Ripple Taps Stripe-Owned Privy for XRP Ledger AI Agent Payments

Ripple Taps Stripe-Owned Privy for XRP Ledger AI Agent Payments

by | Oct 14, 2026 | How to Crypto

Ripple has partnered with Privy, a wallet infrastructure company owned by Stripe, to bring embedded wallets to the XRP Ledger, enabling stablecoin and AI agent payments directly within applications. The collaboration, announced on October 13, allows developers to create and manage XRP Ledger wallets programmatically and build payment services with XRP, the RLUSD stablecoin from Ripple, and additional digital assets supported by the network.

The XRP Ledger AI agent payments partnership matters because it targets a growing segment of automated transactions while raising questions about XRP's role in the ecosystem. Ripple said AI agents have processed 13 million payments on the ledger, accounting for roughly 25% of network activity, though the company has not disclosed the total dollar value of those transactions.

Embedded Wallets Remove Key Management

The integration introduces embedded wallets on the XRP Ledger, which are cryptocurrency wallets built directly into applications. These wallets allow apps to manage private keys, the codes that control access to funds, on behalf of users. As a result, businesses can offer payment features inside their own apps while customers avoid downloading separate wallet software, writing down recovery phrases, or securing hardware devices.

Privy's infrastructure will handle wallet creation, wallet management, and transaction signing through software, according to the company. Builders can develop products centered on XRP, the dollar-backed RLUSD stablecoin from Ripple, and other assets issued on the ledger. Financial technology firms and payment processors may find it simpler to weave stablecoin transfers and digital asset offerings into their existing platforms.

Users will retain control of their wallets and may export private keys or seed phrases should they choose to transfer funds elsewhere. The setup places wallet functions inside the service a customer already uses, while giving developers tools to manage the underlying blockchain transactions.

AI Agent Payments and x402 Protocol

Beyond consumer applications, the collaboration targets agentic commerce, a model in which autonomous software holds funds and transacts through programmable wallets. In an agent payment, software completes transactions on its own, with no human involvement. Privy's server-side wallet infrastructure will let such agents store and move digital assets, including via the x402 payment protocol, which enables automated payments between software applications and online services.

According to Ripple, the new tools allow AI agents to store funds and carry out transactions, including via x402, a protocol built for machine-to-machine payments on the internet. A software program might purchase access to information streams or processing power whenever needed. When software seeks paid information, it can get a payment demand, approve the transfer, and receive the material after verification completes.

Ripple said in a statement: "To date, it has processed 13M agent payments, which now account for roughly 25% of network activity." Last week on X, Ayo Akinyele stated that over 13 million agent payments had gone through x402 on the network, making up about 25% of ledger activity.

XRP Not Required for Settlement

Neither Privy nor Ripple named XRP as the required settlement asset, according to AOL. That leaves developers free to skip XRP altogether and use RLUSD for settlement. Privy's messaging emphasizes stablecoin payments and does not directly reference XRP, whereas Ripple presents XRP as one choice among RLUSD and other digital assets.

A business transacting in dollar-pegged tokens through a Privy wallet gains the advantages of the ledger while avoiding direct interaction with XRP, except for the mandatory reserve and small charges. Every fresh account on the XRP Ledger needs the network's minimum reserve of 1 XRP before activation, even when the account exists solely for stablecoin transfers, so someone has to provide that XRP to get started.

The tie-up between Privy and Ripple draws notice to the XRP Ledger, yet transactions flowing through Privy's wallets might settle in RLUSD or alternative assets just as readily. Should Ripple or Privy eventually disclose that a meaningful share of agent payments or Privy wallet activity settles in XRP, the link between this collaboration and the token could grow stronger. On the other hand, should upcoming disclosures keep emphasizing transaction volumes while omitting which asset was used, the ledger could expand even as appetite for XRP stays flat.

Transaction Data Lacks Dollar Values

Ripple shared how many transactions occurred but withheld the aggregate worth of those agent payments. Bots and automated programs are capable of generating large numbers of tiny transfers cheaply, which means raw transaction tallies can paint a distorted picture when dollar amounts are absent. The assertion from Ripple that agent payments make up about 25% of network activity is open to different readings, according to AOL and Crypto News.

