Evernorth, a digital asset treasury company backed by Ripple and SBI Holdings, has announced a strategic partnership with Doppler Finance to build the infrastructure necessary for institutional adoption of the XRP token and the XRP Ledger (XRPL). The collaboration aims to transform XRP from a payment medium into a yield-generating asset for corporate treasuries.
Evernorth, which went public recently and holds over $1 billion in XRP, is focused on making it easier for Wall Street to gain compliant exposure to XRP. Doppler Finance is a leading provider in the "XRPfi" (XRP DeFi) space, building the technical infrastructure that allows institutions to earn yield on their XRP holdings.
The partnership's core objective is to professionalize the XRPL for institutional capital. This involves establishing institutional liquidity frameworks, ensuring active treasury management, implementing structured risk management, and supporting global market expansion. "Further institutional adoption requires structure, clarity as well as real economic utility," stated Evernorth CEO Asheesh Birla, a former Ripple executive. He believes institutions are ready to move beyond exploration and start using XRP in active production.
Historically, XRP has functioned primarily as a transaction medium for payments. This initiative introduces institutional-grade frameworks that enable large holders to earn regulated returns, allowing them to use XRP as a productive financial asset. Analyst Bill Morgan noted on social media, "It is really significant that this collaboration is aimed to further institutional liquidity and treasury use cases on the XRPL. This is consistent with Evernorth’s strategy announced last October."
In a separate discussion, Birla outlined a broader vision where crypto matures from a speculative market into financial infrastructure. He emphasized that XRP was engineered specifically for institutional use cases like cross-border settlement and liquidity provisioning, with features like rapid settlement and low costs that reduce operational risk for large entities. Birla also highlighted the importance of recent regulatory clarity in the United States for removing adoption barriers for compliance-bound institutions.
Contrasting with strategies based on price appreciation, Evernorth's approach focuses on deploying capital to back applications within the XRP ecosystem and engage with DeFi under strict risk controls, aiming to generate returns through network participation. Birla also discussed the transformative potential of "programmable treasuries," where blockchain automates manual corporate processes like currency conversions and payroll.
Looking ahead, Birla stated in late 2025 that 2026 could mark the beginning of "Institutional DeFi," predicting the next phase of digital assets would be "institutional, global, and value-driven."
