Evernorth Report: 92% of $1.65B RLUSD Swaps on XRP Ledger Ran Against XRP

92% of RLUSD Swaps Ran Against XRP

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 runs an actively managed XRP treasury. The share covers only RLUSD exchanged on the ledger's built-in order book exchange, where users pair XRP with issued tokens or swap one token for another; it is not a share of RLUSD's total circulating supply, which also spans Ethereum. Inside the ledger's spot trading activity the same direction shows over a longer arc: XRP trades against stablecoins or fiat-backed tokens made up 10.5% of volume in 2024, 50% in 2025 and 86% so far in 2026, although that figure takes XRP trading as its denominator and is not comparable to the RLUSD number. Evernorth's document states its conclusion plainly: “The dollar isn't taking liquidity away from XRP. It trades against XRP,” the report argues. The data lands in the middle of a running dispute among XRP holders online, where some in the community claim Ripple's leadership has taken no steps to support the XRP price, an argument that stretches across the wider XRP ecosystem. Evernorth engages that question with numbers rather than statements. One caveat sits in its own math: exchange totals include both the buy and the sell side, so the 92% measures how RLUSD volume is routed between the two assets, not net capital entering XRP or an impending price move.

Tokenized Value Tops $5 Billion

Evernorth frames those swap ratios inside a wider tokenization case. Tokenized value recorded on the XRP Ledger grew from $1.76 billion in February to more than $5 billion as of October 20, a level the company says ranks the network sixth among all blockchains and fourth among public ones. Globally, the report counts roughly $400 billion in tokenized real-world assets and nearly $300 billion in dollar stablecoins, yet estimates that only about $39 billion can be traded, settled or pledged directly on the chains where the assets sit. That gap carries the report's central distinction: it separates the recorded value of tokenized assets from the scale at which they can actually be used, and it argues the next stage of tokenization is less about writing assets on-chain and more about making them usable in payments and settlement, the field commonly labeled PayFi. On the ledger itself, accounts issuing Multi-Purpose Tokens, the standard format for launching new tokens on the XRP Ledger, rose from four in January to 24 in October, with a record month producing 98 MPTs; Evernorth notes that issuer counts say nothing about transaction size. The company reached public markets in October: after completing its merger with Armada Acquisition Corp. II, it began trading on Nasdaq under the XRPN ticker on October 12, entering with approximately 473 million XRP and roughly $300 million in gross cash proceeds, figures disclosed in SEC filings. Ripple, Coinbase, Kraken and BitGo serve as its financial asset management partners, tasked with deploying the treasury's XRP through institutional strategies rather than leaving it idle.

For our desk, the load-bearing detail is the pairing of the two denominators: a stablecoin can dominate the ledger's trading mix and still settle through XRP itself, which is what the 86% and the 92% jointly describe. Read that way, the report rebuts the displacement claim without proving buying pressure, since two-sided swap volume cannot be netted into demand. The price debate it addresses predates the data: Ripple's former CTO David Schwartz has put his own influence over the XRP price at “very little,” and Ripple's escrow still held 31.1 billion XRP after November's release, a supply overhang central to arguments about the token's tokenomics. What the report adds is a usage record: if the next phase of tokenization rewards chains where recorded assets actually move, the ledger's $5 billion in tokenized value and its RLUSD routing give it a measurable position, and costs such as slippage on the built-in exchange will show whether that position holds.