RLUSD has emerged as a major growth engine for XRP Ledger activity, with Evernorth reporting that RLUSD trading has routed over $2.5 billion through XRP Ledger pairs since its public launch. The RLUSD/XRP pair has cleared approximately $900 million in trading volume over the past six months, according to Evernorth's June 30 report. RLUSD's share of all on-chain trading rose from under 1% to about 12% in 2026, establishing it as one of the most-traded issued assets on the XRP Ledger. This dramatic increase in trading activity supports XRP's position as the underlying network infrastructure, with each RLUSD trade, swap and transfer settling on the XRP Ledger and paying network fees in XRP.
RLUSD supply on XRP Ledger has grown dramatically from about $20 million at the end of 2024 to approximately $800 million by late June 2026, as reported by Evernorth. The XRP Ledger now holds about 51% of all RLUSD in circulation, up from about 17% in April 2026. According to DeFiLlama data, RLUSD's $1.57 billion supply on the XRP Ledger has overtaken Ethereum's share, with RLUSD on XRPL now totalling over $804 million, accounting for roughly 52% of the total supply, while Ethereum has contracted to around $771 million. This supply shift represents a fundamental change in stablecoin liquidity distribution and reinforces XRP's role as the primary infrastructure layer for dollar-denominated transactions.
At the DeFi level, stablecoin flows are diverging significantly, with DeFiLlama data showing XRPL stablecoin supply rising over 8% this week with more than $800 million in inflows, while Ethereum has dropped by 0.3%. Institutional flows also follow the same trend, with SoSoValue data showing spot Ripple ETF products recorded $31.32 million in net inflows in June so far, although this remains below May's $132 million. Meanwhile, Ethereum products recorded $377 million in net outflows, showing a clear shift in institutional capital flows toward XRP. Evernorth reports that RLUSD now accounts for about 1 million transactions per month from trading activity alone, adding trading volume, supporting deeper dollar liquidity and burning XRP fees with each transaction.
The recent MemeCore collapse erased over $3 billion in market value within hours, with the token plunging 84% to near $0.5055 after trading close to $3 previously. This dramatic collapse has reinforced a broader trend where investors are becoming increasingly cautious about projects that depend entirely on narrative momentum. The market is now focusing on projects with working products, recurring participation mechanisms, and ecosystem utility rather than those dependent on constant hype cycles. This shift emphasizes the importance of infrastructure over attention, with projects that generate ongoing activity having stronger foundations for long-term sustainability.
