The XRP Ledger (XRPL) has surpassed Solana in total tokenized Real-World Asset (RWA) value, marking a significant shift in institutional blockchain adoption. The observation was made by Asheesh Birla, CEO of Evernorth and a long-time XRP ecosystem executive, who highlighted accelerating institutional capital inflows onto XRPL. RWAs represent tokenized versions of traditional financial instruments like treasuries, funds, and credit products.
Birla argues that XRPL's design, with built-in features and guardrails that mirror existing financial market infrastructure, is increasingly attractive to institutions seeking clarity and compliance-friendly deployment. This growth in RWA issuance on a chain is a key indicator of institutional preference.
A cornerstone of this growth is the Ripple USD (RLUSD) stablecoin, which scaled from zero to over $1 billion in issuance within months last year. Its recent full integration on Binance is seen as a critical step in broadening access and deepening on-chain liquidity. Stablecoin growth typically acts as a foundational layer for tokenized assets, and RLUSD's expansion is reinforcing broader adoption trends on XRPL.
Supporting this narrative, decentralized exchange (DEX) transaction counts on XRPL reached a 13-month high at the start of 2026, pushing toward one million transactions per day. This rising on-chain activity indicates growing participation, which can lead to tighter spreads, improved liquidity, and greater capital efficiency.
Birla also referenced the ongoing validation of the XLS-66 protocol upgrade, which will introduce new capabilities to the network, enhancing the tooling available for developers and institutions to build advanced financial instruments.
In a related institutional move, Evernorth announced its public launch via a business combination with Armada Acquisition Corp II, aiming to list on Nasdaq under the ticker "XRPN" subject to approval. The transaction is expected to generate over $1 billion in gross proceeds from key investors including SBI, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Net proceeds will be used primarily to fund open-market purchases of XRP to build an institutional XRP treasury, further scaling adoption.
