92% of $1.65B in RLUSD Swap Volume Traded Against XRP on XRP Ledger

Ripple USD (RLUSD) swap volume on the XRP Ledger’s native exchange totaled $1.65 billion through Oct. 20, 2026, with 92% of that dollar value traded against XRP. The percentage measures swap volume, not the number of individual transactions.

A separate measure starts with XRP-denominated exchange volume and identifies the type of asset traded against XRP. Stablecoins and other fiat-backed tokens represented 86% of that volume through Oct. 20. Their share was 50% in 2025 and 10.5% in 2024. The exchange measure includes both order-book and automated market maker trading.

The two percentages use different denominators. The 92% figure describes the share of RLUSD swap dollars matched with XRP; the 86% figure describes the share of XRP exchange volume matched with stablecoins or other fiat-backed assets. They should not be added or treated as percentages of the same pool. The 92% figure also does not show how many swaps took place.

The exchange activity sits within a broader tokenization market that includes about $400 billion in tokenized real-world assets and nearly $300 billion in dollar stablecoins globally. About $39 billion in distributed real-world assets can be traded, settled or pledged directly on-chain. That $39 billion figure covers real-world assets and excludes stablecoins, which are counted separately.

Evernorth Holdings Inc. intends to use RLUSD as a stable-value asset in XRP-based decentralized finance, including by supplying liquidity to automated market maker pools pairing RLUSD with XRP. The plan fits the company’s XRP treasury strategy, which Evernorth has described as actively managed rather than a passive holding vehicle.

Evernorth’s DeFi protocol participation began after its closing. Deployment of liquidity to the specific RLUSD/XRP pools is unconfirmed.