Data from the XRPL AI Hub, run by payment infrastructure builder t54, indicated over 14.3 million total transactions spread across 169 registered merchants as of Wednesday. That dashboard logged roughly 6,991 XRP and 12,752 RLUSD in cumulative payments.

CoinDesk reached out to the XRP Ledger Foundation seeking information about apps built with the integration and requesting figures on what share of the network's payment activity stems from AI agents. This announcement arrives while developers are observing a steep climb in these kinds of transactions on the XRP Ledger.

Industry Context and Prior Moves

Privy's connection to Stripe lends credibility to the partnership. Stripe stands as a widely known force in internet payments, so Privy's backing represents a meaningful vote of confidence for the XRP Ledger as workable payment infrastructure. Stripe agreed to acquire Privy following its $1.1 billion purchase of stablecoin infrastructure provider Bridge, as crypto.news previously reported in June 2025.

Markus Infanger, senior vice president of RippleX at Ripple, said in a statement: "Privy brings proven wallet infrastructure that makes it easier for fintechs and developers to bring XRPL into real products, from payments and stablecoin experiences to emerging forms of agentic commerce." He cited the ledger's fast settlement, low transaction costs and native support for digital-asset transactions.

Privy co-founder and CEO Henri Stern said in a statement: "Stablecoins are changing how money moves, and XRPL has been building for payments from the start."

For its earlier work on automated payments, Ripple joined the x402 Foundation as a Premier Member on July 14. Ripple began offering developers tools for these payments in June, letting agents create wallets, check balances and pay for services using XRP or RLUSD. In September, it expanded the kit to support a payment standard developed by Stripe and payments blockchain Tempo, including a way to fund repeated requests with XRP instead of settling each one separately.

Conclusion

The Ripple and Privy partnership brings embedded wallets to the XRP Ledger, enabling developers to build payment applications using XRP, RLUSD, and other digital assets without requiring users to manage private keys. Ripple said AI agents have processed 13 million payments on the ledger, representing roughly 25% of network activity, though the company has not disclosed the dollar value of those transactions. Neither company named XRP as the required settlement asset, allowing developers to settle entirely in RLUSD. The next concrete step will be whether Ripple or Privy reports what portion of agent payments or Privy wallet transactions settle in XRP, which could clarify the connection between this partnership and demand for the coin.

Frequently Asked Questions

What is the Ripple Privy partnership announced on October 13?

Ripple partnered with Privy, a Stripe-owned wallet infrastructure company, to bring embedded wallets to the XRP Ledger. The integration allows developers to create and manage XRPL wallets programmatically, sign transactions, and build applications using XRP, Ripple's RLUSD stablecoin, and other digital assets. The partnership supports both consumer-facing financial products and applications that let AI agents make payments.

How many AI agent payments has the XRP Ledger processed?

Ripple said the XRP Ledger has processed 13 million agent payments, which now account for roughly 25% of network activity. However, Ripple has not disclosed the total dollar value of those transactions. Figures from the XRPL AI Hub showed more than 14.3 million cumulative transactions across 169 registered merchants as of Wednesday, with approximately 6,991 XRP and 12,752 RLUSD in cumulative payments.

Does the Privy integration require XRP for payments?

No, neither Privy nor Ripple named XRP as the required settlement asset. Developers can bypass XRP entirely and settle in RLUSD instead. However, each new XRP Ledger account must receive the network's minimum reserve of 1 XRP to become active, even if it will be used only for stablecoin payments.

What are embedded wallets on the XRP Ledger?

Embedded wallets are cryptocurrency wallets integrated directly into an app, allowing the app to manage private keys on behalf of the user. This means companies can facilitate payments within their applications without requiring customers to download a separate wallet, write down recovery phrases, or secure hardware devices. Users can export their private keys and seed phrases if they want to move their funds to another wallet.

What is the x402 payment protocol used by AI agents?

