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Ahmed Barakat
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Evernorth, an XRP-focused treasury company backed by Ripple, Kraken, Pantera Capital, and SBI Holdings, is telling institutional investors that real banks are already using XRP, and that the next 18 months will be defined not by whether adoption news happens, but by how much and under which ruleset.
The claim is specific: daily transactions on the XRP Ledger have surged to nearly 3 million, up from roughly 1 million in mid-2025, with Bitstamp, Ripple’s RLUSD stablecoin, and Braza Bank among the busiest names on the network. That is a real number. What it means for banking utility is a different question entirely.
The tension is structural. According to news, XRPL transaction volume has tripled in roughly 12 months, and at least one major European bank has deployed its regulated euro stablecoin on XRP, selecting it as one of four public chains for that purpose.
But XRP on-chain metrics and exchange flows tell a more complicated story about whether that volume represents persistent banking infrastructure or a concentrated surge driven by a handful of known actors. The marketing narrative and the on-chain data are not opposites. They are simply not the same thing.
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Evernorth’s chief executive, Asheesh Birla, has argued in a news outlet that XRP’s long-term value will come from banks and businesses using it as working capital, not from retail trading.
That framing matters because it sets a specific evidentiary bar: not speculative demand, not ETF flows, but bank-originated settlement volume. Against that bar, the data is partially supportive and partially aspirational.
The XRPL’s jump to nearly 3 million daily transactions is documented and real. The busiest names driving that traffic, Bitstamp, RLUSD, Braza Bank, are identifiable financial institutions, not anonymous wallets or wash-trading vectors.
In May 2026, Evernorth highlighted a tokenized U.S. Treasury redemption that coordinated Mastercard, J.P. Morgan’s Kinexys, Ondo Finance, and Ripple using XRPL as the common settlement layer, with Ripple receiving USD proceeds in Singapore outside normal banking hours.
Evernorth described XRP as “settlement infrastructure in one of the most significant cross-institutional blockchain transactions to date.” That transaction happened. It is not fabricated.
What the data does not yet confirm is whether these events represent systematic banking adoption or high-profile pilots.
Ripple’s On-Demand Liquidity service has been live in production since at least 2018, using XRP as a bridge asset across cross-border corridors in markets like the Middle East and Southeast Asia. Volume in those corridors is real but geographically concentrated, not the global banking rail the headline narrative implies.
Institutional-sized transfers on XRPL are stable in 2026, but Chainalysis data indicate they increasingly compete with USDC and wholesale CBDC projects for share of institutional settlement flow.
The XRPL protocol itself is being upgraded with exactly this gap in mind. Pending amendments include Token Escrow, a Permissioned DEX, and Restricted Environments, compliance infrastructure explicitly designed to give regulated institutions whitelisted venues and escrowed settlement flows on-chain.
The proposed XLS-66 XRP Lending Protocol would embed single-asset XRP vaults, fixed-term loans, and ZK-enhanced privacy directly into the ledger, eliminating external smart contracts and bridges. Validators are currently voting on XLS-66, and it requires an 80% supermajority to activate.
It is not yet live. Analysts covering the proposal have framed it as a bid to unlock a $100 billion lending and collateral opportunity on XRPL, but until consensus is reached, that is infrastructure on the drawing board, not banking activity on the ledger.
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