XRPL Tokenized Assets Double to $2B as Evernorth Ditches Pure-Hoarding Model

Tokenized real-world assets on the XRP Ledger have climbed to roughly $2 billion, doubling from under $1 billion a year ago, according to Evernorth CEO Asheesh Birla. Speaking to Bloomingbit, Birla framed the figure as evidence that digital asset treasury (DAT) companies can no longer rely on price appreciation alone and must shift toward revenue-generating strategies built on tokenization and DeFi.

Birla said the first generation of DAT firms — companies that simply accumulate crypto on their balance sheets — is giving way to a second phase in which holdings are put to work through lending, liquidity provision and asset management. Evernorth, which has built its treasury strategy around accumulating XRP, is positioning itself at the center of that shift.

From Reserve Vehicle to On-Chain Financial Company

“We want to become an XRP-based financial company rather than a simple treasury vehicle,” Birla said, according to the interview cited by thecryptobasic.com. The distinction matters for how the market should price DAT equities going forward: a firm generating on-chain yield from its reserves carries a different risk and valuation profile than one whose net asset value tracks spot price alone.

Evernorth’s plan centers on deploying XRP holdings into tokenized real-world asset (RWA) protocols on the XRP Ledger, targeting lending markets, liquidity provisioning and asset-management products. Birla put the global tokenized RWA market at approximately $30 billion, describing it as the addressable opportunity for treasury firms seeking recurring revenue rather than pure price beta.

Institutional Issuers Already Building on XRPL

Birla pointed to XRPL’s low transaction costs and settlement speed as competitive advantages for tokenized issuance, and cited two live institutional deployments as evidence of traction. Guggenheim Partners has tokenized commercial paper on the network, while Franklin Templeton is building a tokenized money market fund on XRPL, according to Birla.

Those two mandates, combined with the reported doubling of on-chain RWA volume over the past twelve months, are the core data points Birla used to argue that XRPL is becoming a preferred settlement layer for tokenized finance — and, by extension, that XRP’s utility case extends beyond serving as a static reserve asset on corporate balance sheets.

US Listing Pending, South Korea in Focus

Evernorth’s US public listing remains under SEC review following the submission of an amended S-4 filing, per the report. Birla said the company plans to accelerate expansion into South Korea once that listing clears, citing strong local demand for XRP and rising institutional interest in stablecoins and tokenization among Korean financial firms.

He added that progress on US digital asset legislation, including the proposed CLARITY Act, could accelerate regulatory clarity in South Korea and other markets, potentially widening the on-ramp for tokenization adoption tied to Evernorth’s XRP-based strategy.

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