The x402 payment protocol is a system designed for machine-to-machine payments online. It supports automated payments between software applications and online services. An agent requesting paid data can receive a payment request, authorize payment, and obtain the data once that payment is verified. Ripple joined the x402 Foundation as a Premier Member on July 14.

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Ripple Fixes Critical XRP Ledger Bug That Allowed Unauthorized Minting

Ripple Fixes Critical XRP Ledger Bug That Allowed Unauthorized Minting

by | Oct 10, 2026 | Market

Ripple has resolved an XRP Ledger bug that originated in 2015, which could have enabled bad actors to generate billions of unauthorized XRP tokens without paying for them. The critical defect broke the core protocol mechanics governing the asset by circumventing the network's strict issuance limits, according to reports from CoinDesk and Crypto Briefing.

The discovery touches the fundamental architecture of the ledger, which was launched in 2012 with a hard-coded supply limit of 100 billion XRP. Software rules established at inception prevent any additional units from entering circulation, making protocol-level protection paramount for institutional participants relying on the immutable cap.

Engineers confirmed the severity of the flaw by recreating it on an isolated testing system. The demonstration showed that newly produced tokens generated through the exploit could subsequently be transferred and spent across external venues.

Mechanics Behind the XRP Ledger Bug

A security review published on Friday detailed how the vulnerability stemmed from an internal arithmetic flaw within the decentralized trading system embedded directly into the payment network. CoinDesk reported that the counting discrepancy would have let an attacker acquire vast quantities of tokens while paying virtually nothing in return.

The conceptual assault required an operator to establish several hundred separate profiles across the XRP Ledger. Each controlled address would submit an order proposing to trade an insignificant slice of an alternative asset in exchange for an excessively large balance of XRP.

Executing the attack involved dispatching one unified transaction designed to purchase every open proposal concurrently. Because the cumulative balance of XRP reached levels beyond what the software could properly track, the arithmetic overflow malfunctioned. As a result, the seller accounts received their payouts in full, while the buyer account surrendered almost no capital, effectively minting freshly created tokens out of thin air.

Evading Ledger Balance Checks

The XRP Ledger contains automated verification routines engineered to audit token balances and ensure no unapproved supply enters the ecosystem after a transaction settles. However, CoinDesk reported that because this validation mechanism depended on the miscalculated sum produced by the software flaw, the routine failed to recognize that unbacked units had appeared.

The design of the exploit also bypassed built-in transfer thresholds. Safeguards restricting the volume of tokens a single destination wallet can receive were avoided entirely by dispersing the generated funds across hundreds of smaller receiving addresses.

Carrying out this exploit method required minimal initial capital from an attacker. Security researchers determined that an operator needed only a few hundred XRP to configure the target wallets, with the vast majority of that reserve fully recoverable alongside base transaction charges.

Discovery and Protocol Safeguards

The XRP Ledger bug was discovered by security researcher Cayden Liao working alongside Veria AI, who communicated their findings to network maintainers in September. Following that notification, RippleX programmers replicated the attack vector internally to assess the danger.

Addressing the XRP Ledger bug allowed developers to ensure that the network's hard cap remained completely intact without requiring structural shifts. Crypto Briefing reported that the remediation maintained existing operational parameters without changing circulating balances or the predetermined release schedule managing Ripple's escrow reserves.

Eliminating the XRP Ledger bug helped reinforce market confidence in the underlying software framework as XRP contends with industry competition and ongoing legal requirements across various jurisdictions.

Market Reaction and Price Trajectory

Market participants have viewed the resolution of the XRP Ledger bug as a positive signal for future structural reliability, which could play a role in shaping asset valuations over time. Analysts suggest the repair helps remove uncertainty surrounding the network's foundational security.

Despite the long-term stabilization implied by resolving the XRP Ledger bug, short-term speculative sentiment saw little movement. The prediction market pricing the likelihood of XRP reaching an all-time high by the close of 2026 stood at a 5.8 percent probability, reflecting muted immediate reaction to the security news.

Market analysts pointed out that broader macroeconomic pressures continue to exert a strong influence on digital assets. Shifts in Bitcoin valuation and changes in monetary policy from the U.S. Federal Reserve remain pivotal factors that could guide the market direction of XRP alongside protocol developments.

