RLUSD Expansion Bolsters XRP Ledger Liquidity, CEO Says
The expansion of RLUSD, a dollar-backed stablecoin, on the XRP Ledger is crucial for enhancing liquidity across the network, according to Evernorth CEO Ashish Birla. He described the stablecoin as “paramount” to the broader XRP ecosystem. Birla noted that RLUSD’s share of the XRP Ledger supply has surged from approximately 20% to 34%, representing a 642% increase.
Birla linked this growth to the current state of global finance, where “almost every financial product, equities, gold, and so forth, is usually paired and settled with US dollars.” He argued that a high-quality dollar stablecoin on the ledger is fundamental to developing deeper order books, benefiting both the XRP Ledger’s native exchange and decentralized platforms involved in global trade.
Total Tokenized Asset Value Reaches Record $4.4 Billion
The total value of tokenized real-world assets on the XRP Ledger has reached a record $4.4 billion, according to Birla. He presented this figure as evidence that institutional participation is accelerating, rather than remaining on the sidelines.
Birla contrasted his experiences meeting with Wall Street institutions a decade ago with more recent interactions. Ten years prior, he recalled, institutions would listen to pitches about XRP and blockchain but lacked concrete plans, offering only proof-of-concept experiments. This past summer, however, his meetings with similar institutions revealed a markedly different attitude. “They’re not waiting,” Birla stated. “They are building teams. They are deploying. In their mind, this is happening.”
He cited BlackRock’s involvement through its BUIDL fund as an example of this institutional shift, alongside ongoing regulatory clarity from the SEC under Chairman Paul Atkins.
Evernorth’s Path to a Nasdaq Listing
Evernorth is on track for a Nasdaq listing, pending a shareholder vote on a special purpose acquisition company (SPAC) deal and final regulatory approvals. Should the vote be successful and the listing finalized, Evernorth shares would trade under the ticker XRPN.
XRP Liquidity Report Highlights Retail Activity Trends
Addressing why retail account activity on the XRP Ledger has not mirrored the growth seen in institutional flows, Birla referred to Evernorth’s regularly published XRP Liquidity Report, which the company uses to monitor the ecosystem’s health. He indicated that the data suggests larger institutional accounts are now contributing a growing proportion of network volume, interpreting this as a strong institutional signal rather than a sign of declining retail participation.
Birla did acknowledge that there is room for improvement on the retail front. He suggested that the broader XRP ecosystem needs to develop more features and use cases specifically designed to attract everyday users to engage with and build on the network, viewing this as an area for future growth rather than a current deficiency.
