South Korea accounts for about 30% of all XRP trading volume, according to Evernorth CEO Asheesh Birla. Speaking on a panel in Korea, he said that liquidity puts the country ahead in turning XRP from a coin people trade into capital that supports tokenized real-world assets.
Birla added that XRP was the No. 1 asset on Upbit, the country’s largest crypto exchange, on most trading days since January.
Why Liquidity Matters For Tokenization
Birla argued that tokenized assets are of little use without liquidity around them. Korea’s deep XRP markets, he said, mean tokenized products launched there should be readily available, with prices close to what investors would pay off-chain.
He also said retail investors in Korea are currently ahead of institutions. Once new regulation passes, he expects the two groups to support each other.
From Payment Token To Capital Asset
Hugo of Flare said his firm sees XRP as more than a token for moving money on the XRP Ledger. On Flare, holders can:
- Borrow dollar-backed stablecoins against their XRP
- Put those dollars into other assets
- Keep exposure to any rise in XRP’s price while doing so
He said this turns XRP from a transaction token into a capital asset that can earn yield or back a loan.
50 Million XRP Committed To Firelight
A speaker from Firelight said the platform launched pre-deposit vaults at the start of the year and has already received 50 million XRP in commitments. Firelight wants to build an insurance and protection layer on-chain, so that staked XRP acts as an economic backstop for decentralized finance.
The speaker said the lack of strong risk infrastructure is a problem across DeFi, not only for XRP. Retail users and institutions will both need that protection before on-chain capital markets can grow.
What It Means For XRP
The panel’s message was that XRP’s next stage of growth may depend on what holders do with their tokens, not on trading volume. Korea already has the volume. The open question, panellists said, is whether lending, yield and insurance products can turn that trading activity into capital that stays on-chain.
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