XRP News Today: XRP Ledger EVM Sidechain Surpasses $105 Million in TVL

The XRP Ledger EVM Sidechain, launched on June 30, has surpassed $105 million in Total Value Locked (TVL). This sidechain is a parallel blockchain network connected to the XRP Ledger, designed to be compatible with the Ethereum Virtual Machine (EVM). This compatibility enables the seamless deployment of Solidity-based decentralized applications (dApps), combining Ethereum’s rich smart contract functionality with XRP’s speed and efficiency.

The significant increase in TVL signals a breakout moment for the XRP ecosystem. The sidechain, developed by Peersyst and Ripple, and enabled by the Axelar bridge that tracks more than 80 chains, allows developers and users to build and transact using familiar tools like Solidity, MetaMask, and Hardhat. These tools are powered by XRP as the native gas token. Key DeFi projects such as Strobe, Secured, and Vertex are anchoring the sidechain’s TVL growth, demonstrating its potential as a next-generation decentralized finance (DeFi) hub.

This fusion of Ethereum DeFi capabilities and XRPL’s performance and liquidity positions the sidechain as a formidable player in the multichain DeFi landscape. The sidechain has proven its mettle by outperforming expectations with $105 million in TVL, rocketing contract deployments, and an expanding web of cross-chain bridges.

In a significant development, Ripple has named Bank of New York Mellon as the primary custodian for the reserve assets backing its U.S. dollar stablecoin, Ripple USD (RLUSD). BNY Mellon, one of the world’s largest custody banks with $53 trillion in assets under management, will safeguard the reserves and provide transaction banking services, including conversions during minting and redemption. This partnership aims to strengthen Ripple’s regulatory standing and boost institutional credibility amid a surge of traditional finance interest in stablecoins.

Launched in December 2024 and regulated by the New York Department of Financial Services (NYDFS), RLUSD is fully backed by cash, money market funds, and short-term U.S. Treasuries. Jack McDonald, SVP of stablecoins at Ripple, highlighted BNY Mellon’s demonstrable custody expertise and strong commitment to financial innovation. Emily Portney, global head of asset servicing at BNY, expressed excitement about supporting the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions.

As more institutions use RLUSD and the XRP Ledger, XRP itself gains utility through settlement infrastructure. This fortifies the entire XRP ecosystem, with RLUSD’s institutional growth validating and enabling broader XRPL usage. The direct benefit to XRP’s role as the fuel for on-ledger activity, coupled with the XRPL EVM sidechain’s TVL skyrocketing, paints a bullish picture for XRP as it traverses the $2.43 zone.