Key Takeaways
- Ripple voted to support XLS-65 and XLS-66, which would bring native single-asset vaults and fixed-term lending to the XRP Ledger.
- XRPL Commons backed XLS-65 after reporting that all 257 of its Devnet tests passed.
- The upgrades remain inactive and require sufficient validator support before applications such as SOIL can launch on the XRPL mainnet.
Ripple has voted to support two proposed XRP Ledger amendments that would introduce native asset vaults and institutional lending infrastructure directly at the protocol level.
The Single Asset Vault amendment, known as XLS-65, would allow users to pool XRP and other XRPL-issued assets in onchain vaults.
XLS-66 would build on that infrastructure by enabling fixed-term lending without requiring external smart contracts or blockchain bridges.
The proposals remain subject to the XRP Ledger’s validator approval process. They cannot activate on the mainnet until they receive the required level of support for two consecutive weeks.
Ripple Supports Native XRPL Lending Infrastructure
Ripple voted in favor of both amendments as validators assess whether the features are ready for mainnet deployment.
XLS-65 would introduce protocol-level vaults that hold a single type of asset, including XRP, issued currencies or Multi-Purpose Tokens. Depositors would receive tokenized shares representing their proportional ownership of the assets held inside a vault.
When assets are deposited, the ledger would create a pseudo-account to hold them and issue shares as Multi-Purpose Tokens. Depositors could later return those shares to withdraw their portion of the pooled assets.
The structure is intended to support lending markets, yield products and treasury-management strategies while retaining the XRP Ledger’s existing performance characteristics.
Ripple’s vote advances the proposals but does not guarantee their activation. Each trusted validator makes its own decision, and both amendments must pass the network’s established consensus threshold.
XRPL Commons Reports 257 Successful Tests
XRPL Commons also voted in favor of XLS-65 after conducting 257 tests across 10 categories on the XRP Ledger Devnet.
The organization said all tests passed, including checks covering authorization controls, exchange formulas, immutable fields, reserve requirements, transfer-fee handling and frozen-asset protections.
Vault owners could configure pools as public or private. Private vaults would use credential-based access through the Permissioned Domains standard, while shares could be either transferable or permanently linked to their original holders.
The amendment also includes safeguards designed to make pooled asset management more predictable. Frozen assets cannot be deposited, vaults cannot be deleted until their assets and shares are withdrawn, and issuers retain clawback authority over eligible assets.
XLS-65 is designed to integrate with XLS-66 through accounting features that allow connected lending protocols to report unrealized losses. Those losses would then be considered when the vault calculates withdrawals.
Developers Prepare While Validators Consider Upgrade
Developers are already testing applications based on the proposed framework. A demonstration by yield protocol SOIL showed users depositing assets into separate vaults and receiving tokens representing their ownership.
However, the application remains in a development environment and cannot launch on the mainnet unless validators approve the underlying amendments.
Ripple-backed XRP treasury company Evernorth has also identified the lending framework as a potential way to earn institutional-grade returns on its holdings. Any eventual yield would depend on borrower demand, credit quality, protocol adoption and individual vault terms.
The vote coincides with the release of XRP Ledger version 3.3.0, which includes code related to lending, confidential transfers, transaction batches, sponsored fees and configurable token features. These capabilities should not be considered active merely because the software has been released.
XRP traded near $1.02 at the time of writing, down 2.2% over 24 hours and 5.7% over the week. The muted market reaction suggests traders are waiting to see whether the amendments secure sufficient validator support and produce meaningful lending activity.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
