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Following
XRP 
RLUSD Three companies join forces to build an institutional credit framework on XRPL
Ripple, ClearpoolFin and CicadaCredit have partnered to launch an institutional lending framework based on XRP ledgers (XRPL), marking the most concrete deployment to date of the network's new native credit infrastructure.
This collaboration adopts two protocol-level specifications developed by Ripple for XRP ledgers. XLS-65 introduces a single asset vault, a licensed pool of funds where liquidity providers can deposit a single token, including assets such as RLUSD, XRP or tokenized treasury bonds. XLS-66 builds loan agreements on top of these vaults, stipulating in-book mechanisms such as loan issuance, interest accumulation, amortization, and default enforcement.
The core credit currency of the framework is RLUSD, a stablecoin regulated by the New York State Financial Services Bureau (NYDFS). The framework supports loans funded with RLUSD and other XRPL issued assets.
Real working capital, not cyclical DeFi revenue
This model is deliberately built according to how regulated agencies actually operate, rather than imitating the unlicensed DeFi protocol. Ripple separates credit evaluation from loan execution, rather than embedding credit decisions into smart contracts. Financial institutions continue to perform underwriting, compliance checks and legal documentation off-chain, while XRP ledgers automate repayment plans, interest calculations, loan services and default conditions on-chain.
The goal is to build the XRP ledger into a regulated institutional credit track that requires off-chain underwriting authorizations, primary loss capital protection, and fixed-rate loan terms that match the risk frameworks of banks and asset management companies. This is in sharp contrast to the automated clearing logic common in non-license agreements.
Many existing public lending agreements are designed around crypto-native governance models and risk frameworks that are inconsistent with the way institutions assess credit risk. When an agreement changes its risk model, institutions cannot reliably assess the change in advance. The Ripple-led framework solves this problem by fixing lending mechanisms at the network infrastructure level.
The actual goal is to channel capital to the real working capital needs of global fintech companies, rather than recycling the benefits in a closed DeFi cycle.
Voting Progress
XLS-65 has received approximately 40% of validators support, and XLS-66 has received more than 37%. Both amendments require more than 80% support for two consecutive weeks to activate the Mainnet.
