The report from Evernorth comes amid heated debates online abou the role of XRP.
The Nasdaq-listed company built around an actively managed XRP treasury has released a detailed report on the XRP Ledger’s push into tokenized finance.
The data suggests that while RLUSD has become an increasingly important dollar-denominated settlement asset, its growth is not necessarily coming at the expense of XRP.
RLUSD Growth Runs Through XRP
CryptoPotato reported yesterday on the heated debate online between some XRP Army members, who claim that Ripple’s leadership has not taken any steps to support the cross-border token’s price valuation. Evernorth’s report also takes a side but tries to explore the question from a different angle.
It said that approximately $400 billion in real-world assets and nearly $300 billion in dollar stablecoins have now been tokenized globally, but only around $39 billion can currently be traded, settled, or pledged directly on the chains where they reside. The thesis is that the next phase of tokenization will be less about simply recording assets on-chain and more about making those assets usable.
XRPL has made substantial progress on that front, as tokenized value on the network has grown from $1.76 billion in February to over $5 billion as of October 20. This puts the Ledger at sixth place among all networks and fourth among public blockchains, said Evernorth. Meanwhile, the number of accounts issuing new Multi-Purpose Tokens rose from four in January to 24 in October, and 98 MPTs were issued in a record month.
Here’s where things get more interesting for the XRP Army. In 2024, only 10.5% of XRP trading on XRPL’s native DEX involved stablecoins or fiat-backed tokens. That figure jumped to 50% in 2025 and has reached 86% so far in 2026. Moreover, Evernorth said 92% of the $1.65 billion worth of RLUSD swapped on XRPL’s native exchange this year traded against XRP.
“The dollar isn’t taking liquidity away from XRP. It trades against XRP,” the report argued.
Wall Street Experiment Grows
Evernorth began trading on Nasdaq under the XRPN ticker on October 12 after completing its merger with Armada Acquisition Corp. II. It entered the public market with approximately 473 million XRP and roughly $300 million in gross cash proceeds.
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The company later selected Ripple, Coinbase, Kraken, and BitGo to help deploy that treasury through institutional strategies rather than simply holding the tokens passively. More recently, it arranged an equity facility with Cantor Fitzgerald that could raise approximately $80 million, with additional XRP purchases listed among the possible uses of the capital.
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