The Nasdaq-listed firm constructed round an actively managed XRP treasury has launched an in depth report on the XRP Ledger’s push into tokenized finance.
The information means that whereas RLUSD has turn into an more and more essential dollar-denominated settlement asset, its development just isn’t essentially coming on the expense of XRP.
RLUSD Development Runs By means of XRP
CryptoPotato reported yesterday on the heated debate on-line between some XRP Military members, who declare that Ripple’s management has not taken any steps to assist the cross-border token’s worth valuation. Evernorth’s report additionally takes a facet however tries to discover the query from a special angle.
It mentioned that roughly $400 billion in real-world belongings and almost $300 billion in greenback stablecoins have now been tokenized globally, however solely round $39 billion can at the moment be traded, settled, or pledged immediately on the chains the place they reside. The thesis is that the following part of tokenization will likely be much less about merely recording belongings on-chain and extra about making these belongings usable.
XRPL has made substantial progress on that entrance, as tokenized worth on the community has grown from $1.76 billion in February to over $5 billion as of October 20. This places the Ledger at sixth place amongst all networks and fourth amongst public blockchains, mentioned Evernorth. In the meantime, the variety of accounts issuing new Multi-Goal Tokens rose from 4 in January to 24 in October, and 98 MPTs have been issued in a document month.
Right here’s the place issues get extra attention-grabbing for the XRP Military. In 2024, solely 10.5% of XRP buying and selling on XRPL’s native DEX concerned stablecoins or fiat-backed tokens. That determine jumped to 50% in 2025 and has reached 86% up to now in 2026. Furthermore, Evernorth mentioned 92% of the $1.65 billion price of RLUSD swapped on XRPL’s native trade this yr traded in opposition to XRP.
“The greenback isn’t taking liquidity away from XRP. It trades in opposition to XRP,” the report argued.
Wall Road Experiment Grows
Evernorth started buying and selling on Nasdaq below the XRPN ticker on October 12 after finishing its merger with Armada Acquisition Corp. II. It entered the general public market with roughly 473 million XRP and roughly $300 million in gross money proceeds.
The corporate later chosen Ripple, Coinbase, Kraken, and BitGo to assist deploy that treasury by institutional methods relatively than merely holding the tokens passively. Extra not too long ago, it organized an fairness facility with Cantor Fitzgerald that might increase roughly $80 million, with further XRP purchases listed among the many doable makes use of of the capital.
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