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 out to be an more and more vital dollar-denominated settlement asset, its progress is just not essentially coming on the expense of XRP.
RLUSD Progress 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 value valuation. Evernorth’s report additionally takes a facet however tries to discover the query from a distinct angle.
It mentioned that roughly $400 billion in real-world property and practically $300 billion in greenback stablecoins have now been tokenized globally, however solely round $39 billion can presently be traded, settled, or pledged immediately on the chains the place they reside. The thesis is that the following section of tokenization can be much less about merely recording property on-chain and extra about making these property 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-Function Tokens rose from 4 in January to 24 in October, and 98 MPTs had 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% thus far in 2026. Furthermore, Evernorth mentioned 92% of the $1.65 billion value 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 Avenue Experiment Grows
Evernorth started buying and selling on Nasdaq beneath 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 fairly 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 extra XRP purchases listed among the many attainable makes use of of the capital.
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