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Tokenization is gaining momentum, and Evernorth CEO Asheesh Birla says the industry is moving toward a point where tokenized assets will become the default expectation rather than a niche concept. Speaking at the XRP Las Vegas event in May 2026, Birla compared the shift to the early days of the internet—when people asked whether others were “on the internet,” until it became assumed.
Birla argued that tokenization is still limited in adoption and awareness today, but that this phase is ending quickly as infrastructure improves and institutions become more involved. He said that within the next two years, people may no longer ask whether assets are tokenized, but instead expect it as a standard way assets are issued, traded, and held.
Birla also made the case that XRP could play a major role in that future. He said, “I do believe that XRP is going to be a leader there.” In his view, XRP’s ecosystem has long focused on financial use cases such as payments, settlements, and liquidity—areas that align with how traditional finance is increasingly merging with blockchain technology.
He highlighted growing market alignment with what XRP was designed for from the beginning, and said he is particularly interested in XRP-based decentralized finance (DeFi). Birla pointed to projects including Flare and Axelar, along with developments on the native XRP Ledger, as potential drivers of new yield opportunities and broader ecosystem expansion. He added that more builders and on-chain products will be important for XRP’s long-term success.
For Birla, the most significant change is coming from institutions. He said major firms such as JPMorgan, BlackRock, and Franklin Templeton are no longer only running pilots, but are actively building dedicated tokenization divisions.
“It isn’t a matter of pilots anymore… we are starting entire divisions,” he noted. He described this as a turning point that could bring trillions of dollars into the tokenization space as traditional finance adopts blockchain-based assets.
Birla also expects crypto exposure to expand in investor portfolios. He said current allocations remain low at around 1%, but described two parallel trends. First, more investors may hold crypto directly as barriers to entry fall. Second, tokenized assets such as equities and gold could become more common, further blending traditional and digital finance.
“More and more people are going to want exposure,” he said, emphasizing that adoption is still in its early stages.
Overall, Birla characterized tokenization as moving from concept to reality. If his outlook holds, he believes XRP could play a central role in shaping how tokenized assets are issued, traded, and held.
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