This amount represents more than half of the company’s $1 billion goal, set to create the largest public XRP treasury and list on Nasdaq under the ticker XRPN.
The project, presented as the first institutional framework focused exclusively on XRP, aims to enhance the token’s liquidity and offer regulated exposure to its ecosystem. Evernorth emerged from institutional interest in native assets from mature blockchain networks and seeks to become a bridge between traditional capital and the on-chain economy of the XRP Ledger.
Evernorth plans to integrate Ripple USD (RLUSD) as an on-ramp for DeFi services within the XRP Ledger ecosystem. The use of RLUSD will enable non-custodial liquidity and credit instruments tailored for institutional investors.
The company also announced a business combination agreement designed to raise more than $1 billion in gross proceeds, with completion expected in Q1 2026. The objective is to establish a public company focused on XRP treasury management, featuring an open governance structure and the highest regulatory standards, comparable to exchange-traded funds (ETFs).
If completed as planned, Evernorth will become the largest corporate custodian of XRP and a key component in the integration of tokenized assets and stablecoins within the ecosystem
