- XRP Ledger has surpassed Solana in tokenized real-world asset value, indicating institutional capital inflows.
- RLUSD surpassed $1B issuance, while XRPL DEX activity reached a 13-month high.
- Evernorth plans Nasdaq listing and XRP treasury backed by major crypto investors.
The XRP Ledger has overtaken Solana in tokenized real-world asset (RWA) value, according to Asheesh Birla, CEO at Evernorth. The change reflects accelerating institutional adoption, with RWAs including tokenized funds, treasuries, credit, and stable-value instruments increasingly built on XRPL.
Institutional participants are reportedly driving the growth, leveraging XRPL’s market-aligned guardrails. Birla emphasized that the network’s tokenization activity indicates real capital deployment rather than experimental use.
RLUSD Growth and DEX Activity Highlight Adoption
Ripple USD (RLUSD) has scaled from zero to over $1 billion in issuance within months, with Binance integration completed last week. Deposits are now open, while withdrawals will activate as liquidity deepens. According to Birla, this milestone demonstrates expanding distribution and institutional engagement.
Meanwhile, decentralized exchange (DEX) transactions on XRPL hit a 13-month high to begin 2026. Increased on-chain trading volume has strengthened liquidity, reduced spreads, and improved capital efficiency. Birla also noted the upcoming XLS-66 protocol upgrade, which will introduce new capabilities, enhancing financial structures and institutional-grade tooling on XRPL.
Evernorth Launch and Institutional XRP Treasury
Evernorth announced its public launch and a business combination with Armada Acquisition Corp II, aiming to trade on Nasdaq under the ticker “XRPN,” subject to listing approval. The transaction is expected to generate over $1 billion in gross proceeds.
Key investors include SBI, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, with participation from Chris Larsen. Net proceeds will primarily fund open-market XRP purchases to build an institutional XRP treasury, with additional allocations for working capital and transaction costs.
The initiative positions Evernorth to expand XRP adoption at an institutional scale, while XRPL’s growing RWA ecosystem underlines increasing integration between blockchain networks and traditional finance.
