Ripple Proposes Institutional Tokenized-Asset Lending Protocol on XRPL

The XRP Ledger, or XRPL, has primarily been used to issue and transfer tokenized assets but lacks a native credit layer that would allow those assets to be used for financing. Ripple is targeting institutions’ short-term funding needs while competing with on-chain lending platforms including Aave, Compound, Maple and Clearpool, which have attracted billions of dollars in deposits.

On June 29, 2026, Ripple unveiled drafts for XLS-65 Single Asset Vaults and the XLS-66 Lending Protocol. The blockchain would handle interest accrual, repayments and defaults, while underwriting would remain off-chain. The features are currently available only for devnet testing and still require a vote by XRPL validators. Ripple did not disclose a launch date or any actual financing amount. Its official use case envisions an RLUSD cross-border payment settling after 48 hours.