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XRP 
RLUSD XRP Ledger's decentralized exchange trading activity picks up
XRP Ledger's decentralized exchange (DEX) trading activity has rebounded recently. Weekly DEX transaction volume increased by 45% to US$19.89 million; in the past 24 hours, daily transaction volume has approached 3 million, and the number of active online addresses has reached 48,403.
On-chain transactions still account for a small portion of the total
Despite the growth, XRPL's on-chain transactions still account for only a small portion of its overall market landscape. Compared to centralized trading platforms, DEX activity only accounts for approximately 0.04% of XRP's total trading volume, highlighting the dominance of exchange-based trading in this asset.
According to DefiLlama data, the total locked position (TVL) of DeFi on XRPL is US$29.97 million. This figure is a significant drop from the peak of US$120 million in July 2025, reflecting the overall decline in lock-in liquidity even though trading volumes remain at multi-month highs.
The supply of stablecoins is close to US$920 million, with RLUSD dominating
Stabillecoins are one of the areas where XRPL continues to show structural growth. The total supply of stablecoins on the chain reached US$920 million, of which RLUSD issued by Ripple accounted for 88%. DefiLlama data shows that RLUSD's dominant position on XRPL is 88.39%, and the market value of the chain's stablecoin is close to US$925 million. The rapid rise of RLUSD reflects a broader expansion trend: the supply of stablecoins on the XRP books has more than doubled since December 2025, reaching $568 million in March 2026, and has continued to rise since then.
The advantage of low costs is highlighted, and the pattern of DeFi and stablecoin is divided.
It can be seen from the cost situation that the network costs are low. According to DefiLlama data, during the same period, these 2.96 million daily transactions only incurred on-chain fees of US$333, while application-level fees were US$26,874. XRPL supports native tokenization through built-in ledger objects and includes a built-in decentralized exchange that automatically provides orderbook-based liquidity for issued tokens. This low-cost design has helped the ledger attract settlement capital flows from stablecoin issuers and institutions, although its DeFi TVL has not yet recovered to previous highs.
The huge size of XRPL stablecoin contrasts sharply with the sluggish DeFi TVL, indicating that most of the funds on the network are in circulation or custody rather than invested in lending or liquidity pools. Whether the growth in DEX transaction volume and number of transactions can bridge this gap remains a key issue facing the economy on this ledger chain.
