XRP Ledger Set To Power First Lending Application With XLS-65 And XLS-66 Upgrade

The XRP Ledger might soon get its first native lending app thanks to the network’s regulated yield protocol SOIL considering the XLS-65 and XLS-66 proposed amendments.

XRP Ledger Nears Launch of First Native Lending App

The team recently shared an update on X saying that “SOIL gearing up to be the first application using the XRPL Lending Protocol and SAV.” The project also added: “XLS-65 and 66 unlock a new generation of lending and yield products natively on XRPL.” Moreover, they expressed support for activating the amendments as soon as possible.

The development coincides with the XRP community is considering two proposals for on-chain lending core infrastructure, the development arrives. XLS-66 provides a blue-print for fixed-term uncollateralized loans, with pooled liquidity.

Meanwhile, SingleAssetVault (XLS-65) aims to consolidate deposits from various participants into a common Vault which can provide liquidity to lending markets. In addition, it’s worth noting that the XRP Ledger’s v3.2.0 mainnet upgrade was just launched.

How Will The Application Work?

A demo, released by SOIL, offered a sneak preview of the system’s operation when the changes are in production. The video featured several Single Asset Vaults in XRP Ledger’s Lending DevNet.

The users put funds into different pools and got the MBT tokens in return. To explain how it works, the presenter added that “each single asset vault emits their own MBT token.” It will allow the depositors to have a token which represents their position in the vault.

SOIL is gearing up to be the first application using the XRPL Lending Protocol and SAV.

The XLS-65 and 66 unlock a new generation of lending and yield products natively on XRPL, and we’d love to see them activated as soon as possible.

Below is a sneak peek. More coming soon. pic.twitter.com/E89EZrgEBK

— Soil (@soil_farm) June 23, 2026

A few more deposits were then illustrated into two other vaults on the XRP Ledger. Each buy or sell transaction will add to the MBT. This mechanism depicts the growth of ownership records through increasing liquidity in the pools. The amount of money transferred, as well as sequence information were also presented in an explorer interface.

One of the use cases foreseen with the proposed changes was the ability to deposit assets in pooled vaults. It would then be used for lending, all while maintaining full transparency on-chain of the user’s participation.

The group also found that the testing activity is still a nascent phase on XRPL. The presenter states that there is “no wallet currently supports the Lending DevNet.” For this reason, the developers have to temporarily use their in-house testing tools. Thus, he explained that “we’ve hardcoded seeds to the wallets and we are assigning the transactions behind the scenes.”

Upon approval, XLS-65 and XLS-66 will introduce the native lending capabilities to the XRP Ledger. It will provide the base layer for yield-based products, liquidity pools and credit markets directly on the network. The improvements would also enable SOIL to be the first application to use the new lending model on XRPL.