• Separating underwriting from execution
• Core components 

The XRP Ledger (XRPL) is moving toward a new phase focused on financing value, with a new native Lending Protocol entering the validator voting phase.  

The protocol will provide crypto holders with yield and businesses with efficient access to capital. 

Jasmine Cooper, head of product at RippleX, has noted that the infrastructure around tokenization has remained largely absent or fragmented.  

Separating underwriting from execution

The XRPL approach relies on institutions to handle credit assessments off-chain. This sets it apart from decentralized finance (DeFi) platforms that integrate underwriting directly into protocols.

The blockchain natively enforces the mechanics of repayment schedules, interest calculations, and default conditions based on the agreed-upon terms. 

Notably, Cooper agrees that execution does not necessarily have to be executed off-chain. "Over time, I’d love to see more of the lifecycle move on chain," she said.

Core components 

The proposed credit infrastructure consists of two complementary components: single asset vaults (XLS-65) for pooling and managing a single asset on the ledger and the lending protocol (XLS-66), which allows pooled liquidity from the vaults to be originated into fixed-term loans. 

The protocol structures risk by supporting first-loss capital at the facility level. This means pool administrators or underwriters put junior capital at risk. 

The system targets practical working capital use cases for institutions. For instance, a payment provider waiting for cross-border settlement to close could access a short-term working capital facility against expected inflows instead of drawing on more expensive traditional bank credit lines.  

XRPL aims to offer institutions the liquidity and distribution benefits of a public blockchain combined with strict regulatory compliance. 

The XLS-65 and XLS-66 proposals are currently subject to approval by XRPL validators. If approved, the native credit layer will become available on the mainnet.  

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