Ripple USD ( RLUSD ) currently ranks among the top in the short-term trading volume growth chart on decentralized exchanges ( DEX ), surpassing Ethena's USDe. RWA Foundation cites Token Terminal data, stating that in the past seven days, the trading volume of RLUSD's DEX increased by 127.4 million US dollars.
As of press time, the synthetic US dollar issued by Ethena with a market value of USDe has reached $4.97 billion. Its DEX trading volume has increased by $71.4 million, which means that RLUSD leads by $56 million this week.
Other major DeFi stablecoins, including Usual's USD0 and Aave's GHO, all had an increase of less than 20 million US dollars.
Ethena provides approximately 5% yield through sUSDe as collateral. According to the document Ethena, the main risk faced by delta-neutral (neutral in Delta), which relies on perpetual futures short positions, is the prolonged duration of negative funding rates.
USDe The supply once reached over $14 billion in 2025. The fee switch for Ethena and the ENA buyback will only be activated after the average daily supply on USDe reaches $7.5 billion on the 14th.
RLUSD Drivers of Growth
Issued under the supervision of the New York State Department of Financial Services ( NYDFS ), and is 100% backed by cash and short-term U.S. Treasury bonds, with its reserves being verified on a monthly basis.
Bank of New York Mellon ( BNY ) serves as the custodian for the RLUSD reserve.
At the end of October, the US Federal Reserve ( OCC ) finally approved the establishment of Ripple National Trust Bank . This bank will manage RLUSD reserves under federal supervision.
In addition, RLUSD has entered the Stablecoin FX fund pool on Uniswap v4. This fund pool allows corporate participants to conduct exchanges in the millions of dollars range.
According to RWA Foundation, approximately 92% of the trading volume of RLUSD on XRP Ledger ( XRPL ) comes from direct trading pairs with XRP.
Ripple has also expanded its cooperation with Robinhood. According to the relevant companies, Bitstamp will use RLUSD for settlement on XRP Ledger, and Robinhood plans to provide RLUSD to its retail customers by the end of this year.
Meanwhile, Coinbase has integrated RLUSD with Coinbase Prime, Coinbase Exchange and their retail applications, and supports 1:1 exchange for US dollars on XRP Ledger, Ethereum and Base.
As of press time, the market value of RLUSD is $2.69 billion, which is approximately half the size of USDe. The market value of this stablecoin was around $1.28 billion at the beginning of 2026.
