Overview
- The XLS‑65 (Single Asset Vaults) and XLS‑66 (Lending Protocol) technical drafts are available for developer testing on an XRPL testnet after Ripple opened access on Monday, June 29, but they are not live on mainnet and still need validator votes to deploy.
- XLS‑65 creates pools that hold a single token and XLS‑66 automates fixed‑term loan execution, interest accrual, repayment logic and default handling at the ledger level.
- Underwriting, borrower credit checks and regulatory compliance will remain off chain with institutional credit teams, which lets the ledger enforce fixed rules while preserving traditional human review.
- The proposals passed a recent re‑audit by security firm Halborn and integrate XRPL features for permissioning and tokenized real‑world assets, a combination Ripple says is more predictable for regulated lenders than on‑chain governance models used by protocols like Aave and Compound.
- If adopted, the change could turn idle tokenized RWAs into working capital, encourage institutions to deposit assets such as XRP into vaults for yield, and hinge on validator approval plus wider institutional adoption to produce measurable second‑order effects.