Evernorth Data Reveals How RLUSD Drives XRP Ledger Trading

Many crypto enthusiasts have watched the rise of stablecoins with a big question in mind. Is introducing a dollar-backed coin on the XRP Ledger going to hurt XRP's role?

A detailed report from Nasdaq-listed firm Evernorth suggests the exact opposite. Stablecoins like RLUSD might actually be helping XRP thrive on-chain.

The Community Debate Around XRP and RLUSD

The online XRP community, often called the XRP Army, has had lively debates recently. Some members expressed concern that RippleXRP-0.31%'s executives were not doing enough to boost the price of XRP.

They worried that launching RLUSD, a dollar-denominated stablecoin, would draw attention and money away from XRP. Evernorth looked at actual blockchain data to test this theory.

"The dollar isn't taking liquidity away from XRP. It trades against XRP."

Who Is Evernorth and What Is Their Wall Street Angle?

Evernorth is not just another research firm. It is a publicly traded company built around an actively managed XRP treasury.

Here are the key facts about Evernorth's market presence:

• Trading start date: Listed on Nasdaq under the ticker XRPN on October 12 after merging with Armada Acquisition Corp. II.
• Initial treasury assets: Entered the market holding approximately 473 million XRP and around $300 million in gross cash proceeds.
• Institutional partners: Selected Ripple, Coinbase, Kraken, and BitGo to help actively manage its treasury strategies.
• Future funding: Arranged an equity facility with Cantor Fitzgerald that could raise up to $80 million, with additional XRP purchases listed as a possible use of funds.

The Global Shift in Asset Tokenization

To understand the XRP Ledger's growth, Evernorth looked at global trends in real-world asset (RWA) tokenization.

Globally, institutions have tokenized roughly $400 billion in real-world assets and nearly $300 billion in U.S. dollar stablecoins. However, putting assets on a blockchain is only step one.

Only about $39 billion of those tokenized assets can currently be traded, settled, or pledged directly on their native networks. Evernorth argues that the next phase of tokenization will focus on utility, making sure these assets are easy to use every day.

How the XRP Ledger Is Expanding Its Network Value

The XRP Ledger (XRPL) has made measurable progress in making assets usable on-chain. Tokenized value on the network rose from $1.76 billion in February to over $5 billion by October 20.

According to Evernorth, this places XRPL sixth among all blockchain networks and fourth among public blockchains in terms of tokenized value.

Activity around Multi-Purpose Tokens (MPTs) is also growing steadily:

• In January, only 4 accounts were issuing MPTs on XRPL.
• By October, that number expanded to 24 accounts.
• In a single record month, 98 MPTs were issued on the network.

The Trading Data: RLUSD Trades Directly Against XRP

The most striking findings in Evernorth's report relate to trading activity on XRPL's native decentralized exchange (DEX). The role of stablecoins in XRP trades has shifted dramatically over recent years.

• In 2024: Only 10.5% of XRP trading volume on the native DEX involved stablecoins or fiat-backed tokens.
• In 2025: That figure grew to 50%.
• In 2026: The proportion reached 86% of all native DEX XRP trades.

When looking specifically at Ripple's RLUSD, Evernorth discovered that 92% of the $1.65 billion worth of RLUSD swapped on the XRPL native exchange traded directly against XRP.

This data indicates that dollar-backed stablecoins are acting as a bridge for XRP liquidity rather than draining activity away from the network's native token.

Understanding Market Dynamics and Potential Risks

While increased trading pair activity highlights growing network usage, investors should remember that token utility does not guarantee price increases. Digital asset markets remain highly volatile, and prices can fluctuate rapidly based on broader economic conditions.

Past performance of digital assets or institutional strategies is not indicative of future results. Traders looking to explore XRP metrics and market pairs can monitor updates on platforms like the Bitkub XRP Market.