At the Ripple Swell 2025 event in New York City, former Ripple executive Asheesh Birla took the stage to discuss his new venture, Evernorth, and its vision to bridge traditional finance (TradFi) with the decentralized economy.
Built on the XRP Ledger (XRPL), Evernorth aims to simplify institutional exposure to digital assets while maintaining the compliance and risk management standards expected in mainstream finance.
The discussion highlighted how Evernorth’s $1 billion XRP position and its structured approach to regulated digital asset management signal a growing wave of institutional adoption within the XRP ecosystem.
Building on Ripple’s Legacy
Speaking live at the event, Birla reflected on his decade-long journey at Ripple, highlighting how the company evolved from a small startup into a global payments leader.
“We started this nine years ago, and it’s amazing to see how far Ripple and the XRP ecosystem have come,” Birla said.
He emphasized that Ripple’s strength has always come from collaboration with traditional financial institutions, not competition crediting the company’s long-standing commitment to regulation and compliance as key to its success.
“Ripple proved that blockchain and banks could work together,” Birla added. “That foundation gave us the credibility and experience to take the next leap with Evernorth now.”
Evernorth: A Regulated Digital Asset Treasury for Institutions
Evernorth is designed to simplify how institutional investors hold and manage exposure to XRP and other digital assets. Structured as an XRP digital asset treasury (DAT), it combines the accessibility of traditional exchange-traded funds (ETFs) with the flexibility of blockchain-based assets.
“We’re building a product that makes it as easy as adding a stock to your portfolio,” Birla explained. “With Evernorth, investors can gain exposure to XRP and eventually to DeFi — all while maintaining compliance and institutional-grade risk controls.”
Initially, Evernorth will focus on generating yield through traditional finance mechanisms, with plans to introduce DeFi-based yield products as the market matures. The company’s mission is to make institutional participation in digital assets both seamless and compliant, paving the way for greater adoption across the financial sector.
Regulation Fuels Institutional Momentum
Birla noted that regulatory clarity has been a driving force behind Evernorth’s timing. He referenced the passage of the Genius Act, which offered much-needed stablecoin regulation and triggered an 18% sector growth shortly after approval.
“Regulation has become a catalyst,” he said. “When I started talking to investors this year, I saw a completely new class of institutions getting involved. The U.S. is finally in a position to lead globally in digital asset regulation.”
With the United States now setting clearer guidelines for digital assets, institutional investors are increasingly viewing XRP and other blockchain-based assets as viable additions to their portfolios.
Bridging Traditional Finance and DeFi
Evernorth’s long-term goal is to create a sustainable bridge between traditional finance and decentralized finance (DeFi). While volatility remains a defining trait of crypto assets, Birla believes responsible innovation and long-term vision will attract lasting institutional involvement.
“This isn’t a ‘move fast and break things’ approach,” Birla noted. “We’re talking about finance. We need to move responsibly and build for the long term.”
Evernorth’s XRP Holdings
Ripple-backed Evernorth reportedly acquired an additional $214 million in XRP, bringing its total XRP holdings and commitments to over 473 million tokens, a position estimated to be worth nearly $1 billion.
The latest purchase was priced between $2.36 and $2.53 per XRP, with Ripple’s affiliate acquiring 50 million XRP and the Arrington Fund adding 211 million XRP.
This accumulation ahead of Evernorth’s planned NASDAQ debut signals a clear vote of confidence from institutional investors in the XRP ecosystem, especially as regulatory clarity and blockchain infrastructure continue to advance.
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FAQs
Evernorth is a digital asset treasury built on the XRP Ledger, founded by former Ripple executive Asheesh Birla to bridge traditional finance with DeFi.
Evernorth simplifies institutional exposure to XRP by offering a regulated, fund-like structure that ensures compliance and risk management.
Evernorth’s launch aligns with new U.S. crypto regulations, making it easier and safer for institutions to participate in digital assets like XRP.
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