Evernorth CEO Asheesh Birla believes companies should rethink how they use $XRP, arguing it should be put to work to generate yield rather than simply held on corporate balance sheets.
In an interview with CoinPost during WebX 2026 in Japan, the former Ripple executive explained Evernorth’s strategy. The company is focusing on actively managing $XRP as a productive on-chain asset while betting on the long-term growth of tokenized real-world assets (RWAs) and the $XRP Ledger ecosystem.
“Don’t Just Hold Assets, Put Them to Work”
Birla said Evernorth views $XRP as an operational asset rather than a passive treasury holding. He explained that blockchain’s value goes beyond asset ownership. On-chain strategies can make digital assets more productive by creating new ways to generate returns.
“We see significance in being active beings, not just passive vehicles,” Birla said. He added that Evernorth plans to build yield-generating strategies around $XRP on the $XRP Ledger.
Birla believes companies will increasingly seek ways to generate returns from tokenized real-world assets rather than leaving them idle. He said Evernorth believes the $XRP Ledger is well positioned to support this shift.
$XRP Ledger Sees Strong RWA Growth
Birla also addressed concerns about digital asset treasury (DAT) models during recent crypto market weakness.
He said Evernorth’s approach is different from companies that simply accumulate cryptocurrencies. Instead, the company plans to actively operate on-chain by using decentralized finance tools built on the $XRP Ledger.
As a sign of growing adoption, Birla pointed to the rise of tokenized real-world assets on $XRP Ledger. He said the market has grown to approximately $3.6 billion, representing around 24 times growth over the past year. According to Birla, these figures show growing confidence in blockchain-based financial markets and the future of tokenization.
$RLUSD Boosts Activity on $XRP Ledger
Birla also highlighted the growing role of Ripple’s U.S. dollar-backed stablecoin, $RLUSD, within the $XRP ecosystem. He said activity on the $XRP Ledger has increased significantly since $RLUSD launched. Transactions settled in U.S. dollars and $RLUSD have grown 12-fold.
Birla said the global importance of the U.S. dollar makes regulated dollar-backed stablecoins an important part of tokenized financial markets.
He added that about 54.74% of $RLUSD currently circulates on the $XRP Ledger, while the remaining supply is issued on Ethereum. He expects even more activity to move onto XRPL over time.
Advice for Japanese Companies Exploring Digital Assets
Birla encouraged Japanese companies interested in digital assets to start with digital asset treasury strategies before moving into broader blockchain applications. He said $XRP was designed for financial use cases and could provide an entry point for companies exploring blockchain-powered capital markets.
Using SBI Holdings’ early investment in Ripple as an example, Birla suggested that companies can begin with investment exposure before expanding into deeper blockchain adoption.
SBI Partnership and Nasdaq Plans
Evernorth has secured more than $1 billion in funding, including a $200 million investment from SBI Holdings. Birla described the partnership as an important step in Evernorth’s expansion in Japan.
He also confirmed that Evernorth recently submitted updated S-4 filings to the U.S. Securities and Exchange Commission. The company is continuing work toward a planned Nasdaq listing through its merger with Armada Acquisition Corp. II.
Birla said a public listing would allow investors and businesses to gain exposure to blockchain finance through traditional equity markets. This would give them access without requiring them to directly hold and manage $XRP.
Evernorth Five-Year Goal
Looking ahead, Birla said Evernorth aims to become a leader in generating yield from tokenized assets. The company plans to start with $XRP before expanding into other tokenized assets as blockchain adoption grows.
Its long-term goal is to use decentralized finance tools on the $XRP Ledger to help businesses and institutions make their on-chain holdings more productive.
