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XRP 
RLUSD XRP账本的新阶段：稳定币结算、可编程XRP与链上信贷
XRP账本（XRPL）最初的设计初衷是实现价值的快速转移。然而，其下一阶段的发展图景正呈现出截然不同的面貌：稳定币结算、可编程的XRP以及链上信贷正在成为新的焦点。目前有三项关键发展清晰地体现了这一转变。
Ripple USD（RLUSD）的流通量已增长至约24亿美元；Flare网络数据显示，FXRP的未偿总额约为1.452亿枚，其中1.3亿枚已部署于去中心化金融（DeFi）领域；此外，XRP账本的本地借贷协议（Lending Protocol）也通过最新的xrpld版本得到了扩展。
这些新 developments 并未取代XRP在支付领域的原始角色。然而，它们共同围绕XRP构建了日益复杂的金融活动，使其越来越接近更广泛的资本市场形态。
RLUSD为XRPL带来原生美元市场
RLUSD改变了可以在XRP账本上转移的价值类型。在过去，每笔交易都需暴露于XRP的价格波动风险之下；而现在，机构可以持有和结算一种以稳定美元价值为基础设计的代币。这对于支付、资产代币化以及未来的信贷市场而言，具有日益重要的实用价值。
RLUSD is released on both Ethereum and XRPL, and the distribution ratio between these two networks may change. Recent tracking data shows that the supply of RLUSD is flowing between Ethereum and XRPL, emphasizing that Ripple is building liquidity across multiple ecosystems rather than viewing RLUSD as an exclusive product for XRPL.
Despite this, XRP is still the native asset in the XRP ledger used to pay fees and reserves.
FXRP makes XRP programmable while retaining the underlying XRP on the XRPL
FXRP extends this concept in another direction. A one-year update report released by Flare shows that approximately 145.2 million FXRPs have been minted, of which 130 million have been deployed in the DeFi space, and approximately 21 million have flowed to other chains through the LayerZero infrastructure.
Importantly, FXRP itself is not an XRPL native token, it exists on Flare and related networks. But the XRP that supports it remains on the XRPL, with Flare's systems verifying and managing this representation.
This distinction is crucial. Previous analysis showed that nearly 90% of outstanding FXRP has been used in lending, collateral, treasury and other DeFi applications. In other words, XRP can be anchored on XRPL while gaining programmability elsewhere.
Native lending is expected to introduce credit directly into XRPL
第三部分涉及借贷机制。XRPL版本3.4.0引入了LendingProtocolV1_1的代码，通过封闭式金库和权责发生制会计方法，扩展了拟议中的借贷架构。官方XRPL文档将该系统描述为固定期限、无抵押借贷，资金来源于单一资产金库，借款人资质审核则在链下完成。
这并不意味着原生借贷功能已经完全激活。相关修正案仍需完成XRPL的治理流程，才能在主网上正式运行。Coinpaper一直密切关注LendingProtocolV1.1的 rollout 进展，而Ripple、Clearpool和Cicada等机构则已在围绕RLUSD开发机构级信贷市场。