According to Crypto Briefing, market observers note that monitoring upcoming statements from Ripple leadership or associated regulatory shifts will remain crucial for evaluating market confidence. Technological updates and token adoption milestones will also be watched closely to gauge whether XRP can hit new highs by late 2026.

Conclusion

The resolution of the dormant 2015 software flaw protects the fixed 100 billion token supply of the XRP Ledger by eliminating a method that could have allowed counterfeit tokens to reach secondary exchanges. Moving forward, observers are tracking upcoming executive commentary from Ripple, regulatory updates, and ecosystem milestones regarding institutional adoption and technology rollouts that could shape the likelihood of the token reaching record price levels by the end of 2026.

Frequently Asked Questions

What was the XRP Ledger bug discovered in the software?

The issue was a dormant calculation error dating back to 2015 located within the ledger's built-in exchange. It would have enabled an attacker submitting simultaneous offers across hundreds of accounts to cause a counting failure, generating unbacked XRP while charging the buyer almost nothing.

Who identified the vulnerability in the XRP Ledger?

Researcher Cayden Liao and Veria AI identified the vulnerability and reported the problem internally to developers in September, according to CoinDesk.

Did the vulnerability alter the 100 billion XRP token supply?

No. The fix preserved the existing ledger mechanics without altering current balances or the hard cap of 100 billion tokens set at the network's 2012 launch.

How did prediction markets react to news of the software fix?

The probability of XRP touching a new all-time high by the end of 2026 remained unchanged at 5.8 percent on prediction markets, demonstrating limited immediate price response, according to Crypto Briefing.

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XRP Expands DeFi Role as Firelight Activates Onchain Protection

XRP Expands DeFi Role as Firelight Activates Onchain Protection

by | Oct 8, 2026 | DeFi

Firelight Protocol has officially launched its onchain protection system on the Flare network, deploying capital backed by staked FXRP to safeguard decentralized finance vaults. The platform announced that its services are now active, beginning with coverage for Sentora's USD Protected Vault and Protected RWA Vaults, allowing depositors to receive embedded coverage without having to purchase individual policies.

The deployment enables an onchain cover mechanism designed to provide verifiable onchain protection against specified protocol exploits, oracle failures, and economic shocks. According to Markets Insider, Lucas Outumuro, vice president of institutional DeFi at Sentora, stated that "Until now, protection has been missing from the infrastructure behind DeFi earn products" as automated strategies expand across blockchain networks.

Capital Architecture and Onchain Protection

Under the protocol's design, onchain protection relies on staked FXRP, an asset representing XRP on Flare's smart contract environment, to support its payout engine. Stakers receive stXRP as a transferable receipt for committed assets, which sit outside the protected applications, while an integration via Flare Smart Accounts allows supported XRP Ledger accounts to create and deposit FXRP in a single step.

Crypto Briefing reported that Firelight launched its coverage supported by 50.2 million XRP pledged on the Flare network, noting that the aggregate ceiling for these staked positions reaches $115 million. The operational framework connects liquidity gathered since stakers reached an initial milestone of more than 50 million XRP in March to live programmatic cover obligations, expanding the financial role of the underlying token across decentralized markets.

Stakers supply economic underwriting in exchange for protocol rewards, which are continuously streamed in FXRP and auto-compound to boost position value over time. These emissions are funded by fees charged to vault operators for coverage enablement, according to Markets Insider and Bitcoin.com News. In exchange for yields, committed capital and accumulated earnings face slashing to satisfy claims should an eligible exploit occur.

Validation Mechanism and Risk Management

Firelight records coverage parameters, scopes, pricing, and capacities directly onchain before activation rather than negotiating conditions after losses occur. When an incident arises, designated security partner ZeroShadow issues an exploit review, which prompts an independent Risk Consortium to verify conditions and issue an onchain attestation before any capital can be released.

The protocol's Risk Consortium consists of five external firms: Hypernative, Native, Credora, Cyfrin, and GFX Labs. Once an event is confirmed, Firelight's mechanism automatically identifies every active position exposed within the affected vault market to organize loss distribution.

