Evernode Nears Nasdaq Listing, Poised to Become the XRP Version of MicroStrategy

▲ XRP (Ripple)

XRP is emerging as a hub of institutional finance and forming a new revenue-generating ecosystem, as a global asset management heavyweight has declared the completion of an institutional financial system built on XRP.

According to crypto-focused media outlet The Crypto Basic on February 19 (local time), Evernode CEO Ashish Birla said in a recently released video, “I have long waited for this moment surrounding XRP,” announcing plans to build a yield-based economy powered by XRP. Birla, who has been active in the XRP ecosystem for over a decade, assessed that blockchain infrastructure has now matured enough for traditional finance to move on-chain.

Evernode defines itself as a dedicated digital asset treasury for XRP and boasts one of the largest XRP holdings in the industry. The company plans to deploy its XRP reserves into yield-generating decentralized finance products across the XRP Ledger ecosystem. This strategy serves two purposes: generating in-house returns through its XRP holdings while injecting institutional capital into emerging XRP Ledger protocols to vitalize the ecosystem.

Birla cited regulatory clarity surrounding XRP, active decentralized finance activity on the XRP Ledger, and institutional capital ready to move on-chain as key drivers of the strategy. He emphasized that lending, payments, and even stock trading can now be executed faster and more transparently on blockchain networks. Evernode also plans to act as an active steward of the ecosystem by operating validators and developing new technical standards.

Market observers note that Evernode’s latest move is similar to Strategy (MSTR), which made Bitcoin the core asset of its portfolio. Evernode is preparing for a Nasdaq listing in the first quarter of this year and currently holds more than 388 million XRP, managing it as a core asset on its balance sheet. This suggests that XRP is being recognized not merely as a medium of exchange but as a key asset underpinning corporate value.

As institutional financial infrastructure centered on the XRP Ledger expands, XRP has entered a new phase of yield generation and asset utilization. The participation of major capital players like Evernode is expected to deepen liquidity in the XRP ecosystem and catalyze direct on-chain activity by institutional investors. With the sail of regulatory clarity behind it, global investors are watching closely to see whether XRP can establish itself as a new standard in the global financial system.

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