A recent report from Evernorth sheds light on the ongoing discussions regarding the position of XRP in the cryptocurrency landscape. The Nasdaq-listed company, which operates under the XRPN ticker following its merger with Armada Acquisition Corp. II, focuses on leveraging an active XRP treasury to explore the XRP Ledger’s involvement in tokenized finance.

The Rise of RLUSD

According to Evernorth, while the RLUSD has emerged as a significant dollar-denominated settlement asset, its expansion does not appear to detract from XRP’s utility. The report emphasizes that approximately $400 billion worth of real-world assets and nearly $300 billion in dollar stablecoins have been tokenized globally. However, only about $39 billion currently has the capability to be actively traded, settled, or pledged on their respective chains.

Evernorth argues that the future of tokenization is moving towards enhancing the usability of these assets rather than merely recording them on-chain. The progress made by the XRP Ledger reflects this shift, with the tokenized value on the network surging from $1.76 billion in February to over $5 billion by mid-October. This positions the XRP Ledger as the sixth largest network globally and fourth among public blockchains.

Insights for the XRP Community

For the XRP community, the findings present an intriguing narrative. In 2024, stablecoins or fiat-backed tokens constituted only 10.5% of XRP trading on the XRP Ledger’s native decentralized exchange (DEX). This figure dramatically escalated to 50% in 2025 and has reached an impressive 86% in 2026. Moreover, a significant 92% of the $1.65 billion worth of RLUSD swapped on the XRP Ledger’s exchange this year was conducted in pairs with XRP.

“The dollar isn’t taking liquidity away from XRP. It trades against XRP,” the report stated.

Continued Growth and Strategic Partnerships

Since its entry into the public market, Evernorth has actively pursued strategies to deploy its XRP treasury rather than holding the tokens passively. The company has partnered with key players including Ripple, Coinbase, Kraken, and BitGo to facilitate its institutional strategies. Recently, it also established an equity facility with Cantor Fitzgerald, with potential capital raising of approximately $80 million, which may include additional XRP acquisitions.