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XRP 
RLUSD RippleX believes that XRP as collateral is a key application scenario for institutional credit
If the upcoming credit model on XRP Ledger (XRPL) adopts XRP as collateral for stablecoin mortgage loans, XRP may play a more important role in institutional lending.
Jazzi Cooper, product leader at RippleX, pointed out that "using XRP as collateral for institutional credit" is a major application direction with great potential. Cooper emphasized this point in an exchange on the X platform, noting that the XLS-65 and XLS-66 lending architectures being developed by XRPL are expected to implement this use case.
The remarks stem from external inquiries about whether market makers and institutional traders can obtain credit lines under XRP. However, Cooper clarified that currently such institutional lending through XLS-65 and XLS-66 on the mainline has not yet started. Both proposals are still in the development stage and are advancing the XRPL governance and technical review process.
Cooper emphasized that the industry is growing interest in a "dual pool model", which establishes an XRP pool for collateral and a separate pool for loan assets RLUSD.
Under this structure, institutions can use XRP as collateral to borrow dollar-denominated liquidity (such as RLUSD) without having to liquidate their XRP positions. This is similar to the concept in traditional finance, where organizations can gain liquidity by pledging assets on their balance sheet.
The proposal is consistent with Ripple's broader strategy to position XRP as institutional collateral. The San Francisco-based technology company that focuses on enterprise blockchain solutions is committed to bringing digital assets closer to the use scenarios of institutional players such as margin, settlement and secured financing.
In addition, this discussion adds a unique XRP-oriented dimension to the third-party credit market, such as platforms developed by Clearpool and Cicada, which focus on RLUSD lending and XRPL's native credit capabilities.
Noun explanation: RLUSD is a proposed stablecoin pegged to the U.S. dollar, designed to promote lending and liquidity on the XRPL and is specifically designed for institutional credit markets and infrastructure on the XRPL.
XRPL loan agreement faces development obstacles
The current formal XRPL loan agreement focuses mainly on fixed-term unsecured loans funded through a single asset treasury. In its current form, the agreement conducts borrower risk checks and credit evaluations off-chain, while all loan issuance and service records are completed on XRP Ledger.
Similar to the automated collateral management and on-chain clearing functions common in decentralized lending agreements such as Aave, they are currently not available within the XRPL lending framework.
Supporting credit products backed by XRP requires further structured design around the XLS-65 vault, which may involve loan brokers and specific risk management for institutions, rather than simply deploying pre-built clearing mechanisms.
The next upgrade to XRPL's lending capabilities, collectively known as LendingProtocolV1_1, includes a shift to a closed vault and updates to accounting practices, but has not yet been approved by validators to activate on the main network.
Before validators approve the underlying XLS-65 and XLS-66 amendments, the governance process will become a core challenge in rolling out these lending products on XRPL.
Cooper's recent comments signal that the future of XRP may include a productive institutional role, transforming it from purely speculative positions or payments of assets into collateral that supports real-world borrowing needs.
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