XRP Ledger lending waits on 28 of 35 validators
XRPL native lending via XLS-65 and XLS-66 needs 80% validator support for two consecutive weeks to activate. Clearpool and Cicada Credit have already announced products contingent on the amendments passing.
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Native lending on the XRP Ledger is closer than ever, but it still needs to clear a high governance bar before it goes live. Two protocol amendments, XLS-65 and XLS-66, must each secure the backing of more than 80% of the network's trusted validators and hold that support for two consecutive weeks before either can activate on mainnet.
Recent tracking puts XLS-65 (SingleAssetVault) support at roughly 37%, or 13 of 35 validators, while XLS-66 (LendingProtocol) stands near 34%, or 12 of 35. For the code to be implemented at the network's base level, it needs to reach the threshold of 28 votes and maintain it for two weeks.
What the Two Amendments Would Do
XLS-65 would establish a standard structure for pooling one type of asset from multiple depositors. A vault could hold $XRP, Ripple USD (RLUSD), or another token issued on XRPL while giving depositors proportional shares representing their claims on the pooled assets. The vault could then supply liquidity to other services, including the proposed Lending Protocol.
XLS-66 builds the XRPL Lending Protocol on top of those vaults, specifying the on-ledger mechanics for loan origination, interest accrual, amortized repayment, and default enforcement. Critically, underwriting and borrower credit assessment remain off-chain, with institutional credit desks handling risk evaluation while XRPL manages execution and the loan lifecycle.
Separating XLS-65's liquidity aggregation from XLS-66's credit mechanics means each component was audited independently and can activate separately, reducing the risk of a single technical issue stalling the entire protocol. Security firm Halborn completed a third-party audit of both amendments before the protocol entered the mainnet validator voting stage.
Institutional Partners Already Waiting in Line
@ClearpoolFin, which has facilitated more than $930 million in institutional loans since 2021, is building the institutional credit layer for XRPL. By leveraging XLS-66 and XLS-65, Clearpool enables a curator-driven model where independent risk managers operate isolated credit markets.
@cicadacredit, with more than $860 million in credit underwriting experience, will originate and service loans, set borrower covenants, and monitor credit health. Ripple will also participate as an LP in the credit fund alongside other institutional investors.
Loans will be denominated in Ripple's RLUSD stablecoin and will target fintechs, payment firms, and crypto service providers that need working capital. Clearpool is currently building and testing the integration on XRPL Devnet, though the underlying XLS-65 and XLS-66 amendments remain subject to community voting before mainnet activation.
Sources:
CryptoNews: XRPL Lending Protocol XLS-65 and XLS-66 Validator Vote
Crowdfund Insider: Ripple, Clearpool, Cicada Partners Launch Institutional Credit Infrastructure on XRP Ledger
CoinLaw: XRP Ledger Lending Protocol Enters Validator Vote, Opens Devnet Testing
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.