XRP Adoption by Banks Continues to Grow According to Evernorth Claims

Evernorth, a company backed by Ripple, Kraken, Pantera Capital, and SBI Holdings, has made claims about the use of XRP in real-world banking. The firm states that nearly 3 million daily transactions are taking place on the XRPL, with notable financial institutions such as Bitstamp, Ripple's RLUSD stablecoin, and Braza Bank among the busiest users.

The data appears to support this claim, showing a significant increase in transaction volume over the past year. However, some analysts argue that while the growth is real, it's unclear whether it represents widespread adoption by banks or simply high-profile pilot projects.

Evernorth's chief executive, Asheesh Birla, has stated that XRP's long-term value will come from its use as working capital in businesses and banks, rather than from retail trading. To support this claim, the firm points to a recent tokenized U.S. Treasury redemption transaction that coordinated with Mastercard, J.P. Morgan's Kinexys, Ondo Finance, and Ripple using XRPL as the common settlement layer.

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. However, this proposal is still pending consensus and has yet to be activated.