Ripple's ecosystem had a packed week: Evernorth debuted on Nasdaq, Standard Chartered and Cross River Bank expanded access to RLUSD, and Ripple Prime pushed further into Wall Street. None of those developments helped XRP, Ripple's native asset, mark any gains.
Evernorth Holdings began trading on Nasdaq under the XRPN ticker on October 12. Its stock opened at around $16.7 and briefly surged to $19.40. It then dropped and closed at just under $17.
The broader market's correction pushed the shares lower at the end of the week, and they closed on Friday at $15.45.
Evernorth lines up institutional partners
Evernorth entered the public markets with approximately 473 million XRP in its treasury and $300 million in gross cash proceeds. A few days after the debut, the company named Ripple, Coinbase, Kraken, and BitGo as its first institutional execution partners.
The group will help deploy the XRP treasury into institutional strategies beginning in Q4.
Standard Chartered and Cross River expand RLUSD access
Standard Chartered announced on October 12 that it is launching institutional custody for Ripple's stablecoin on the XRP Ledger through its DIFC branch in Dubai. The bank is also working with Ripple and LMAX Group on a planned arrangement that could eventually allow RLUSD to serve as collateral for selected institutional trading products.
Cross River Bank said it would integrate RLUSD and XRP Ledger settlement into its banking infrastructure on October 16. Eligible businesses will be able to move between dollars and RLUSD, process cross-border payments, and manage treasury transfers through a single API.
Ripple Prime adds 24/7 swaps
Ripple also made a Wall Street move by launching 24/7 real-world asset perpetual swaps through its prime brokerage platform. Institutional clients gain exposure to more than 100 reference markets covering stocks, ETFs, commodities, currencies, and other traditional assets.
Source: CryptoPotato
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