Evernorth Report Highlights Growing RLUSD-XRP Interdependence on XRP Ledger
A Nasdaq-listed company focused on an actively managed XRP treasury has released a comprehensive report detailing the XRP Ledger’s (XRPL) expansion into tokenized finance. The findings suggest that while RLUSD has become a significant dollar-denominated settlement asset, its growth does not appear to be diminishing XRP’s role.
This development comes amid ongoing online discussions among XRP community members, who have voiced concerns that Ripple’s leadership has not adequately supported the cross-border token’s price. Evernorth’s report addresses this debate, offering a new perspective.
Globally, approximately $400 billion in real-world assets and nearly $300 billion in dollar stablecoins have been tokenized. However, only about $39 billion of these assets are currently tradable, settlable, or pledgeable directly on their native blockchains. The report posits that the next phase of tokenization will shift from merely recording assets on-chain to making them actively usable.
The XRPL has demonstrated considerable progress in this area, with tokenized value on the network surging from $1.76 billion in February to over $5 billion as of October 20. This positions the XRP Ledger as the sixth-largest network overall and fourth among public blockchains, according to Evernorth. Furthermore, the number of accounts issuing new Multi-Purpose Tokens (MPTs) increased from four in January to 24 in October, with a record 98 MPTs issued in a single month.
The report offers particularly compelling data for XRP proponents. In 2024, only 10.5% of XRP trading on XRPL’s native decentralized exchange (DEX) involved stablecoins or fiat-backed tokens. This figure rose to 50% in 2025 and has reached 86% so far in 2026. Crucially, Evernorth noted that 92% of the $1.65 billion worth of RLUSD swapped on XRPL’s native exchange this year was traded against XRP.
“The dollar isn’t taking liquidity away from XRP. It trades against XRP,” the report stated, emphasizing the symbiotic relationship.
Evernorth commenced trading on Nasdaq under the ticker XRPN on October 12, following its merger with Armada Acquisition Corp. II. The company entered the public market with an initial treasury of approximately 473 million XRP and roughly $300 million in gross cash proceeds.
Subsequently, Evernorth selected Ripple, Coinbase, Kraken, and BitGo to assist in deploying its treasury through institutional strategies, moving beyond passive token holding. More recently, the company secured an equity facility with Cantor Fitzgerald that could generate approximately $80 million, with potential uses of the capital including additional XRP purchases.
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