# 92% of $1.65B in RLUSD Swap Volume Traded Against XRP on XRP Ledger By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/52430 Published: 2026-11-09T16:54:23.000Z Updated: 2026-11-09T16:54:23.000Z Section: Investing > Stablecoins and other fiat-backed tokens accounted for 86% of XRP-denominated exchange volume through Oct. 20, 2026, up from 10.5% in 2024. 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. ## Links in this article - [XRP treasury strategy](https://www.tokenpost.com/news/business/29900)