Evernorth CEO Asheesh Birla says the $XRP Ledger is evolving into a platform where tokenized real-world assets can be actively used, not simply stored.
The value of tokenized real-world assets (RWAs) on the $XRP Ledger has climbed 388% from $900 million at the start of the year to $4.4 billion, according to data from RWA.xyz. But for Evernorth CEO Asheesh Birla, there should be more beyond just the general concept of tokenization.
Birla claims that the next phase of tokenization is not about placing traditional assets on a blockchain. Instead, the real opportunity lies in making those assets productive while they remain in their tokenized form.
Tokenized Assets Need Utility, Not Just Presence: Evernorth
Birla compares the future of tokenized finance to how traditional financial markets have operated for decades. Notably, capital naturally gravitates toward platforms where it can be deployed with the least friction. Those with the deepest liquidity and the most competitive pricing also attract market users.
Rather than remaining idle in digital wallets, the Evernorth CEO expects tokenized assets to become increasingly dynamic. Since they are more liquid, they should provide better yields based on an owner’s risk appetite. Rebalance portfolios as market conditions change, and interaction with lending and collateral services should also be easier and automated.
From Birla’s perspective, tokenization is only the foundation. The real deal is if a network allows an asset to actively participate in broader financial activities.
$XRP Ledger Offers Beyond Tokenization
According to Birla, several pieces of that infrastructure are already available on the $XRP Ledger.
The network has already developed a built-in decentralized exchange and supports near-instant transaction settlement. Notably, several financial institutions have acknowledged the $XRP Ledger as a good fit for cross-border payments, with HSBC calling it a “game changer.”
Additional features, including on-chain lending and collateral vaults, are also under development, creating an environment where tokenized assets can be used rather than simply stored.
He emphasized that this is not a zero-sum game, as multiple networks will support tokenized assets as the sector expands.
However, those like the $XRP Ledger, offering deep liquidity, efficient settlement, reliable governance, and broad asset availability, will attract more adoption over time. The over 380% growth in RWAs on the Ledger this year is already reflecting that.
Ripple’s $RLUSD Is an Early Proof of Expanding On-Chain Liquidity
Birla also pointed to the $RLUSD stablecoin as an early example of this trend taking shape on the $XRP Ledger.
Citing Evernorth’s June data, he highlighted that $RLUSD has grown to approximately $1.6 billion in circulation, while more than 50% of its liquidity now resides on the $XRP Ledger, up from just 17% in April. At the time of writing, however, the stablecoin’s circulating supply has dropped to $1.48 billion, with 59% of it on the $XRP Ledger.
Birla explained that stablecoins play a central role in digital finance because they provide the liquidity needed for payments, lending, settlement, and other financial services. The increasing concentration of $RLUSD liquidity on the $XRP Ledger suggests users are choosing its infrastructure, as it allows capital to move quickly and efficiently.
Notably, these comments come days after Birla encouraged crypto treasury companies to move beyond building portfolios. As the industry moves to its next phase, he urged them to explore means of generating returns from their stash, recommending tokenization on the $XRP Ledger.
