Evernorth: XRPL upgrades shape XRP’s institutional case

In a May 8 blog post, Chief Business Officer Sagar Shah wrote that recent protocol upgrades to the XRP Ledger matter more for institutional use than token price or ETF demand. Evernorth describes itself as a treasury participant focused on long-term engagement in the XRP ecosystem.

Shah highlighted four categories of XRPL changes. Multi-Purpose Tokens add on-chain compliance features including KYC checks, transfer limits, allowlists, freeze controls and clawbacks for tokenized assets. Permissioned Domains create restricted environments that only approved wallets can use. Token Escrow expands settlement options. A Permissioned DEX establishes controlled trading venues where approved counterparties can transact.

Evernorth said those features respond to requirements banks and asset managers list before moving larger pools of capital on-chain: clear counterparty controls, auditable transaction records and tools to reduce settlement risk. The company described the upgrades as infrastructure for custody, settlement and regulated trading on public ledgers.

The firm also pointed to privacy and lending work on the XRPL roadmap. A native zero-knowledge proof verifier is running on testnet, with mainnet deployment linked to Smart Escrow development. Developers are building lending protocols intended for pooled markets, stablecoin deposits, borrowing against tokenized Treasuries and lending of tokenized bonds.

“The most overlooked development on XRP right now is the institutional plumbing, not a price chart, ETF flows, or a tokenization headline,” Shah wrote. Evernorth presented the XRPL changes as targeted toward compliance, settlement, custody, lending and privacy functions required by regulated firms.

Evernorth said that if the features are implemented and adopted, they would affect how institutional participants evaluate XRP’s role beyond short-term speculation.