Evernorth, a Nasdaq-listed company built around an actively managed XRP treasury, released a report on the XRP Ledger's push into tokenized finance. Its data suggests RLUSD's growth is not necessarily coming at the expense of XRP.
Evernorth says RLUSD growth on the XRP Ledger is not necessarily coming at the expense of XRP. In its report, the company said 92% of the $1.65 billion worth of RLUSD swapped on XRPL's native exchange this year traded against XRP.
The report lands amid a heated online debate. Some XRP Army members claim that Ripple's leadership has not taken any steps to support the cross-border token's price valuation.
Stablecoins shift XRPL trading toward XRP pairs
Evernorth's data shows the mix of XRPL trading changing. In 2024, only 10.5% of XRP trading on XRPL's native DEX involved stablecoins or fiat-backed tokens. That figure jumped to 50% in 2025 and has reached 86% so far in 2026.
The report draws a direct conclusion from this. According to Evernorth: "The dollar isn’t taking liquidity away from XRP. It trades against XRP," as the report argued.
Tokenized value on XRPL passes $5 billion
The report also looks at tokenization. Evernorth said approximately $400 billion in real-world assets and nearly $300 billion in dollar stablecoins have now been tokenized globally, but only around $39 billion can currently be traded, settled, or pledged directly on the chains where they reside. Its thesis is that the next phase will focus less on recording assets on-chain and more on making them usable.
XRPL has made progress on that front. Tokenized value on the network grew from $1.76 billion in February to over $5 billion as of October 20, which puts the Ledger at sixth place among all networks and fourth among public blockchains, said Evernorth.
Meanwhile, the number of accounts issuing new Multi-Purpose Tokens rose from four in January to 24 in October, and 98 MPTs were issued in a record month.
Evernorth trades on Nasdaq as XRPN
Evernorth began trading on Nasdaq under the XRPN ticker on October 12 after completing its merger with Armada Acquisition Corp. II. It entered the public market with approximately 473 million XRP and roughly $300 million in gross cash proceeds.
Source: CryptoPotato
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