Evernorth CEO Ashish Birla says the stablecoin RLUSD now backs a much larger share of XRP Ledger supply than before, tying that growth directly to institutional liquidity on the network. He also points to a record $4.4 billion in tokenized real-world assets on the ledger and a shift in how Wall Street institutions talk about XRP compared with a decade ago.
Evernorth CEO Ashish Birla says RLUSD's share of XRP Ledger supply climbed from roughly 20% to 34%, growth he called 642%. He described the dollar-backed stablecoin as central to deepening liquidity across the network.
Birla tied that growth to how global finance already operates. Almost every financial product, he said, from equities to gold, is usually paired and settled with US dollars — so a high-quality dollar stablecoin on the ledger is fundamental to building deeper order books, both on the XRP Ledger's native exchange and on decentralized platforms handling global trade.
Tokenized Asset Value Hits Record $4.4 Billion
The XRP Ledger's total tokenized real-world asset value has reached a record $4.4 billion, a figure Birla pointed to as evidence institutional participation is accelerating rather than waiting on the sidelines.
Birla contrasted meeting Wall Street institutions roughly a decade ago with more recent conversations. Back then, he said, institutions nodded along to XRP and blockchain pitches but offered only proof-of-concept experiments with no concrete plans.
This past summer, meeting the same tier of institutions again, he found a different posture. According to Coinpedia: "They are building teams. They are deploying." He pointed to BlackRock's involvement through its BUIDL fund as one example, alongside continued regulatory clarity from the SEC under Chairman Paul Atkins.
A Path Toward a Nasdaq Listing
Evernorth is progressing toward a Nasdaq listing pending a SPAC shareholder vote and final approvals. If the vote succeeds and the listing closes, Evernorth shares would trade under the ticker XRPN.
What the Liquidity Report Shows About Retail Activity
Asked why retail account activity on the XRP Ledger hasn't grown as fast as institutional flows, Birla pointed to Evernorth's regularly published XRP Liquidity Report. He said the data suggests larger institutional accounts are now driving a growing share of network volume — a strong institutional signal, in his view, rather than a sign retail participation is weakening.
Birla acknowledged room for improvement on the retail side. He said the broader XRP ecosystem needs more features and use cases aimed at drawing everyday users into the network, calling it an area for further growth rather than a current weakness.
Source: Coinpedia Fintech News
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