RLUSD Leads USDe in Seven-Day Decentralized Exchange Volume

$127.4 million in seven-day decentralized exchange trading put Ripple USD (RLUSD) ahead of Ethena’s USDe by $56 million, according to a comparison shared Nov. 9.

The Nov. 9 ranking listed USDe at $71.4 million over the same seven-day measure. The comparison defined the metric: DEX volume “measures the value of trades executed on decentralized spot exchanges.” Its figures therefore measure transaction value on decentralized spot venues rather than the amount of either token in circulation.

What did the ranking measure?

Both entries covered seven-day DEX trading volume. RLUSD ranked first at $127.4 million, while USDe ranked second at $71.4 million. The $56 million gap is the difference between those reported turnover figures.

The comparison does not identify the seven-day window’s exact start and end dates. It also provides no transaction counts, venue breakdown or daily figures for either token. Its ranking supports one conclusion: RLUSD recorded more measured DEX trade value than USDe during the stated window.

Supply data answer a separate question. RLUSD had $2.6329 billion in circulation as of Nov. 5, while USDe supply stood at $4.94 billion as of Sept. 30. Because those observations use different dates, they are not a same-day size comparison.

Neither supply figure measures DEX activity. Analysts can establish a token’s outstanding amount at one date and record its seven-day turnover across another period and set of venues. The source keeps those measures separate, and the Nov. 9 lead should retain that distinction.

Does supply size explain the trading lead?

USDe’s Sept. 30 supply total was nominally above RLUSD’s Nov. 5 circulation, yet RLUSD led the Nov. 9 DEX-volume comparison. Those data answer different questions: supply reports outstanding token amounts at specified dates, while DEX volume reports transaction value over a seven-day comparison window. The data do not show a same-day supply lead for either token.

Operationally, the $127.4 million figure gave decentralized spot venues more aggregate measured trade value in RLUSD than in USDe for the period. USDe still recorded $71.4 million. The source does not show how much trading occurred on any individual venue or how many transactions produced either total.

Aggregate turnover can reflect many trades, fewer large trades or some combination of both. Readers should not treat the ranking as a transaction-count comparison. It establishes relative trading value for the stated window, not the number of users, depth of liquidity or persistence of activity.

What about RLUSD swaps on the XRP Ledger?

The source also cited $1.65 billion in RLUSD swaps on the XRP Ledger through Oct. 20. That total covers a different period and a different measure from the $127.4 million seven-day DEX trading figure. Analysts should not add it to, substitute it for or treat it as part of the RLUSD-versus-USDe ranking.

The two datasets do not support the same conclusion. The seven-day comparison ranks RLUSD and USDe on decentralized spot-exchange turnover; the XRP Ledger figure reports RLUSD swaps alone through a separate cutoff. Presenting them without those labels would obscure the difference between a comparative ranking and a cumulative on-ledger swap total.

What would strengthen the comparison?

A stronger market comparison would align the measurement window, venue definition and supply dates for both tokens. A same-period, same-venue dataset would also clarify whether the $56 million gap persisted beyond the comparison shared Nov. 9. Until those data are available, the ranking supports a turnover lead, not a broader size ranking.

Future rankings will be more decision-useful if they synchronize the DEX window, venue set and supply dates for both tokens. Until that alignment exists, the reported result establishes RLUSD’s $56 million turnover lead over USDe, not a broader market-size ranking.