Ripple’s Evernorth Project Could Spark the Next Institutional XRP Boom

Crypto analyst Stern Drew has set the XRP community abuzz after breaking down what could be one of Ripple’s biggest moves yet, the Evernorth Project. Backed by Ripple and major investors, Evernorth is going public with plans to raise over $1 billion, aiming to build the world’s largest institutional XRP treasury.

But what makes this so significant for XRP’s future? Let’s break it down.

The Big Plan: Going Public via SPAC

Unlike typical crypto startups, Evernorth is a regulated institutional vehicle, think of it as the “BlackRock of XRP.” Its goal is to buy, hold, and manage XRP on behalf of corporations and investment funds. By doing so, it bridges the gap between traditional finance and Ripple’s on-chain liquidity network, giving Wall Street a new, compliant way to access crypto markets.

Evernorth plans to go public through a SPAC merger with Armada Acquisition Corp II, targeting $1 billion+ in gross proceeds. This move will make XRP accessible through a publicly listed vehicle, allowing institutional investors to gain exposure without directly buying crypto. The firm’s powerful backers include Ripple, SBI Holdings, Pantera Capital, Kraken, and GSR, a lineup that screams credibility.

Even Ripple co-founder Chris Larsen is contributing 50 million XRP to the project, while David Schwartz, the chief architect of the XRP Ledger, has joined Evernorth as a strategic advisor, signaling Ripple’s deep involvement.

Why It Matters for XRP

Evernorth simplifies how institutions can access XRP. Instead of banks or funds buying tokens individually, Evernorth pools capital in one compliant, transparent structure, building deep liquidity for the XRP market. As Drew explains, this “quietly tightens the bridge between traditional banking rails and Ripple’s on-chain liquidity,” with integrations that can link systems like SWIFT, Fedwire, and PSD2 APIs.

A Quiet Shift, Not Just Hype

However, Drew calls this the start of “integration, not expansion.” Ripple is no longer just expanding its network, it’s embedding itself into the core of global finance through partners like GTreasury for payments and Evernorth for capital markets.

For the XRP community, this marks the next evolution, where institutional demand, public transparency, and Ripple’s financial infrastructure align. The quiet buildup of Evernorth could soon turn into a loud shift for XRP’s role in global finance.

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