The service specifically targets incidents such as smart contract compromises, governance attacks, bad debt from structural breakdown, and oracle manipulation to deliver data-driven onchain protection. Bitcoin.com News reported that Firelight highlighted a near-tripling in oracle attacks targeting lending products over the past year alongside a 39% increase in curated vault assets.

Vault Integration and Infrastructure Scale

The coverage engine was incubated by Sentora, an institutional asset manager, and developed by Sentinel Labs. Sentora represents the largest vault curator across DeFi with $2.8 billion in total value locked across more than 300 strategies, underpinning the system with over 1,000 risk models across $2 billion in deployed capital.

Coverage is also being integrated into third-party vault architecture through partnerships with Veda and Upshift. This allows external asset managers who build vaults on those platforms to embed onchain protection directly, passing down automated safeguards to their end depositors under their respective product terms.

Early development was supported by an $8 million seed investment round led by Gumi Cryptos Capital, with backing from Tribe Capital, Maven 11, and Metalayer. The initial emissions from the protocol will also reward community contributors who accumulated Firelight Points during the network's launch phase.

Operating Limits and Market Reaction

Because stakers commit volatile XRP while claim settlements are paid out in stablecoins, Firelight applies a dedicated capital adequacy model to maintain solvent reserves. CryptoNews reported that the protocol can elevate emissions to draw in liquidity during drawdowns, though the team did not disclose the initial premium amounts or specific cover totals written for the Sentora vaults.

Staking conditions and terms are governed by Firelight Networks (BVI) Ltd. under British Virgin Islands law, with protocol liabilities capped at the advance amounts provided. The project's contracts were audited by OpenZeppelin, Coinspect, and 0xMacro, alongside an active bug bounty on Immunefi, though CryptoNews reported that audits for Tuesday's live coverage code were listed as coming soon on Firelight's documentation site.

Following the activation announcement, XRP recorded a 1.4% gain over 24 hours, while Flare's FLR token advanced 0.9%, according to CoinGecko data. Jesus Rodriguez, Firelight co-founder and chief technology and product officer at Sentora, stated on X that decentralized assets require programmable coverage alongside expanding usage.

Conclusion

Firelight's live rollout brings onchain protection to Sentora's USD and real-world asset vaults, establishing a programmatic cover primitive backed by staked FXRP on the Flare network. Independent attestation by its five-member Risk Consortium provides a decentralized alternative to traditional insurance models. In the coming days, Firelight plans to release full eligibility and claiming procedures for initial contributor emissions across its official channels, alongside publishing complete cover terms to IPFS.

Frequently Asked Questions

Which vaults feature Firelight onchain protection at launch?

Firelight activated its coverage initially on Sentora's USD Protected Vault and Protected RWA Vaults. The coverage is embedded directly at the product tier, meaning depositors inherit safeguards against specified technical and economic events without purchasing standalone insurance policies.

How much XRP is backing Firelight's coverage pool?

Crypto Briefing reported that 50.2 million staked XRP on Flare provides the initial collateral behind the coverage platform. The protocol has established an aggregate commitment limit of $115 million for these positions.

Who validates claims before a Firelight cover payout is made?

Claims are verified by an independent Risk Consortium made up of five security and analytical firms: Hypernative, Native, Credora, Cyfrin, and GFX Labs. They review incident reports published by security partner ZeroShadow against pre-registered onchain terms before approving any disbursement.

What risks are covered under the Firelight Protocol?

Covered events registered onchain include smart contract hacks, oracle manipulation or feed failures, governance exploits, mechanism depegs, redemption failures, and bad debt arising from protocol mechanism breakdowns.

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Altcoins Tumble as Heavy Liquidations Stall Altcoin Season

Altcoins Tumble as Heavy Liquidations Stall Altcoin Season

by | Oct 8, 2026 | Altcoin

Several prominent cryptocurrencies fell sharply on Wednesday, interrupting expectations of an ongoing altcoin season, CoinDesk reported. The downturn affected major digital assets after a recent period of market momentum, signaling at least an immediate halt to broader sector gains.

