Ripple's (@Ripple) stablecoin $RLUSD posted the largest seven-day gain in decentralized exchange (DEX) trading volume among stablecoin issuers, adding $127.4 million and overtaking Ethena's (@ethena) $USDe.
The figures come from Token Terminal data cited by RWA Foundation. Over the same period, Ethena's $USDe added $71.4 million in DEX volume, leaving $RLUSD ahead by $56 million for the week.
$USDe Remains Larger by Market Cap
The weekly volume gain does not change the gap in overall size. According to the same data, $USDe, the synthetic dollar issued by Ethena ($ENA), has a market capitalization of $4.97 billion. $RLUSD's market cap is about $2.69 billion, roughly half of $USDe's.
The comparison also measures two different things. DEX volume growth tracks the rise in trading activity on decentralized venues, while market capitalization reflects the total supply in circulation. TokenPost noted that the ranking covers a different period and metric than $RLUSD swaps on the $XRP Ledger.
Ethena's $USDe supply peaked above $14 billion in 2025. The protocol's fee switch and $ENA buybacks are set to begin only once the 14-day average $USDe supply reaches $7.5 billion.
Other DeFi stablecoins, including $GHO, recorded less than $20 million in DEX volume growth over the period, according to the Token Terminal ranking.
$RLUSD Supply Has Grown in 2026
$RLUSD has expanded steadily this year. Crypto Briefing reported that the token added $228.8 million to its market cap over 30 days, reaching about $2.57 billion as of November 4, 2026, up from about $1.28 billion at the start of the year. According to TokenPost, about $1.72 billion of that supply was on Ethereum, with roughly $850 million to $870 million on the $XRP Ledger.
Regulatory and distribution developments have also drawn attention. TokenPost reported that the Office of the Comptroller of the Currency (OCC) gave final approval, effective October 26, for Ripple National Trust Bank to manage $RLUSD's reserves, and that the token gained listings and integrations with Coinbase and Robinhood in late October.
Weekly DEX volume figures can swing sharply, so a single seven-day lead is not a measure of lasting market share. $USDe remains the larger asset by supply, while $RLUSD is currently attracting more incremental trading activity on DEXs.
Sources
TokenPost: Ripple's $RLUSD Leads Ethena's $USDe in Seven-Day DEX Trading Volume
TokenPost: Ripple's $RLUSD Adds $228.8 Million as Stablecoin Market Stays Flat
Crypto Briefing: Ripple's $RLUSD Stablecoin Market Cap Grows $229M in 30 Days
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