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Ashish Birla, the CEO of Evernorth, detailed what he calls the first institutional XRP treasury model. This positions Evernorth as a regulated conduit for large pools of capital entering the XRP ecosystem. This comes ahead of Evernorth's planned Nasdaq listing under the ticker XRPN.
During an appearance on the “Onchain Economy” series by Ripple, Birla described Evernorth as an operating treasury rather than a passive holder of digital assets. The firm accumulates XRP and deploys it into yield-bearing instruments across the XRP Ledger. Evernorth also supports network infrastructure directly by running validators and backing protocol development.
Why institutional XRP is finally "prime time"
Birla's strategy is built on three foundations: regulated exposure to XRP, structured yield and liquidity management, and institutional participation in DeFi. The treasury model will lend XRP through lending standards like XLS-66, channeling capital to on-chain yield-generating projects while adhering to institutional oversight and compliance controls.
"Institutional DeFi is finally ready for primetime," said Birla, pointing to regulatory clarity around XRP and the growing number of DeFi tools on the XRP Ledger as key enablers.
This initiative comes as Evernorth prepares to list on the Nasdaq. This move would provide public market investors with equity exposure to a company whose core business focuses on XRP treasury deployment. This differs from spot exchange-traded products because it combines operating income, validator participation and protocol-level engagement with digital asset reserves.
If executed as outlined, Evernorth’s model could transform XRP from a transactional bridge asset into a balance sheet instrument for treasury management, yield generation and infrastructure participation. Whether institutions will allocate at scale depends on sustained regulatory stability and measurable on-chain returns.
However, the framework signals a structural evolution in how XRP may be integrated into traditional finance portfolios.
Vladislav Sopov
Dan Burgin