XRP Ledger (XRPL) has moved ahead of Solana in tokenized real-world asset value, according to Evernorth CEO Asheesh Birla. He said the shift reflects faster institutional adoption, with tokenized funds, treasuries, credit products, and stable-value instruments increasingly being issued on XRPL.
Birla described the growth as institution-led. In his view, firms are using XRPL because of market-aligned guardrails, and the network’s tokenization activity now points to real capital deployment rather than trial-stage experimentation. That is the core claim behind the change in rankings.
RLUSD crosses $1 billion in issuance within months
Ripple USD, or RLUSD, has grown from zero to more than $1 billion in issuance within months. Birla said Binance integration was completed last week, deposits are already open, and withdrawals will be enabled once liquidity deepens.
He said the milestone reflects broader distribution and rising institutional engagement. For XRPL, a larger stablecoin base can support settlement activity and add trading liquidity across the network.
XRPL DEX activity reaches a 13-month high
At the start of 2026, transactions on the XRPL decentralized exchange climbed to a 13-month high. Higher on-chain trading volume has improved liquidity, narrowed spreads, and increased capital efficiency, based on Birla’s comments.
He also pointed to the upcoming XLS-66 protocol upgrade, which is expected to add new capabilities designed to strengthen financial structures and institutional-grade tooling on XRPL.
Evernorth targets Nasdaq listing and institutional XRP treasury
Evernorth also announced its public launch and a business combination with Armada Acquisition Corp II. The company aims to trade on Nasdaq under the ticker “XRPN”, subject to listing approval. The transaction is expected to generate more than $1 billion in gross proceeds.
Named investors include SBI, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, with participation from Chris Larsen. The company said net proceeds will be used mainly for open-market XRP purchases to build an institutional XRP treasury, while the rest will go toward working capital and transaction costs.
Recent data points across RWA tokenization, stablecoin issuance, and DEX activity all show stronger momentum for XRPL. Evernorth’s listing plan and treasury strategy add another institutional angle to that expansion.