XRP Snaps 92% Of Ripple’s $1.65 Billion Market Swaps

Evernorth, the XRP-only treasury debuting on Wall Street, just published a data-backed report claiming that XRP was used in 92% of RLUSD-tied swaps. That’s the count for 2026 across all trades on the XRP Ledger’s native decentralized exchange (DEX).

That statement differs a lot from the speculation on social media in regards to XRP’s “displaced” status in the ecosystem since RLUSD’s arrival. Ripple’s native stablecoin quickly gained public traction and rose to a $2 billion market cap in less than two months.

It’s crucial to understand that $1.65 billion represents RLUSD’s swap volume on the XRP Ledger's built-in order-book exchange, rather than the stablecoin's total circulation across networks. Those figures are considerably larger and don't necessarily use XRP.

However, the 92% slice on Ripple’s native decentralized exchange vividly paints XRP’s direct involvement in compliance-first stablecoin-dominated markets. That implies the stablecoin’s rapid expansion is accompanied by XRP’s demand, not the opposite.

Last month, Ripple Labs inked a highly-anticipated National Trust bank license in the United States, particularly favorable for further adoption of the RLUSD stablecoin. Meanwhile in Europe, SWIFT’s multi-layered chain testing involves multiple XRP-linked banks.

Greater RLUSD activity can create additional transactions and trading opportunities involving XRP, especially where liquidity providers maintain XRP/RLUSD markets. The dev team has been working closely with the community on a lending proposal, adding new functionality.

Evernorth’s own NASDAQ debut in October came with 473 million XRP tokens, pursuing active treasury management with expectations to expand towards 1.8 billion XRP coins. The debut on traditional stock markets served investors a chance to gain exposure to XRP indirectly.

Whether the regulatory achievements of Ripple Labs translate into an XRP bull run will depend on XRP’s ability to stay afloat of the $1.10 major demand area. Evernorth's analysis reportedly places XRPL's tokenized asset value above $5 billion, but that boost hasn’t reflected the price.

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