Ripple’s bank-lending system moves closer to launch on the XRP Ledger

Ripple’s bank-lending system moves closer to launch on the XRP Ledger

Lending support among the ledger’s 35 validators has climbed from 19 to 22 since mid-October, and no public tracker shows which validators switched.

Ripple’s proposed XRP Ledger lending system has gained three validator votes in about three weeks, reaching 22, but it and its required vault amendment must each hold 29 votes for two consecutive weeks before activation.

The system would offer fixed-term loans without borrower collateral, leaving depositors reliant on brokers’ off-chain credit assessments, risk management and first-loss capital.

Developers are preparing another lending amendment while approval remains pending, following a cleanup fix that went live on Nov. 4.

Ripple’s lending system for banks and payment companies has picked up three XRP Ledger validator votes in as many weeks, leaving it seven short of the 29 it needs to start a two week countdown to launch.

The XRP Ledger changes its rules through amendments. An amendment goes live only after more than 80% of the 35 validators on the network’s default list (29 of them) back it for two straight weeks.

As of Wednesday, data showed showed ‘LendingProtocol’ and its first patch, LendingProtocolV1\1, at 22 yes votes each. ‘SingleAssetVault,’ the change that creates the pools lenders deposit into, had 23. Lending draws its money from those vaults, so both have to clear the bar.

On Oct. 19, when CoinDesk last counted, the lending system had 19 votes and the vaults had 21. The tracker’s Nov. 10 snapshot already showed 22 and 23, so the new votes were in by Tuesday, and the count hadn’t moved by Wednesday.

The design asks a lot of whoever puts money in. A lender deposits XRP or another token into a vault, and a loan broker lends it out for a fixed term and the borrowers post no collateral.

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The ledger’s documentation says the system “relies on off-chain underwriting and risk management,” which leaves the broker’s judgment — backed by some first-loss capital the broker puts up — as the only protection for depositors.

Ripple has pitched the setup to payment companies that need cash while a cross-border settlement clears.

Not every vote went up. ‘ConfidentialTransfer,’ which would hide token balances, slipped from 22 to 21 over the period. ‘DynamicMPT,’ which lets token issuers change a token’s settings after launch, fell from 18 to 16. The dashboard publishes counts only, and its daily records note there are “no per-validator rows on any public surface.” So the validators who flipped can be counted but not named.

Developers are building ahead of the vote anyway.

A Nov. 4 pull request, #8685, is still open and would add a third lending amendment, LendingProtocolV1\2. It lets a bundle of transactions that opens a loan, together with the escrows tied to it, fail as one if another loan on the same broker lands first.

The cleanup fix that repaired parts of the lending code before anyone could use it went live on Nov. 4 at ledger 108,112,129. SingleAssetVault now needs six more yes votes, and the lending amendment needs seven. Lending can’t open until two weeks after both hold 29.

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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

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