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XRP 
RLUSD XRP is expected to play a more direct role in institutional lending
If the emerging XRP Ledger credit model begins to use XRP tokens as collateral for stablecoin loans, XRP is expected to play a more direct role in institutional lending. Jazzi Cooper, product leader at RippleX, said at an X Exchange event on September 12 that "using XRP as collateral for institutional credit" was a "killer application scenario" and pointed out that the concept could be supported by XRP Ledger's XLS-65 and XLS-66 lending frameworks.
This comment is in response to the question of whether market makers and institutional traders can use XRP to secure credit lines. Importantly, Cooper's remarks should not be interpreted as confirmation that the institution has used XRP to make loans through XLS-65 and XLS-66 on the main web. Native lending amendments are still being advanced in the development and governance processes of XRPL.
XRP and RLUSD may form a dual-pool credit model
Cooper has previously described growing interest in a "dual-pool" model: one pool uses XRP as collateral and the other provides RLUSD as loan assets. In this structure, institutions can pledge XRP and borrow dollar-denominated liquidity without selling their X positions. This is similar to collateral swaps in traditional finance: assets held on the balance sheet support access to more liquid financing instruments.
The concept is in line with Ripple's broader strategy of pushing to turn XRP into institutional collateral, and Ripple Prime executives have discussed the possibility of digital assets being used for margin, settlement and secured financing. In addition, this adds different XRP-specific tiers to the Clearpool and Cicada credit markets, which are designed around RLUSD working capital lending and XRPL native credit infrastructure.
XLS-66 is not a built-in collateral clearing system
There is an important technical difference here. The official XRPL lending agreement currently describes fixed-term, unsecured lending funded through a single asset treasury. The borrower's review and credit evaluation are conducted offline, while the loan origination and service are recorded on the XRPL. The agreement currently does not include automated on-chain collateral management and clearing capabilities like lending systems such as Aave.
This means that XRP-based credit products may require additional structural design around the XLS-65 treasury, loan broker or institutional risk management arrangements, rather than simply enabling existing clearing modules.
Lending v1.1 is still in progress
XRPL's lending infrastructure is also undergoing another round of revisions. Lending Protocol V1_1 is currently listed as "under development" and includes changes such as the closed treasury structure and updated cash base accounting. The original XLS-65 and XLS-66 amendments still require validator approval to be fully activated on the main network. This governance obstacle remains a core part of XRPL's lending deployment.
So Cooper's comment is important not because institutional credit based on XRP is online, but because it clarifies the potential end state: XRP could become productive balance sheet collateral, not just assets that are held or transferred.
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