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Nasdaq-listed XRP treasury company Evernode (XRPN) said in a report on Oct. 27 that 86% of XRP trades on the XRP Ledger’s decentralized exchange this year were against stablecoins or fiat-backed tokens. The share rose sharply from 10.5% in 2024 and 50% in 2025.
Evernode said 92% of the $1.65 billion in RLUSD traded on the XRPL DEX this year was swapped directly with XRP, indicating dollar-based assets are trading with XRP rather than taking XRP liquidity away.
According to the report, XRPL activated a feature in February that restricts trading venues so only verified participants can use them. This year, 23 accounts submitted a total of 728,014 orders in those venues, with most orders coming from two accounts.
The report also said 52% of multipurpose tokens, or MPTs, issued since July were set up to allow issuers to claw back tokens in response to legal or regulatory orders, up from 23% in the first half. The share configured to place tokens in escrow for conditional payments also rose from 16% to 48%.