XRPL RWA Float Hits $2B as Evernorth Pivots Treasury Book Toward On-Chain Yield

Tokenized real-world assets settling on the XRP Ledger now sit at roughly $2 billion, up from under $1 billion twelve months ago — a doubling that Evernorth CEO Asheesh Birla is citing as the clearest on-chain signal that XRPL is being used as live settlement infrastructure, not just a balance-sheet parking spot. The figure came up in an interview Birla gave to Bloomingbit, later referenced by thecryptobasic.com.

What’s actually flowing on-chain

Two institutional mandates anchor the growth. Guggenheim Partners has tokenized commercial paper directly on XRPL, and Franklin Templeton is building a tokenized money market fund on the network. Birla frames XRPL’s low transaction costs and settlement speed as the structural draw for both issuers, and sizes the total addressable tokenized RWA market globally at roughly $30 billion — meaning XRPL’s $2 billion currently represents a low-single-digit share of a market Evernorth expects to keep expanding.

Repricing the DAT model

For traders tracking digital asset treasury (DAT) equities, the relevant shift is in how NAV gets constructed. First-generation DAT firms simply hold crypto and let equity value track spot price. Birla argues that model is being displaced by a second phase where treasuries generate recurring revenue through lending, liquidity provisioning and on-chain asset management — a structure that decouples equity performance, at least partially, from raw price beta.

Evernorth, which has built its own treasury around XRP accumulation, is positioning itself inside that second phase. “We want to become an XRP-based financial company rather than a simple treasury vehicle,” Birla said. The plan is to route existing XRP holdings into XRPL-native RWA protocols — lending markets, liquidity pools and asset-management products — turning a static reserve into a yield-bearing balance sheet.

Listing timeline and regional expansion

Evernorth’s US public listing is still pending SEC review after the company filed an amended S-4. Birla said South Korea is next on the roadmap once that listing clears, pointing to strong local XRP demand and rising interest among Korean financial institutions in stablecoins and tokenization. He also flagged the proposed US CLARITY Act as a potential accelerant for regulatory clarity — both domestically and in markets like South Korea — which would widen the on-ramp for the tokenization strategy Evernorth is building around its XRP position.

Read more: XRP Holds $1.08 as Analyst Maps Tesla-Style Fractal Onto $775M ETF Base

Sources

• thecryptobasic.com