Evernorth Holdings, a Ripple-linked digital asset firm, plans to go public via a $1 billion SPAC merger with Armada Acquisition Corp. II, aiming to build one of the world’s largest XRP treasuries through open-market purchases. The deal includes a $200 million commitment from Japan’s SBI Holdings, with additional backing expected from Ripple, Pantera Capital, Kraken, and GSR.

Ripple CEO Brad Garlinghouse is urging U.S. policymakers to treat compliant crypto companies on par with traditional finance (TradFi) institutions. Speaking at DC Fintech Week, he said firms that meet Anti-Money Laundering (AML), Know Your Customer (KYC), and Office of Foreign Assets Control (OFAC) standards should receive the same regulatory benefits as banks—most notably access to a Federal Reserve “master account.”

South Korean exchange Upbit has drawn attention after dramatically increasing its XRP reserves, bringing their value nearly equal to its Bitcoin holdings. This unusual move highlights XRP’s dominance on Upbit, a key crypto trading hub in Asia, and has raised speculation about rising demand and potential upside momentum. Analysts view these large reserves as a significant indicator for XRP price action, especially in global markets where Bitcoin typically leads.

Japan-based digital entertainment and blockchain investment firm Gumi has committed $17 million to XRP as part of its strategy to expand into global payment and remittance networks. The company sees Ripple’s XRP Ledger and its underlying token as crucial infrastructure for enabling cross-border payments at scale, particularly given XRP’s established liquidity and presence in financial ecosystems.

Gemini filed for a Nasdaq IPO under the ticker GEMI, revealing steep losses and a new credit arrangement. The exchange reported a net loss of about $282.5 million for the first half of 2025, a sharp widening from roughly $41.4 million in H1 2024.

Ripple Labs has applied for a U.S. banking license, following in the footsteps of Circle, as crypto companies seek greater legitimacy and closer integration with traditional finance. Ripple’s CEO, Brad Garlinghouse, confirmed the application for a national bank charter with the Office of the Comptroller of the Currency (OCC), emphasizing that approval would set a new standard for trust in the stablecoin market.

After nearly five years of legal battles, Ripple and the U.S. Securities and Exchange Commission (SEC) have agreed to mutually abandon all appeals, officially ending their high-profile dispute over the sale of XRP. This decision follows a recent federal court ruling that rejected both parties’ attempt to reduce Ripple’s penalty and dissolve a permanent injunction.

Ripple’s stablecoin RLUSD has experienced rapid growth, recently surpassing the$300 million mark in circulating supply—a sixfold increase since its launch in December 2024.