Ripple has published specifications for two new features on the XRP Ledger: Single Asset Vaults (XLS-65) and a native Lending Protocol (XLS-66). The proposals, introduced June 29, aim to bring fixed-term, uncollateralized lending directly onto the XRPL mainnet — but they still need a supermajority of validators to vote them in.
What the proposals do
XLS-65 defines native ledger objects for single-asset vaults. Users deposit assets and receive shares in return; the vault tracks total assets and shares per account. XLS-66 introduces native loan objects with fixed terms. Unlike most DeFi lending today, which is overcollateralized and uses variable rates, this model allows uncollateralized credit based on underwriting rather than liquidation.
A public demo on devnet showed the full loan cycle: vault creation, liquidity deposits, uncollateralized fixed-term loans, and repayments. If approved, applications would use standardized ledger objects for lending, cutting down on custom code and making outcomes more predictable.
How the amendment process works
The proposed amendments aren't active yet. They need approval through the XRPL amendment process, which requires a supermajority of validators. The amendment ID for the LendingProtocol is 565B90CA1AB2B9D42208ED10884188C64F9E830DECB9634AAF06EB03299509 and is open for voting as of late June.
That means the community gets to weigh in. If enough validators signal support, the code will activate on mainnet. Until then, it's a proposal — not a live feature.
Who it's for
Ripple says the target users are payments businesses, market makers, wallets, and builders who want predictable funding costs and native credit risk accounting. The idea is to give them a way to borrow and lend without relying on external smart contracts or overcollateralized pools.
For now, most DeFi lending on other chains requires borrowers to put up more than they borrow. XRPL's model flips that: lenders underwrite credit, and loans are fixed-term. That could appeal to companies that need short-term working capital but don't want to lock up crypto as collateral.
Next steps
Voting is open. The outcome depends on validator consensus. If the supermajority threshold is reached, the amendments will go live on mainnet. If not, they'll stay in limbo. Ripple hasn't set a deadline for the vote, but the specs are public and the devnet demo is done. Now it's up to the validators.