The market pullback was accompanied by more than $200 million in liquidated long positions across trading platforms, according to CoinDesk. Ether contracts accounted for $43 million of these liquidations, while XRP liquidations totaled $32 million as digital asset prices slid under sparse liquidity conditions.

Market observers noted that the sharp contraction on Wednesday raised questions about whether the expected altcoin season might even be over before establishing genuine traction. With multiple large-cap tokens moving lower in tandem, speculative momentum across alternative markets paused abruptly.

Severe Losses for SOL and TON in Market Dip

The price declines varied across major alternative tokens on Wednesday. According to CoinDesk, ether recorded a 2% drop, while XRP fell 7% during the height of the market pressure.

Other major digital currencies suffered larger losses during the trading session. Solana's SOL declined 7%, while Toncoin's TON dropped 11%, CoinDesk reported.

Although XRP recovered slightly from its intraday low point, the token remained down by 5.2% over a 24-hour period, according to CoinDesk.

The combined impact of these rapid price reversals highlighted how vulnerable alternative tokens can be during broad market retreats, with major non-bitcoin assets suffering sudden double-digit drops.

Order Book Liquidity Challenges Hit Tokens

The scale of the drop was heightened by comparatively thin market depth on trading pairs for alternative tokens, CoinDesk reported. In contrast to bitcoin, which features deeper order books, secondary assets faced heightened slippage during the sell-off.

On major exchanges Binance and Coinbase, 2% market depth for bitcoin stands at roughly $40 million on each side of the order book, according to CoinDesk.

For XRP, however, the comparable 2% depth stands between $5 million and $6 million on either side, CoinDesk reported. This balance means an outright market sell order of $6 million would generate 2% slippage, before taking additional forced liquidations into account.

Because trading order books on alternative pairs carry vastly lower capital than bitcoin books, even moderate selling pressure quickly cascades through resting bids and forces price drops across the market.

This scarcity of resting orders creates severe price dislocation whenever large volumes hit the market, magnifying the impact of liquidations across XRP and other non-bitcoin digital assets.

Fragile Indicators for the Altcoin Season

Sector momentum metrics also dropped alongside the price decline. CoinDesk reported that CoinMarketCap's altcoin season indicator retreated from a reading of 55 out of 100 down to 47.

This decrease in the metric highlighted underlying vulnerability across non-bitcoin assets, despite a recent increase in retail participation, according to CoinDesk.

At the same time, bitcoin's share of the broader market climbed back above 60% as the primary cryptocurrency maintained relative price stability throughout the altcoin downturn, CoinDesk reported.

The shift in dominance back above the 60% mark underlined the contrasting behavior of capital, which exited high-beta alternative tokens while preserving stability in bitcoin.

The downward move in the index demonstrated that general market sentiment had shifted away from speculative non-bitcoin tokens, reinforcing the observation that the broader altcoin season had reached an impasse.

Key Thresholds and Leverage Drive Altcoin Season Outlook

Market participants are now evaluating whether altcoins can stage a recovery following technical breakouts that occurred last week, according to CoinDesk.

Ether faces an important price floor at $3,470, CoinDesk reported. Maintaining levels above this mark would suggest a bullish outcome as an area of previous price resistance flips to serve as support.

However, failing to preserve the $3,470 level could trigger wider losses across the sector and provoke further liquidations, according to CoinDesk. Ether open interest remains elevated at $24 billion, substantially exceeding its 2021 record when open interest failed to cross $10 billion, signaling that the latest movements have been driven by leverage.

The heavy reliance on leverage shown by the $24 billion open interest demonstrates that the speculative run remains fragile, leaving traders vulnerable to additional downside shocks.

A renewed altcoin season would likely depend on bitcoin reaching a fresh all-time high above $124,000 and establishing a base of stability at that level, according to CoinDesk. Such a consolidation would allow market capital to rotate toward speculative alternative assets.

Without such a record move and sideways consolidation from bitcoin, market watchers expect capital to remain cautious, delaying any broader rebound in the altcoin season until trading conditions improve.

