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Following
XRP 
RLUSD XRP Ledger's trading volume surged in the second quarter, and the supply of RLUSD stablecoins rose sharply.
The latest report released by Evernorth, which focuses on digital asset treasury solutions in the XRP ecosystem, shows that XRP Ledger's trading activity increased significantly in the second quarter of 2026. The average daily order book transaction volume on this ledger reached 3.57 million XRP, an increase of 79% compared with the same period last year.
The number of traders decreases and the size of individual transactions expands
Despite the increase in trading volume, the number of accounts placed on XRP Ledger dropped to 1111 per day from 1864 in the same period last year. This has led to a significant increase in the average transaction size per account, with each active account currently processing 3217 XRPs per day, compared to 1072 XRPs a year ago.
Order book transactions accounted for 81% of chain transactions during the quarter, compared with 54% in the same period last year, highlighting the trend of concentration of trading activity on the open order book.
Order book transactions have jumped to 81% of on-chain activity from 54% a year ago, a change that suggests that trading on XRP Ledger is gradually moving towards an order-oriented model.
The rise of Ripple stablecoin RLUSD
Ripple's dollar-pegged stablecoin RLUSD has also gained more attention on XRP Ledger in the past year. Evernorth reported that the average supply of RLUSD on the ledger increased to US$539 million in the second quarter, compared with US$73 million in the same period last year, a significant increase. At the same time, the proportion of RLUSD's supply held on XRP Ledger increased from 20% to 34% of its total supply.
Small Dictionary: RLUSD is a stablecoin pegged to the US dollar issued by Ripple on XRP Ledger. Stable coins like RLUSD are designed to maintain a 1:1 value relationship with the U.S. dollar and are used for fast, low-cost transactions on blockchain networks.
RLUSD's expansion on the books comes against the backdrop of a contraction in the broader stablecoin market for the first time since 2023.
Comparison of main data:
Average daily order book trading volume (XRP): unclear in the second quarter of 2025, 3.57 million in the second quarter of 2026.
Number of daily trading accounts: 1864 in 2025 and 1111 in 2026.
Average daily trading volume (XRP) per account: 1072 in 2025 and 3217 in 2026.
The proportion of order books in chain activities: 54% in 2025 and 81% in 2026.
Supply of RLUSD on the books: US$73 million in 2025 and US$539 million in 2026.
Proportion of RLUSD supply on the books: 20% in 2025 and 34% in 2026.
Evernorth's IPO Plan
Evernorth is advancing its plans to become a listed digital asset treasury company through a merger with U.S. special purpose acquisition company Armada Acquisition Corp. II. Last month, the U.S. Securities and Exchange Commission announced the two companies 'Form S-4 registration declarations take effect-a key regulatory step for the deal.
Armada shareholders are expected to vote on the proposed merger on September 30. If the transaction is approved and completed, the combined company will be listed on Nasdaq under the ticker symbol XRPN.
This report provides an in-depth insight into the continued evolution of liquidity and stablecoin activity on XRP Ledger, as well as Evernorth's corporate developments. However, while trading volume per account has increased, the data does not shed light on the reasons behind the market behavior driving these changes.
