Ripple CEO Brad Garlinghouse announced that his company has allocated a significant amount of XRP tokens to Evernorth, a nearly $500 million corporate treasury fund. The fund is scheduled to begin trading on NASDAQ this week and will use XRP as its sole asset.
Ripple’s evolving strategy
Garlinghouse, who leads the San Francisco-based blockchain payments firm, stated that Ripple’s product strategy has shifted towards offering more institutional solutions. He explained that these products go beyond simple “buy and hold” scenarios for digital assets, emphasizing the importance of providing broader utility to financial institutions.
Speaking at the Evernorth closing bell ceremony, Garlinghouse reaffirmed the company’s commitment to XRP as the centerpiece of its ecosystem. He also noted that Ripple is committed to building in a multichain environment, reflecting increasing industry interest in interoperability between different blockchain networks.
Ripple’s CEO emphasized that the launch of a lending protocol on the XRP Ledger builds upon the trust the company has established as a liquidity provider to institutions and supports the broader goal of integrating more complex financial services.
Garlinghouse described these initiatives as steps toward the company’s original vision of enabling seamless information and value transfer around the world. Ripple, established in 2012, aims to make global payments faster, more accessible, and cost-effective using distributed ledger technology.
Evernorth launches after merger
Evernorth, a corporate fund focused solely on XRP, completed a merger with Armada Acquisition Corporation and will move forward with its NASDAQ debut. The fund’s creation followed a unanimous merger approval by Armada Acquisition Corp. II shareholders on September 30, with all necessary regulatory filings made with the US Securities and Exchange Commission.
According to Asheesh Birla, Evernorth’s Founder and CEO, the XRPN listing offers investors regulated and transparent access to XRP through a traditional public vehicle, rather than direct token ownership. Birla said this approach could appeal to a wider group of investors seeking exposure to the cryptocurrency market in a regulated context.
Evernorth positions itself as a bridge for both retail and institutional investors to access XRP within established regulatory frameworks.
Mini dictionary: Evernorth is a corporate treasury fund recently established through a merger, designed to provide exposure to XRP via traditional financial markets such as NASDAQ.
Lending protocol and upcoming upgrades
Ripple has highlighted the development of a new lending protocol on the XRP Ledger (XRPL) as a major advancement. Two key proposed upgrades are being prepared for the ledger: XLS-65 and XLS-66. XLS-65 would enable the creation of liquidity pools holding a single asset, while XLS-66 would introduce support for fixed-term loans on the network.
Validator support for these proposals was reported at 60% and 54%, respectively, as of October 15, 2026, suggesting growing consensus but still short of the supermajority typically required for activation on XRPL.
These initiatives are designed with corporate investors in mind, integrating advanced risk management features. The lending proposal includes external borrower assessments outside the blockchain, as well as optional first-loss reserves to cover potential early-stage defaults.
| Feature | XLS-65 | XLS-66 |
|---|---|---|
| Function | Single-asset liquidity pools | Fixed-term loan support |
| Validator Support (as of Oct 15, 2026) | 60% | 54% |
Stan Chartered, a multinational banking group, recently adopted Ripple’s technology stack, reflecting institutional confidence in the infrastructure behind XRPL’s upcoming features.
Asheesh Birla described the XRPN listing as a channel for investors to gain regulated, transparent access to XRP through public markets instead of holding tokens directly.
