Evernorth CEO Asheesh Birla says the era of digital asset treasury (DAT) companies simply accumulating cryptocurrencies is coming to an end.
He argues that firms now need sustainable revenue models by putting their crypto holdings to work through tokenization and decentralized finance.
Speaking in an interview with Bloomingbit, Birla said first-generation DAT companies mainly relied on rising crypto prices to grow their value. He believes the industry is now entering a second phase focused on generating returns from digital assets already held on corporate balance sheets.
“We want to become an $XRP-based financial company rather than a simple treasury vehicle,” Birla said.
Evernorth, which strategically accumulates $XRP, plans to build its business around tokenized real-world assets (RWAs). The company is exploring lending, liquidity provision, and asset management through decentralized finance protocols on the $XRP Ledger (XRPL). Its goal is to generate yield from its $XRP holdings.
XRPL Positioned as a Leading Tokenization Network
Birla described the $XRP Ledger as one of the most competitive blockchain networks for tokenization. He cited its native support for tokenized financial assets, low transaction costs, and fast settlement speeds.
According to Birla, tokenized assets on the XRPL have grown to about $2 billion. That figure has doubled from less than $1 billion a year ago, reflecting rising adoption for real-world asset issuance.
He also pointed to growing institutional participation. Guggenheim Partners has tokenized commercial paper on the $XRP Ledger. Meanwhile, Franklin Templeton is developing a tokenized money market fund on the network.
Birla said Evernorth plans to support the continued expansion of the XRPL tokenization ecosystem as more liquidity and financial products move on-chain.
Tokenization Could Expand $XRP Utility
Birla argued that the growth of tokenized assets on the XRPL will create more opportunities to use $XRP in liquidity provision, lending, and other financial services. He said this would expand the token’s utility beyond simply holding it as a reserve asset.
He estimated the global tokenized real-world asset market at around $30 billion. According to Birla, it represents a major opportunity for companies looking to generate recurring revenue from digital asset reserves.
South Korea Remains a Key Expansion Market
Birla also identified South Korea as a promising market for Evernorth. He cited the country’s strong demand for $XRP and growing institutional interest in stablecoins and tokenization.
The company plans to accelerate its expansion into South Korea after completing its U.S. public listing. The listing remains under review by the U.S. Securities and Exchange Commission following the submission of an amended S-4 filing.
Birla added that discussions with Korean financial institutions suggest the sector is already preparing for the tokenization era. Many firms are closely watching global regulatory developments. He believes progress on U.S. digital asset legislation, including the proposed CLARITY Act, could encourage broader regulatory frameworks and speed up tokenization adoption in South Korea and other markets.