Conclusion

The steep pullback on Wednesday exposed the vulnerability of non-bitcoin markets, with thin liquidity and heavy leverage resulting in over $200 million in long liquidations. Whether the broader altcoin season can resume depends on ether defending its $3,470 support level and bitcoin achieving a record high above $124,000 to enable capital rotation.

Frequently Asked Questions

How much was liquidated in crypto long positions on Wednesday?

More than $200 million in long positions were liquidated across the market on Wednesday, according to CoinDesk. These forced closures included $43 million in ether contracts and $32 million in XRP contracts.

Which tokens experienced the largest drops during the downturn?

Toncoin suffered an 11% loss and Solana's SOL declined 7%, CoinDesk reported. XRP fell as much as 7% before settling lower by 5.2% over a 24-hour window, while ether slipped 2%.

What key price level is ether watching to prevent further losses?

Ether needs to stay above $3,470 to avoid additional market drops, according to CoinDesk. Holding above that prior resistance level could serve as support, while falling below it could trigger broader liquidations.

What conditions could restart the altcoin season?

According to CoinDesk, a resurgence in the sector would likely occur if bitcoin reaches a new record high above $124,000 and consolidates, allowing capital to rotate into more speculative tokens.

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Evernorth XRP Treasury Wins Shareholder Vote, Clearing Path to Nasdaq Debut as XRPN

Evernorth XRP Treasury Wins Shareholder Vote, Clearing Path to Nasdaq Debut as XRPN

by | Oct 5, 2026 | Altcoin News

Shareholders of Armada Acquisition Corp. II approved the business combination with Evernorth Holdings at an extraordinary general meeting on September 30, 2026, clearing the path for the Evernorth XRP treasury to go public. The deal is expected to close on October 7, with Class A common stock of the combined company, Evernorth Holdings, Inc., set to begin trading on Nasdaq under the ticker "XRPN" on October 8, according to the companies.

The vote matters because it removes the last major hurdle before what the companies describe as the largest publicly traded pure-play XRP treasury company reaches the market. At closing, Evernorth expects to hold approximately 473 million XRP, a position valued at roughly $710 million at recent prices near $1.50 per token.

Vote count and deal terms

Roughly 20.5 million votes were cast in favor of the combination against 1.4 million opposed, AD HOC NEWS reported, with the companies announcing the result on October 1, 2026. The approval came about five weeks after the U.S. Securities and Exchange Commission declared Evernorth's registration statement effective on August 27; the company first filed its Form S-4 for the $1 billion SPAC deal in March.

The transaction and accompanying private placements have raised more than $1 billion in total, Evernorth said. The cash side of the deal breaks down into roughly $225 million raised through related private placements, another $30 million from convertible note financing and about $48 million still sitting in Armada II's trust account, according to the companies.

Investors have also contributed XRP in kind, and that cash figure is distinct from the tokens put directly into the transaction. Evernorth's investor roster includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others.

Where the XRP comes from

CryptoPotato's reporting, cited by CryptoRank, traces where the tokens behind the Evernorth XRP treasury originated. The single biggest contribution, 211.3 million tokens, came from RippleWorks, which placed them into the SPAC's sponsor, Arrington XRP Capital Fund; when the deal closes, the sponsor is required to swap those tokens for Evernorth shares and to vote them in line with RippleWorks' instructions.

Ripple put in 126.8 million XRP of its own at the time the merger agreement was signed, while another 50 million tokens are coming from the Larsen Lam Children's Remainder Trust, according to that reporting. Evernorth's balance sheet already shows about 347 million XRP before the token contributions expected when the deal closes, based on BitcoinTreasuries data cited by The Block and CoinCentral.

CryptoPotato also reported that $214 million of the private placement funds went toward purchasing 84.4 million XRP in late 2025 at an average price of $2.54 per token, with an additional $30 million raised through convertible notes sold in September, CryptoRank reported.

Impairments highlight treasury model risk

According to CryptoPotato's account of the proxy statement's financial statements, Evernorth values 346.3 million of its XRP at a cost basis of $846.6 million, with a June 30 book value of $348.8 million after large write-downs. Under Evernorth's accounting approach, XRP is recorded at cost and then marked down to the lowest intraday price reached since each lot was acquired, with no upward revision if the token's price later recovers.

