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\n\t\t\t\t\t\t\t\t\tThe report from Evernorth comes amid heated debates online abou the role of XRP.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The Nasdaq-listed company built around an actively managed XRP treasury has released a detailed report on the XRP Ledger\u2019s push into tokenized finance.<\/p>\n
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.<\/p>\n
CryptoPotato<\/em> reported<\/a> yesterday on the heated debate online between some XRP Army members, who claim that Ripple\u2019s leadership has not taken any steps to support the cross-border token\u2019s price valuation. Evernorth\u2019s report also takes a side but tries to explore the question from a different angle.<\/p>\n 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.<\/p>\n 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.<\/p>\n Here\u2019s where things get more interesting for the XRP Army. In 2024, only 10.5% of XRP trading on XRPL\u2019s 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\u2019s native exchange this year traded against XRP.<\/p>\n \u201cThe dollar isn\u2019t taking liquidity away from XRP. It trades against XRP,\u201d the report argued<\/a>.<\/p>\n<\/blockquote>\n Evernorth began<\/a> 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.<\/p>\n The company later selected<\/a> Ripple, Coinbase, Kraken, and BitGo to help deploy that treasury through institutional strategies rather than simply holding the tokens passively. More recently, it arranged<\/a> an equity facility with Cantor Fitzgerald that could raise approximately $80 million, with additional XRP purchases listed among the possible uses of the capital.<\/p>\n\n
Wall Street Experiment Grows<\/h2>\n
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