# Stablecoin and Fiat-Backed Pairs Account for 86% of XRP DEX Trading By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/53315 Published: 2026-11-10T20:35:11.000Z Updated: 2026-11-10T20:35:11.000Z Section: Investing > XRP was involved in 92% of $1.65 billion in Ripple USD swaps on the ledger’s DEX during 2026, or about $1.52 billion. Stablecoins and fiat-backed tokens were on the opposite side of 86% of XRP trades on the XRP Ledger’s native decentralized exchange (DEX) in 2026 to date, up from 50% in 2025 and 10.5% in 2024. The 86% figure describes XRP trades against those tokens, not their share of all trading on the DEX. The figures add a broader view of trading pairs to [TokenPost’s earlier coverage of RLUSD swap volume](). Ripple USD (RLUSD) swaps on the DEX totaled $1.65 billion during 2026, with XRP involved in 92% of that volume, or about $1.52 billion. Evernorth, an XRP treasury company listed on Nasdaq under the ticker XRPN, characterized the relationship this way: “The dollar isn’t taking liquidity away from XRP. It trades against XRP.” ## Links in this article - [TokenPost’s earlier coverage of RLUSD swap volume](https://www.tokenpost.com/news/investing/52430)