XRP Ledger Sees Threefold Increase in Volume per Account Year-on-Year, According to Evernorth Survey; RLUSD Balances Surge Nearly Sevenfold

Key Points of This Article

• RLUSD balances have increased nearly sevenfold year-on-year, with a supply share rising to 34%.
• XRP spot ETF saw an inflow of $273 million in Q2.

Concentration of Transactions on XRP Ledger

Evernorth, a company holding XRP, released a report summarizing liquidity trends on the XRP Ledger for Q2 2026 on the 2nd.
According to their aggregation, the number of accounts conducting transactions on decentralized exchanges (DEX) in the order book decreased from 1,864 to 1,111 per day, while the volume per account expanded to an average of 3,217 XRP per day, approximately three times higher than the same period last year, indicating a further concentration of transaction participants.

The total volume in the order book reached 3.57 million XRP per day, marking a 79% increase year-on-year. The proportion of the order book in total DEX transactions rose from 54% to 81%, indicating a stronger tendency for transactions to skew towards the order book rather than automated market maker pools (AMM).

The asset value held on the ledger also averaged $4.26 billion for the quarter, setting a new record over the past six quarters.

This growth is attributed to the presence of a permissioned domain for institutional investors that became operational in February, allowing professional funds to expand their share.

RLUSD Balances and Usage Rapidly Expanding

The report highlighted the growth of RLUSD. The average RLUSD balance on the XRP Ledger reached $539 million, expanding nearly sevenfold from $73 million in the same period last year.

In contrast to the overall industry, where the supply of stablecoins shrank for the first time since Q3 2023, the supply of RLUSD on the ledger increased by 642% year-on-year, with transferred value rising by 925%. The share of XRP Ledger in the total RLUSD supply rose from 20% to 34%.

During the quarter, infrastructure improvements were also made. On June 4, RLUSD expanded its supported chains to include Base and Optimism through the Wormhole's "Native Token Transfer" standard, without using wrapped assets.

Additionally, on May 20, it was announced that a sidechain enabling Ethereum-compatible smart contracts for the XRP Ledger transitioned to the Cosmos EVM, which is still under maintenance.

ETF Inflows and Regulatory Tailwinds

Accompanying the inflows, the report, based on data from SoSoValue, noted that the XRP spot ETF in the U.S. recorded a total net inflow of $273 million in Q2, with no month experiencing outflows, including April ($81.59 million), May ($131.94 million), and June ($59.46 million).

Regulatory tailwinds were also noted. The final rule established by the Office of the Comptroller of the Currency (OCC) took effect on April 1, confirming that national trust banks can conduct custodial services even without being trustees. However, the rule itself does not directly target cryptocurrencies.