Ripple builds full XRPL stack as tokenized assets go live

Ripple is expanding software and infrastructure for the XRP Ledger to cover issuance, the RLUSD stablecoin, trading, custody and a proposed lending protocol. The company says the stack will support the lifecycle of tokenized funds by linking programmable funds with settlement, liquidity, yield, collateral and compliance controls.

Ripple disclosed strategic investments in Zilo and Licuido on Aug. 4 and outlined the broader plan the same day. The investments add fund tokenization and institutional liquidity systems to the company’s XRPL capital markets roadmap. Ripple President Monica Long wrote on X that the market is shifting from pilots to production and described Ripple’s aim to provide a full digital-asset infrastructure for institutional participants.

The Mint platform, launched July 23, gives financial institutions a single interface to mint, redeem and manage Ripple USD (RLUSD). Mint supports transfers across both fiat and blockchain settlement rails and can be used to create securities, stablecoins, fund units, bonds, commodities and other real-world-asset tokens.

The platform includes issuance and redemption controls, compliance screening, transfer restrictions, audit trails, freeze and clawback functions, and multichain distribution. Ripple says these controls are designed to meet institutional needs for custody, reporting and regulatory oversight.

Ripple, DBS and Franklin Templeton have tested a workflow that lets eligible DBS clients swap RLUSD for Franklin Templeton’s tokenized money market fund within minutes while retaining exposure to fund yield. DBS is exploring using tokenized fund units as collateral in bank repurchase agreements or through third-party lending platforms so clients can move between a settlement asset and an income-producing instrument during the trading day.

Ripple has proposed an XRPL Lending Protocol to add standardized institutional lending on top of its tokenization tools. The proposal would keep underwriting and compliance decisions offchain while handling servicing, repayments, interest and defaults onchain for instruments such as treasuries, stablecoins, money market funds, commodities and private credit. Decisions by XRPL validators on proposed lending standards will determine whether tokenized assets on the ledger can support protocol-level borrowing.

Separate workstreams are connecting XRP and RLUSD liquidity to tokenized U.S. Treasury products that offer regulated, reserve-backed yield. A planned integration between Doppler Finance and Openeden aims to bring Openeden’s TBILL token and the yield-bearing USDO stablecoin into an XRPL-native protocol that uses audited reserves, regulated custody and compliance controls.

The Bank for International Settlements, in a 2026 assessment, noted tokenization can speed programmable payments and improve financial intermediation while calling for trusted settlement instruments, coordinated oversight and stronger safeguards. The BIS also warned that some current stablecoin structures present financial-integrity and monetary risks.

Ripple’s next steps include technical development, institutional custody and compliance arrangements, and governance decisions by XRPL validators on lending rules and onchain credit practices. These factors will affect how quickly banks and asset managers scale tokenized asset issuance and trading on the ledger.