As of October 2026, is RLUSD the asset the XRP Ledger's planned lending protocol lends, or can it lend other assets?

The full answer

What does Ripple say a lending vault holds?

Ripple’s June 29, 2026 post splits the XRPL Lending Protocol into two parts [1]. The Single Asset Vault is described as a structure for pooling and managing a single asset onchain. The Lending Protocol then turns that pooled liquidity into loans with defined terms, servicing and repayment logic. The post names XLS-65 for the vault and XLS-66 for the lending part, and says both remain subject to validator approval [1].

Ripple used the same framing earlier. On February 5, 2026 it described Single Asset Vaults as token-specific vaults with optional permissioning [3]. Neither post limits the vault to one named token.

RLUSD does appear in Ripple’s June example. A payment provider holds RLUSD reserves onchain while a cross-border settlement is 48 hours from closing, and it borrows against expected settlement inflows through a licensed pool administrator [1]. That is an illustration of a use case. It is not a rule that the protocol lends only RLUSD. A fuller walk-through of the mechanics is on how the XRP Ledger’s native lending protocol works.

Which assets can a vault hold under the XLS-65 specification?

The XLS-65 specification, updated September 15, 2026, writes its vault-creation checks by asset type [2]. Ripple’s June 29, 2026 post describes the Single Asset Vault as a standardized structure for pooling and managing a single asset onchain. Depositors receive vault shares, which the specification issues as a new MPT [2].

The same specification, in its LendingProtocolV1_1 amendment, says that when the vault kind is closed-ended all three of its additional fields are stored on the vault, and that otherwise all three are left absent [2]. More detail on the vault itself is on what a Single Asset Vault is on the XRP Ledger.

Where does RLUSD come into the plans?

RLUSD enters through Clearpool. Bitcoin.com reported on September 11, 2026 that Clearpool’s planned XRPL product would use XLS-65 and XLS-66, with loans denominated in RLUSD [4]. In the same report, Clearpool builds the lending infrastructure, Cicada handles loan origination and credit management, and Ripple provides investment capital alongside other limited partners [4]. Bitcoin.com reported on September 11, 2026 that Clearpool’s XRP Ledger product would use the proposed XLS-65 Single Asset Vault and XLS-66 Lending Protocol standards, with loans denominated in RLUSD [5].

Clearpool’s roadmap, as Bitcoin.com described it, lists support for RLUSD and other institutional stablecoins [4]. Bitcoin.com also noted that Single Asset Vaults pool one asset [4]. RLUSD is therefore the asset of one planned product. Borrowing RLUSD against XRP through other routes is covered on whether you can borrow RLUSD against XRP without selling it.

Is RLUSD lending live on the XRP Ledger mainnet?

No. As of September 24, 2026, the latest dated report, it was not. The Crypto Times reported on September 24, 2026 that XLS-65 and XLS-66 were still in validator voting and not active on the XRPL mainnet [6]. The Crypto Times reported on September 24, 2026 that XLS-65 and XLS-66 were still in validator voting and not active on the XRPL mainnet [7].

What cuts against the RLUSD lending plans?

The plan rests on amendments that had not passed. Bitcoin.com wrote on September 11, 2026 that both amendments remain subject to validator approval before they can operate on mainnet [4]. The model also carries credit risk by design. Bitcoin.com reported that the framework is built for fixed-term institutional credit rather than automated, overcollateralized lending [4]. Ripple’s post says credit judgment is handled off-chain and that pool administrators or underwriters put junior capital at risk ahead of senior liquidity providers [1]. Senior depositors still sit behind that first-loss layer, not outside the risk. The wider case against yield on XRP is set out on the risks of earning yield on XRP through AMM pools or wrapped XRP, and depositor losses and fees are covered on what you can lose in an XRP Ledger lending vault.