Meanwhile, XRP, once marketed as the bridge currency for global payments, sat on the sidelines, waiting for regulatory clarity that never came.
As a result, the token now ranks among the most actively traded altcoins in the top 10 by market capitalization.
“The average 1% market depth for XRP on Kaiko Indices-vetted exchanges surpassed that of SOL during the first quarter and was around $4 million higher by the end of March.”
Evernorth’s structure is modeled after a corporate treasury vehicle, designed to purchase XRP directly from open markets, seed liquidity pools, and launch institutional yield programs. Notably, the firm has described its strategy as an “XRP market stabilization and utility initiative.”
If successful, Evernorth’s listing under the ticker XRPN would become the first public vehicle offering regulated exposure to XRP. This would allow a new wave of institutional funds, pensions, and ETFs to buy into Evernorth shares and gain indirect exposure to the high-flying digital asset.
According to him:
“When a publicly listed company or a regulated fund accumulates an asset on the open market, every purchase adds real demand. There’s no pre-mine, no discount, no OTC sweetheart deals. It’s market-rate buying pressure that tightens supply.”
While the ongoing US government shutdown could delay the approval timeline, the amended filings before the shutdown mean the proposals remain active. Still, several industry experts believe the chances of approval for these products remain high.
At the same time, the approval would cement XRP as a legitimate asset class for investors seeking exposure to the emerging industry. This would effectively formalize XRP’s transition from a payments token to a recognized institutional asset class, completing the same market-maturity cycle Bitcoin ETFs achieved earlier this year.
Beyond speculative flows, Ripple has spent roughly $3 billion in acquisitions over the past two years to strengthen its payments and custody infrastructure.
At the same time, Ripple has applied for a US national bank charter with the Office of the Comptroller of the Currency (OCC), while expanding licensing in more than 60 jurisdictions.
“The past few years have reminded this industry why payments, first and foremost, is THE primary use case for crypto and blockchain. Payments are where Ripple first started for exactly these reasons – the infrastructure is complex, siloed and inefficient, but as we know, perfectly positioned to benefit from decentralized financial technologies.”
