Evernorth Targets DeFi Yield as XRP Ledger Weighs Native Lending

Evernorth, backed by Ripple and SBI Group, is building a publicly traded XRP treasury designed to do more than track the token’s price. Its model seeks to increase XRP per share through institutional lending, liquidity provision and DeFi yield strategies. The company agreed in October 2025 to merge with Armada Acquisition Corp. II and pursue a Nasdaq listing under XRPN, offering investors regulated exposure to XRP while directing capital and liquidity toward the XRP Ledger ecosystem.

On Aug. 20, Evernorth reiterated its support for XLS-66, a proposed XRP Ledger amendment that would pool liquidity in Single-Asset Vaults and facilitate fixed-term, fixed-rate loans while keeping credit assessment and risk management off-ledger. The amendment still requires validator approval. Evernorth expects to launch with at least 473,276,430 XRP. Separately, it amended the Armada II transaction on Aug. 13 to tie share issuance to XRP’s value at closing, with the merger targeted for late in the third quarter or early in the fourth quarter of 2026.