- Evernorth plans to deploy its XRP holdings to the XRP Ledger’s proposed native DeFi lending functionality to optimize returns on its digital asset treasury.
- The company currently holds 473.28 million XRP and plans to pursue its IPO following amendments to its business combination with Armada.
Less than a year after transforming into a digital asset treasury (DAT) company focused on XRP, Evernorth Holdings Inc. revealed plans to optimize the earning potential of its token holdings in decentralized finance (DeFi). This comes ahead of the XLS-66 proposal, which aims to unlock native lending functionality on the XRP Ledger.
The company is also preparing to go public on Nasdaq through a proposed business combination with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC).
Evernorth to Deploy XRP Holding on XRPL’s Proposed Native DeFi Functionality
During this week’s Wyoming Blockchain Symposium 2026, Evernorth Chief Business Officer Sagar Shah confirmed their company’s plan to scale with the XRPL’s potential integration of a native lending feature under the proposed XLS-66. The proposal is currently inactive and remains in the validator voting phase, with slightly more than 37% consensus support.
XLS-66 is a companion of XLS-65 that pushes for a single asset vault, which will aggregate assets from multiple depositors and make them available to other on-chain protocols, such as a lending protocol. XLS-65 is slightly ahead of its companion proposal with 40% consensus votes.
Shah told The Block that XRPL’s successful implementation of XLS-66 will allow Evernorth to fully utilize its XRP holdings as a productive financial asset rather than just leaving the tokens idle on corporate balance sheets and waiting for them to appreciate over time. He believes that with the DeFi lending functionality embedded natively on the XRPL, it could benefit directly from the chain’s high level of security, which greatly mitigates smart contract vulnerabilities.
Shah, a former Senior Director of Stablecoins at Ripple, is confident that the XLS-66 will eventually gain enough consensus support, given the ongoing rigorous code reviews and network assessments validators are conducting to ensure smooth, secure enforcement on the XRPL. For him, it will significantly expand XRP’s use cases, adding to its rising adoption in real-world asset (RWA) tokenization.
Evernorth IPO
Evernorth initially targeted the first quarter of 2026 for its initial public offering (IPO) on Nasdaq. However, it has pushed it back following key amendments to its agreement with Armada.
The parties have decided to tie their share issuance directly to XRP’s volume-weighted average price (VWAP), instead of the $2.36 per XRP basis they used when they signed the business combination deal. They explained that the model would protect future shareholders against the inherent volatility of XRP as a crypto asset and ensure that public equity remains aligned with the underlying value of Evernorth’s treasury.
Congecko indicates Evernorth maintains approximately 473.28 million XRP in its DAT portfolio, valued at over $572 million at prevailing exchange rates. The company’s estimated enterprise value was $1.4 billion last year, following its initial IPO announcement.
