Evernode’s CEO Asheesh Birla says the crypto industry’s initial run of simple hoarding is dying out. Instead, the firm is pivoting toward tokenization of real-world assets (RWAs) to build sustainable revenue streams and lure institutional capital into XRP’s orbit. In a June 10 interview with Bloomingbit, Birla framed the digital asset treasury (DAT) business as reaching a strategic inflection point.
“Digital asset companies that just stockpile cryptocurrencies face natural limits,” Birla argued. “The next phase requires generating returns off the assets themselves.” For Evernode–a major XRP accumulator that has been eyeing a US listing via a Special Purpose Acquisition Company (SPAC)–the path forward lies in decentralized finance (DeFi) applications built on XRP Ledger (XRPL).
Birla believes XRPL’s architecture gives it an edge in tokenization. Designed with tokenizing financial assets in mind, the blockchain offers natively fast transactions and low fees, making it attractive for RWAs like tokenized stocks, artwork, and money-market funds. The overall global RWA market is estimated at $30 billion, growing rapidly from just under $1 billion in tokenized assets on XRPL last year to roughly $2 billion today.
Rather than continuing as a passive treasury, Evernode intends to become a full-fledged XRP-based financial firm deploying its inventory through lending, liquidity provision, and asset management protocols on XRPL. “As more liquidity and assets come into XRPL, opportunities expand to use XRP as a core financial instrument,” Birla noted.
However, the company’s planned NYSE listing remains pending after filing an amended S-4 with the US Securities and Exchange Commission earlier this year. Evernode insists it prefers a transparent structure over a rushed approval that could undermine credibility–though the delay leaves execution risks present.
South Korea’s financial sector, according to Birla, is already primed for tokenized assets, reflecting wider institutional interest. Yet Evernode’s evolution underscores a broader shift in the digital asset space away from price appreciation alone and toward generating yield through real asset-backed DeFi.
Market participants should watch for the SEC’s review timeline on Evernode’s SPAC merger and updates on XRPL’s expanding tokenization pipeline. Birla’s blueprint positions XRP less as a speculation vehicle and more as a primitive in a multi-billion-dollar institutional infrastructure–if Evernode can execute.
Evernode CEO: Hoarding XRP Won’t Cut It–Tokenization to Unlock Institutional Flows
Evernode CEO Asheesh Birla says simply hoarding crypto is no longer enough and promotes tokenization of real-world assets to generate returns and attract institutions. The company aims to grow the XRP tokenization ecosystem and become an XRP-based financial firm.