XRPL weekly DEX volume climbs 45% as daily transactions approach 3 million
XRP Ledger's weekly DEX volume rose 45% to $19.89 million as daily transactions neared 3 million, while RLUSD dominates an $920 million stablecoin supply and DeFi TVL holds near $30 million, per DefiLlama data.
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The XRP Ledger's decentralized exchange is seeing a pickup in activity. Weekly DEX volume climbed 45% to $19.89 million, while daily transactions approached 3 million in the latest 24-hour window, with 48,403 active addresses recorded on the network.
Onchain Trading Still a Fraction of Total Volume
Despite the uptick, XRPL's onchain trading remains a small slice of its overall market footprint. DEX activity accounts for roughly 0.04% of total $XRP volume when measured against centralized venues, underscoring how dominant exchange-based trading continues to be for the asset.
DeFi total value locked (TVL) on the ledger sits at $29.97 million, according to DefiLlama data. That figure is down sharply from a peak of nearly $120 million reached in July 2025, reflecting a broader pullback in locked liquidity even as transaction counts hold near multi-month highs.
Stablecoin Supply Nears $920 Million, RLUSD Dominant
One area where XRPL continues to show structural growth is stablecoins. The chain's total stablecoin supply stands at $920 million, with Ripple's RLUSD accounting for 88% of that figure. DefiLlama data shows RLUSD dominance on XRPL at 88.39%, with the chain's stablecoin market cap near $925 million. The stablecoin's rapid rise tracks a broader expansion: supply on the XRP Ledger more than doubled since December 2025, reaching $568 million as of March before continuing higher.
The fee picture illustrates just how low-cost the network remains. Those 2.96 million daily transactions generated only $333 in chain fees over the same period, with app-level fees reaching $26,874, per DefiLlama. XRPL supports native tokenization through built-in ledger objects and includes a built-in decentralized exchange that automatically provides order-book-based liquidity for issued tokens. That low-cost design has helped the ledger attract stablecoin issuers and institutional settlement flows, even as DeFi TVL has yet to recover to prior highs.
The gap between XRPL's stablecoin footprint and its DeFi TVL points to a network where capital sits largely in transit or custody rather than deployed into lending or liquidity pools. Whether rising DEX volume and transaction counts can close that gap remains a key question for the ledger's onchain economy.
Sources
DefiLlama: XRPL Chain Overview (TVL, Fees, Stablecoins)
Bitcoin Foundation: 5 Major XRPL Changes in 2026
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.