XRP on Wall Street: Evernorth Reveals a Huge RLUSD-XRP Link
The Nasdaq-listed firm constructed round an actively managed XRP treasury has launched a detailed report on the XRP Ledger’s push into tokenized finance.
The knowledge means that whereas RLUSD has develop into an more and more essential dollar-denominated settlement asset, its development just isn’t essentially coming on the expense of XRP.
RLUSD Growth Runs Through XRP
CryptoPotato reported yesterday on the heated debate on-line between some XRP Army members, who declare that Ripple’s management has not taken any steps to assist the cross-border token’s worth valuation. Evernorth’s report additionally takes a aspect however tries to discover the query from a totally different angle.
It mentioned that roughly $400 billion in real-world belongings and practically $300 billion in greenback stablecoins have now been tokenized globally, however solely round $39 billion can at present be traded, settled, or pledged straight on the chains the place they reside. The thesis is that the subsequent section of tokenization will likely be much less about merely recording belongings on-chain and extra about making these belongings 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. Meanwhile, the variety of accounts issuing new Multi-Purpose Tokens rose from 4 in January to 24 in October, and 98 MPTs had been issued in a file month.
Here’s the place issues get extra fascinating for the XRP Army. 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. Moreover, Evernorth mentioned 92% of the $1.65 billion value of RLUSD swapped on XRPL’s native alternate 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 Street Experiment Grows
Evernorth began buying and selling on Nasdaq below 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 firm later selected Ripple, Coinbase, Kraken, and BitGo to assist deploy that treasury via institutional methods somewhat than merely holding the tokens passively. More just lately, it arranged an fairness facility with Cantor Fitzgerald that might elevate roughly $80 million, with extra XRP purchases listed among the many doable makes use of of the capital.
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