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Ripple USD (RLUSD) recorded a $127.4 million increase in decentralized exchange (DEX) trading volume over the past seven days, outpacing the growth of Ethena’s USDe, according to U.Today. The data, cited by RWA Foundation from Token Terminal, places RLUSD at the top of short-term volume growth charts among major stablecoins.
Earlier reporting: Ripple and Water.org Expand Partnership to Move $3.2M in Water Financing.
As of 16:15 UTC, Ethereum traded at $2,136, -4.6% over 24 hours, with $16.6 billion in 24-hour volume.
Volume Growth and Market Position
USDe, the synthetic dollar issued by Ethena, holds a larger market capitalization of $4.97 billion at press time. Its DEX volume increased by $71.4 million during the same seven-day period, resulting in a $56 million lead for RLUSD in weekly volume growth. Other significant DeFi stablecoins, including Usual’s USD0 and Aave’s GHO, remained below the $20 million mark in DEX volume.
At press time, RLUSD’s market capitalization stands at $2.69 billion, approximately half the size of USDe. The stablecoin began 2026 with a market cap of about $1.28 billion. Ethena offers a yield of roughly 5% through sUSDe staking. According to Ethena’s documentation, the primary risk associated with its delta-neutral model, which relies on short positions in perpetual futures, is prolonged negative funding rates. USDe supply peaked above $14 billion in 2025. Ethena’s fee switch and ENA buybacks are scheduled to begin once the 14-day average USDe supply reaches $7.5 billion.
Regulatory Backing and Custody
RLUSD is issued under the supervision of the New York State Department of Financial Services (NYDFS). The token is backed 100% by cash and short-term U.S. Treasuries, with reserves subject to monthly attestations. BNY serves as the custodian for RLUSD reserves. In late October, the U.S. Office of the Comptroller of the Currency (OCC) granted final approval to Ripple National Trust Bank. This bank will manage RLUSD reserves under federal oversight.
RLUSD is available in Spark’s Stablecoin FX pool on Uniswap v4, a feature that enables corporate entities to execute multi-million-dollar swaps. RWA Foundation reports that approximately 92% of RLUSD turnover on the XRP Ledger (XRPL) occurs through direct trading pairs with XRP.
Exchange Partnerships and Distribution
Ripple has expanded its partnership with Robinhood. The companies stated that Bitstamp will utilize RLUSD on the XRP Ledger for settlement purposes. Robinhood plans to make RLUSD available to its retail customers by the end of the year. Coinbase has added RLUSD to Coinbase Prime, Coinbase Exchange, and its retail application. Coinbase provides 1:1 USD conversion for RLUSD on the XRP Ledger, Ethereum, and Base.
Source: U.Today
