A new report provides hard data to address a question that has circulated within the crypto community for months.
Crypto analyst Diana (@InvestWithD) shared findings from Evernorth to challenge the narrative that RLUSD threatens XRP’s function on the XRP Ledger.
The study comes from Evernorth, a Ripple-backed XRP digital asset treasury company listed on Nasdaq under the ticker XRPN. Its findings focus on the way RLUSD and XRP interact on the ledger’s native decentralized exchange (DEX).
OMG… Evernorth’s NEW Report Reveals 92% of $1.65 BILLION in $RLUSD Swaps on XRPL Were Traded Against $XRP?!
People keep asking whether stablecoins will REPLACE $XRP.
Around $1.52 BILLION in $RLUSD swap volume INVOLVED XRP pairs!
So instead of pushing XRP aside,… https://t.co/sFXcqHAfpy pic.twitter.com/3L9ZhWOruP
— Diana (@InvestWithD) November 8, 2026
The Numbers Tell a Clear Story
During 2024, only 10.5% of XRP trading on the XRPL native DEX took place against stablecoins or fiat-backed tokens. That proportion rose to 50% in 2025, and as of 2026, it stands at 86%.
While these figures illustrate how fast dollar-denominated activity has scaled on the ledger, they do not explain what this activity means for XRP without further context. The Evernorth report supplies that perspective.
Out of $1.65 billion in RLUSD swapped on the DEX in 2026, 92% was traded directly against XRP. This amounts to roughly $1.52 billion in RLUSD volume moving through XRP pairs. According to the report, “The dollar isn’t taking liquidity away from XRP. It trades against XRP.”
XRP as Settlement Infrastructure
As dollar-backed assets expand on the ledger, XRP is not being pushed aside. Instead, it is functioning as the settlement layer for those assets.
As Diana pointed out, the XRPL now mirrors global foreign exchange markets, where the U.S. dollar appears on one side of roughly 89% of transactions, and assets like oil and gold are priced in dollars. XRP occupies a functionally similar role on the XRPL.
The U.S. dollar leads global FX not by replacing other currencies, but by acting as the common medium through which transactions occur. The Evernorth report indicates that XRP is establishing a comparable function in the XRPL ecosystem, functioning as a bridge currency.
Is RLUSD Replacing XRP?
Certain critics of Ripple have suggested that the growth of RLUSD points to an internal pivot away from XRP. However, on-chain figures do not bear this out. Every RLUSD transfer on the XRPL incurs transaction fees paid in XRP, contributing real economic activity to the network.
Diana’s update emphasizes the main takeaway: institutional adoption bringing more assets onto the XRPL is likely to drive up demand for XRP pairs rather than diminish it. Current data points directly toward that trend. RLUSD is not replacing XRP, and its expansion on the ledger has not detracted from XRP.