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 through XRP
CryptoPotato yesterday reported the heated online debate between some members of the XRP army, who claim that Ripple executives have not taken any steps to support the cross-border token’s price assessment. Evernorth’s report also takes sides but attempts to explore the issue from a different angle.
He said that about $400 billion in real assets and almost $300 billion in dollar stablecoins have now been tokenized globally, but only about $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 this front, as the network’s token value has grown from $1.76 billion in February to over $5 billion as of October 20. This places the Ledger in sixth place among all networks and fourth among public blockchains, Evernorth said. At the same time, the number of accounts issuing new multipurpose tokens increased from four in January to 24 in October, and 98 MPTs were issued in a record month.
This is where things get more interesting for the XRP army. In 2024, only 10.5% of XRP trades on XRPL’s native DEX involved stablecoins or fiat-backed tokens. This figure increased to 50% in 2025 and has reached 86% so far in 2026. Additionally, Evernorth said that 92% of the $1.65 billion in RLUSD traded on XRPL’s native exchange this year was traded for XRP.
“The dollar does not remove liquidity from XRP. It trades against XRP,” the report said. argued.
Wall Street experience grows
Evernorth began trading on Nasdaq under the symbol XRPN on October 12 after completing its merger with Armada Acquisition Corp. II. It entered the public market with approximately 473 million XRP and approximately $300 million in gross cash proceeds.
The company then selected Ripple, Coinbase, Kraken and BitGo to help deploy this cash through institutional strategies rather than simply holding the tokens passively. Most recently, it set up a capital facility with Cantor Fitzgerald that could raise around $80 million, with additional purchases of XRP listed among possible uses of the capital.
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