Single Asset Vault
Plain definition. A single asset vault is an XRP Ledger feature that pools one kind of asset from many depositors and makes it available to other on-ledger protocols, such as lending.
Technical definition. A single asset vault is an XRP Ledger primitive that aggregates assets from multiple depositors and makes them available to other on-chain protocols, such as the Lending Protocol, and its asset can be XRP, a trust line token, or an MPT (Multi-Purpose Token). Because a Vault ledger entry cannot hold assets directly, a pseudo-account holds them and issues shares, each represented on-chain as an MPT and standing for proportional ownership of the vault. An exchange algorithm sets how assets convert into shares on deposit and back into assets on redemption, using separate deposit and withdrawal exchange rates that take unrealized losses into account.
On this site
On this site, Single Asset Vault comes up in What compliance features does the XRP Ledger offer institutions?, How does the XRP Ledger’s native lending protocol work? and What happens to an XRP-backed loan if XRP’s price drops?.
Source
Single Asset Vaults (xrpl.org), read October 1, 2026.