The gap between the $2.54 average purchase price reported by CryptoPotato and XRP's current level near $1.50 underscores how exposed such treasury models are to drawdowns, CryptoRank reported, adding that the impairment figures in Evernorth's own statements make that exposure concrete rather than theoretical.

An active Evernorth XRP treasury strategy

Evernorth says its goal is to increase the amount of XRP backing each share over time, using yield strategies, participation in the XRP ecosystem and capital markets activities. Rather than treating its holdings as a passive balance-sheet item, it plans to deploy them actively across the XRP Ledger ecosystem, AD HOC NEWS reported.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," said Asheesh Birla, founder and CEO of Evernorth. Birla added, "We're grateful to our shareholders for their support as we complete this important transaction."

Buyers of the stock will own shares in Evernorth rather than the token itself, so their returns will hinge on the company's capital structure and execution as well as on XRP's price, Dealroom noted. The vehicle joins spot XRP ETFs as a regulated route to XRP exposure, The Block reported; U.S. spot XRP ETFs took in $121.4 million in net inflows during September, and those funds held $1.69 billion in net assets as of September 29, according to AD HOC NEWS.

What comes next for the XRPN listing

The deal still has to meet or obtain waivers for its remaining closing conditions, and the start of trading hinges on Nasdaq granting listing approval. Evernorth said all funders remain committed to the expected closing, with 100% of advanced and delayed funders participating.

XRP traded around $1.50 at publication time, giving it a market capitalization above $93 billion, after finishing the third quarter more than 40% higher. The clearest read on how investors view the pure-play XRP treasury model will come from how the shares are priced at debut against the treasury's implied value of about $710 million, CryptoRank reported.

Conclusion

Armada II shareholders approved the Evernorth business combination on September 30, 2026, by a wide margin, setting up an expected October 7 close and a Nasdaq debut under the ticker XRPN on October 8. The combined company expects to hold roughly 473 million XRP, valued near $710 million, alongside about $300 million in gross cash proceeds from a fundraising topping $1 billion. The next concrete step is satisfying or waiving the remaining closing conditions and securing Nasdaq listing approval; the transaction has not yet closed, so the listing timetable remains conditional.

Frequently Asked Questions

When will Evernorth start trading on Nasdaq under the ticker XRPN?

Evernorth expects its Class A shares to start changing hands on Nasdaq under the symbol "XRPN" on October 8, 2026, one day after the business combination with Armada II is expected to close on October 7. The timetable remains subject to the satisfaction or waiver of remaining closing conditions and Nasdaq listing approval.

How much XRP will Evernorth hold at closing?

Evernorth expects its holdings to reach approximately 473 million XRP when the deal closes, a level it says would establish it as the biggest publicly traded company focused purely on an XRP treasury. At recent prices near $1.50 per token, that position is valued at roughly $710 million. Ahead of in-kind contributions expected at closing, the company currently holds about 347 million XRP.

How much cash is the Evernorth and Armada II deal expected to raise?

Gross cash proceeds are projected at about $300 million: private placements account for roughly $225 million, convertible notes for another $30 million, and Armada II's trust account contributes approximately $48 million. Evernorth said total proceeds from the deal and accompanying private placements exceed $1 billion, including XRP contributed in kind.

Who are Evernorth's investors in the $1 billion XRP treasury deal?

Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others. Some backers contributed XRP directly: RippleWorks supplied 211.3 million tokens through the SPAC's sponsor, Ripple contributed 126.8 million XRP when the merger agreement was signed, and 50 million came from the Larsen Lam Children's Remainder Trust.

How did Armada II shareholders vote on the Evernorth merger?

Shareholders approved the business combination at an extraordinary general meeting on September 30, 2026, with roughly 20.5 million votes cast in favor against 1.4 million opposed, AD HOC NEWS reported. The companies announced the result on October 1, 2026, clearing the last major hurdle before the expected October 7 close.

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