracts are “available on request.”[3] The roughly 12% RLUSD share figure is Evernorth’s own, as reported by crypto.news from Dune Analytics data through May 2026, and is not independently confirmed on this page.

Has the RLUSD/XRP share held since May 2026, measured on the same data?

Evernorth’s Q2 report, published September 2, 2026, counts trading in XRP rather than by stablecoin pair. It puts total DEX trading at 4.42 million XRP a day, with the order book at 81% of it.[3] It also says trades between two non-XRP assets were excluded, and they were “18% of trades and roughly 9% of value in the quarter.”[3] So some trading skips XRP. Separately, Evernorth’s figures, reported by crypto.news, put RLUSD’s share of on-chain trading at about 12% in 2026, up from under 1%, based on Dune Analytics data through May 2026.

How much of the pair’s volume comes from a handful of market makers or bots?

Evernorth’s own counts show fewer accounts starting trades, each trading more. Evernorth counted about 2,435 accounts trading on the DEX each day in Q2 2026.[3] On the order book, the accounts starting trades fell from 1,864 to 1,111 a day over the year, while each moved about 3,217 XRP a day.[3] Evernorth counts only the account that starts a trade, so resting liquidity providers are not counted at all.[3]

U.Today reported on April 10, 2026 that validator operator Vet described bots on the XRP/RLUSD pair that post and cancel offers to adjust prices, some with “offers that have no liquidity behind them.”[5] Volume trackers can also be skewed. In September 2026, CryptoSlate found that two new pools, one paired with RLUSD, produced 97.24% of one tracker’s weekly AMM volume from fewer than 200 trades.[6] That episode did not involve the XRP pair, but it shows why raw volume needs checking.

How much XRP/RLUSD trades on centralized exchanges versus the XRPL DEX?

No published split was available as of September 29, 2026. Evernorth’s numbers cover only the ledger’s own exchange, and no exchange-level volume for the pair has been published that this page could find.[1]

What does this share show about XRP liquidity?

By Evernorth’s count, RLUSD trades mostly against XRP. The count says nothing about how much XRP stands ready on the other side of those trades. That is a question of depth, taken up in how deep XRP/RLUSD liquidity is on the XRPL DEX. For all trading on the ledger, see how much trading happens on the XRPL DEX.