# Evernorth Explores XRP Ledger DeFi with Native Lending

**Published:** 2026-08-20T18:10:40.140Z  
**Topic:** Crypto Lending  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/ea6201ba-6740-449e-b510-6b9a544f9ca6

Evernorth, an XRP treasury firm, is exploring DeFi on the XRP Ledger using the proposed XLS-66 native lending framework, which is now in validator voting.

Evernorth, a treasury firm holding 388.71 million XRP valued at approximately $744.15 million, is exploring decentralized finance (DeFi) opportunities on the XRP Ledger (XRPL) by leveraging a proposed native lending framework, XLS-66 [3]. This move aims to enable institutional-grade yield on idle XRP and integrate financial services directly onto the XRPL, potentially increasing its utility beyond payments [1, 3].

| At a glance | |
|---|---|
| Key Development | Evernorth exploring native XRP lending on XRPL [1] |
| Framework | XLS-66 (XRP Lending Protocol) [3] |
| Status | Validator review and voting phase [1, 3] |
| Evernorth XRP Holdings | 388.71 million XRP (~$744.15 million) [3] |

## Evernorth Backs Native Lending Proposal

Evernorth CEO Asheesh Birla has expressed support for XLS-66, emphasizing its potential to strengthen the firm's treasury strategy and accelerate institutional DeFi adoption on the XRPL [3]. The XLS-66 amendment introduces a native XRP lending framework built directly on the XRPL, proposing Single-Asset Vaults that support fixed-term, fixed-rate lending for predictable returns [3]. This framework keeps assets fully on-ledger, eliminating the need for bridges or external DeFi platforms, which Evernorth believes can reduce tax exposure, operational complexity, and smart-contract risks for institutions [3].

The proposal has entered the validator voting phase following the release of XRPL v3.1.0 [3]. Ripple has also expressed support for these developments, aiming to position native on-ledger lending as a core protocol use case for XRP [1]. Evernorth's CBO Shagar Shah noted that the proposal seeks to convert idle XRP into yield-generating assets, shifting XRP from idle holdings to productive on-chain capital [3].

## Enhancing XRPL Utility and Institutional Adoption

The integration of native lending and privacy features, such as those under consideration for token balances and transfers, is expected to enhance the XRPL's institutional utility [2]. Evernorth is actively assessing how XLS-66 could generate yield on its treasury-held XRP, having accelerated its accumulation strategy after a $1 billion raise from investors including SBI Holdings and Ripple [3].

Analysts suggest that XLS-66 will complement, rather than replace, existing third-party lending initiatives [3]. Current platforms like Flare, Axelar, and Hex Trust offer yield opportunities that require users to convert XRP into wrapped tokens and deploy them across DeFi protocols [3]. A prominent dUNL validator, Vet, noted that native XRPL lending could allow users to transfer FXRP from Flare back to XRPL for vault-based lending and then return it to Flare for additional yield opportunities [3]. This approach could improve capital efficiency, deepen on-chain liquidity, and expand XRP's utility beyond payments and settlement for both retail and institutional participants [3].

## What to watch

*   **Validator Voting Outcome:** Monitor the progress and outcome of the XRP Ledger's validator review and voting process for XLS-65/66, as its activation is crucial for the proposed lending features [1].
*   **Evernorth Announcements:** Watch for any announcements from Evernorth regarding their implementation plans for XLS-66 and how it impacts their XRP treasury strategy [1, 3].
*   **Regulatory Developments:** Observe any regulatory developments affecting XRP or related technologies, which could influence market perceptions and pricing dynamics [1].

The exploration of native lending on the XRP Ledger by a major holder like Evernorth signals a strategic push to expand the network's functionality and attract institutional capital, potentially broadening XRP's role within the decentralized finance ecosystem.

## Sources
1. Crypto Briefing — [Evernorth explores DeFi on XRP Ledger with native lending framework review](https://cryptobriefing.com/evernorth-explores-defi-on-xrp-ledger-with-native-lending-framework-review/)
2. Bigmarketmoves — [XRP Ledger considers native lending as Evernorth explores DeFi](https://www.bigmarketmoves.com/latest-news/xrp-ledger-considers-native-lending-as-evernorth-explores-defi)
3. Thecryptobasic — [Evernorth CEO Excited About XLS-66, Eyes Institutional DeFi on XRP](https://thecryptobasic.com/2026/01/30/evernorth-ceo-excited-about-xls-66-eyes-institutional-defi-on-xrp/)
4. Bitcoin.com — [XRP vs RLUSD: Evernorth Says XRP’s XRPL Utility Case Keeps Growing](https://news.bitcoin.com/xrp-vs-rlusd-evernorth-says-xrps-xrpl-utility-case-keeps-growing/)

---
Cite as: TrendWatcher, "Evernorth Explores XRP Ledger DeFi with Native Lending", https://www.trendwatcher.in/article/ea6201ba-6740-449e-b510-6b9a544f9ca6