Evernorth Report: 92% of $1.65B in RLUSD Swaps on XRP Ledger Ran Against XRP
Key Takeaways
- •Approximately 92% of the $1.65 billion in RLUSD swapped on the XRP Ledger this year traded directly against XRP, based on Evernorth's report.
- •Evernorth, a Nasdaq-listed company that runs an actively managed XRP treasury, drew its figures solely from swaps on the ledger's built-in order-book decentralized exchange.
- •XRP's dual function as the ledger's fee-paying asset and bridge currency for multi-hop transactions underpins its position as the dominant RLUSD counter-asset.
- •RLUSD launched in December 2024 with New York Department of Financial Services approval and is backed by US dollar deposits, short-term US government securities, and cash equivalents subject to regular third-party attestations.
- •The reported figures omit RLUSD activity through the automated market maker added in 2024 as well as flows through Ripple's institutional payment and settlement channels.
Roughly 92% of the $1.65 billion in Ripple USD (RLUSD) swapped this year on the XRP Ledger traded directly against XRP, according to a report from Evernorth, the Nasdaq-listed company that operates an actively managed XRP treasury. The share covers only RLUSD exchanged on the ledger's built-in decentralized exchange, where trades settle against on-ledger order books.
The weighting toward XRP as the counter-asset tracks the role the ledger's design assigns to its native token. XRP pays transaction fees, functions as the bridge asset for multi-hop transactions, and trades against RLUSD on a direct order book, so dollar-pegged value can be exchanged for the ledger's native asset in a single on-chain step. Pairing data of this kind offers a ledger-level gauge of how an issued stablecoin circulates on decentralized venues — in this case, predominantly in direct swaps against XRP.
Background: Ripple's RLUSD Stablecoin
RLUSD is the US dollar-pegged stablecoin issued by Ripple, a blockchain payments company. It launched in December 2024 after receiving approval from the New York Department of Financial Services (NYDFS). The token is backed by US dollar deposits, short-term US government securities, and cash equivalents, and its reserves are subject to regular third-party attestations. Ripple has positioned RLUSD primarily for institutional payments and settlement use cases, while the Evernorth figures capture the token's on-chain life as a trading asset on the ledger's order books.
Background: The XRP Ledger's Native Exchange
The XRP Ledger is an open-source blockchain that went live in 2012, with XRP serving as its native asset and used to pay transaction fees. Alongside payment functionality, the ledger includes a native decentralized exchange built on order books; an automated market maker (AMM) component was added to the network in 2024. These mechanisms allow tokens issued on the ledger to be traded directly on-chain without routing through a centralized intermediary. XRP also acts as a bridge asset for multi-hop transactions across the ledger, connecting token pairs that lack a direct order book.
Evernorth's figures are limited to RLUSD swap activity executed on the ledger's built-in exchange during the year covered by the report. That scope leaves out activity the order-book data does not capture, including RLUSD routed through the AMM component added in 2024 and any movement through Ripple's institutional payment and settlement channels. Future report periods and on-ledger data may show how RLUSD usage is distributed across those venues relative to direct order-book swaps against XRP.
This content was first published on COINOTAG: https://en.coinotag.com/evernorth-92-percent-rlusd-swaps-xrp-ledger-against-xrp
