Former Ripple CBDC adviser Anthony Welfare said the XRP Ledger's strong technical features alone will not guarantee adoption. Welfare identified liquidity, custody, compliance and interoperability as requirements for real-world institutional use. Welfare expects private blockchains to expand first, with some activity later anchored to public networks, including the XRP Ledger. Ripple-backed Evernorth, which holds about 473 million XRP, debuted on Nasdaq this week. Whether recent institutional activity becomes lasting demand remains an open question.