Ripple’s dollar-backed stablecoin RLUSD recorded a $127.4 million increase in decentralized exchange trading volume over seven days, surpassing Ethena’s USDe, which added $71.4 million during the same period. The data, shared by RWA Foundation and attributed to Token Terminal, put Ripple’s stablecoin ahead by $56 million in weekly DEX volume growth.
Despite the stronger weekly performance, RLUSD remains smaller than USDe in overall market capitalization. Ripple’s stablecoin reached approximately $2.69 billion, while Ethena’s synthetic dollar held around $4.97 billion. The two assets use different collateral models: RLUSD relies on cash and short-term U.S. Treasury instruments under a framework supervised by the New York Department of Financial Services, with BNY as primary custodian and monthly independent reserve attestations. USDe uses a delta-neutral strategy involving crypto collateral and offsetting derivatives positions, while Ethena also offers the staking product sUSDe, which carries risks tied to negative perpetual futures funding rates.
RLUSD’s expansion has been supported by major exchange and institutional integrations. Coinbase has added support across Coinbase Prime, Coinbase Exchange and its retail application, covering the XRP Ledger, Ethereum and Base. Ripple also announced a strategic partnership with Robinhood in October to expand RLUSD’s role across retail and institutional services, including treasury management and digital asset infrastructure. On decentralized exchanges, RLUSD has increased its presence in Uniswap v4 liquidity pools. Data attributed to RWA Foundation indicates that approximately 92% of RLUSD turnover on the XRP Ledger takes place through direct XRP pairs.
Ripple CEO Brad Garlinghouse has reaffirmed XRP’s role alongside RLUSD, emphasizing that the two assets serve different functions. XRP remains the XRP Ledger’s native cryptocurrency, while RLUSD tracks the U.S. dollar for price stability. Meanwhile, Banx Network is preparing another feature for its BXE token, scheduled for November 15, as a separate development within the XRP Ledger ecosystem.
