Ripple USD Outpaces Ethena in DEX Volume
Key Summary
Ripple USD surpassed Ethena USDe in weekly decentralised exchange volume growth by capturing a $56M lead, driven by surging activity on the XRP Ledger and aggressive multi-chain liquidity expansion across major platforms.
Key Bullets
- Ripple USD captured a $56M weekly volume lead over Ethena USDe across decentralized exchanges according to RWA Foundation metrics.
- New York State Department of Financial Services supervision governs the issuance of RLUSD with full U.S. Treasury backing.
- Coinbase integrated RLUSD across Coinbase Prime and retail applications with 1:1 USD conversion capabilities across multiple networks.
- Direct trading pairs with XRP account for roughly 92% of total RLUSD turnover on the XRP Ledger according to telemetry.
Ripple USD Dominates DEX Volume
Ripple USD surpassed Ethena USDe in short-term DEX volume growth last week, capturing a $56M weekly lead according to data published by RWA Foundation citing Token Terminal metrics. RLUSD trading volume jumped by $127.4M over seven days, while Ethena synthetic dollar USDe managed a volume increase of $71.4M during the exact same monitoring window.
USDe holds a larger overall market cap of $4.97B, whereas RLUSD started the year at $1.28B and currently sits at a $2.69B market valuation. Other decentralized finance stablecoins like Usual USD0 and Aave GHO remained below $20M in comparative volume growth as traders shifted allocations toward regulated settlement rails.
Regulatory Oversight and Backing Structure
New York State Department of Financial Services supervision governs the issuance of RLUSD. Public reserve disclosures show complete backing by cash and short-term U.S. Treasuries alongside monthly attestations. The Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank in late October to manage these reserves under federal oversight.
Ethena relies on a delta-neutral model utilizing short perpetual futures positions. Ethena documentation highlights prolonged negative funding rates as the primary model risk. Ethena supply peaked above $14B in 2025, while fee switches activate only after average supply hits $7.5B.
Exchange Listings and Liquidity Expansion
Coinbase integrated RLUSD across Coinbase Prime, Coinbase Exchange, and its retail application with 1:1 USD conversion capabilities spanning the XRP Ledger, Ethereum, and Base networks. Robinhood announced plans to offer the stablecoin to retail clients before year-end, while Bitstamp deployed RLUSD on the XRP Ledger for operational settlement.
Direct pairs with XRP account for roughly 92% of total RLUSD turnover on the XRP Ledger according to RWA Foundation tracking. Uniswap v4 pools also incorporated the token inside Spark Stablecoin FX pool to handle large corporate swaps.
Impact score:3 out of 5 | Narrative Tracker:Stablecoin Infrastructure & Payments
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