TL;DR
- Ripple’s RLUSD recorded a $127.4 million increase in decentralized exchange (DEX) trading volume over seven days, surpassing Ethena’s USDe by $56 million.
- USDe maintained a larger market capitalization of $4.97 billion, compared with RLUSD’s $2.69 billion.
- Ripple’s expanding exchange listings, institutional partnerships and regulated reserve structure are strengthening RLUSD’s position in the stablecoin market.
Ripple’s RLUSD is gaining momentum in decentralized finance (DeFi), recording stronger weekly trading volume growth than Ethena’s USDe. The latest figures point to increasing demand for Ripple’s dollar-backed asset as institutional access and blockchain integration expand across the crypto sector.
According to data shared by RWA Foundation and attributed to Token Terminal, RLUSD added $127.4 million in DEX trading volume over seven days. USDe registered a $71.4 million increase during the same period, leaving Ripple’s stablecoin with a $56 million advantage.
.@Ripple led stablecoin DEX volume growth by issuer over the past 7 days, adding $127.4M.@Ethena followed with $71.4M, with a sizeable gap between the two.
Via @tokenterminal. https://t.co/CHeSlSwlNS pic.twitter.com/4IqOKZWRxd
— RWA Foundation (@RWAFoundation_) November 9, 2026
RLUSD Gains Ground As Stablecoin Trading Activity Expands
Despite its stronger weekly performance, RLUSD remains smaller than USDe in overall market capitalization. At the time of the reported figures, Ripple’s stablecoin reached approximately $2.69 billion, while Ethena’s synthetic dollar held around $4.97 billion.
The difference highlights two distinct approaches to the dollar-pegged asset market. RLUSD relies on traditional financial reserves, including cash and short-term U.S. Treasury instruments, while USDe uses a delta-neutral strategy involving crypto collateral and offsetting derivatives positions. Both models serve different segments of the digital dollar economy.
Ethena also offers sUSDe, a staking product that distributes protocol-generated rewards. However, its structure carries specific risks, particularly when perpetual futures funding rates remain negative for extended periods.
RLUSD, meanwhile, benefits from a regulatory framework supervised by the New York Department of Financial Services (NYDFS). Ripple publishes monthly independent reserve attestations, while BNY serves as the primary custodian of its reserves. These arrangements strengthen transparency and provide institutions with a familiar financial infrastructure.
Ripple Expands RLUSD Access Through Major Industry Partnerships
Market access has become another important factor behind RLUSD’s expansion. Coinbase has integrated the stablecoin across Coinbase Prime, Coinbase Exchange and its retail application. The integration supports the XRP Ledger, Ethereum and Base, extending RLUSD’s reach across multiple blockchain ecosystems.
Ripple also announced a strategic partnership with Robinhood in October, expanding RLUSD’s role across retail and institutional services. The companies identified additional opportunities involving treasury management and digital asset infrastructure.
On the decentralized finance side, RLUSD’s presence in liquidity pools on Uniswap v4 creates additional opportunities for traders and institutions seeking dollar-denominated liquidity. Data attributed to RWA Foundation also indicates that approximately 92% of RLUSD turnover on the XRP Ledger takes place through direct XRP pairs.
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