Clearpool Begins Development of XRP Ledger Loan Protocol
Prefer us on GoogleClearpool is developing a native loan protocol utilizing XLS-65 and XLS-66 on the XRP Ledger (XRPL). This protocol aims to use Ripple Dollar (RLUSD) as the settlement currency and add institutional credit execution capabilities to the XRP Ledger. The project is currently in the development and testing phase, with the XLS-65 and XLS-66 amendments available for testing on the developer network, but requiring validator approval for mainnet implementation. Clearpool is collaborating with Ripple and Cicada Credit to develop an institutional loan platform based on the XRP Ledger. Ripple has defined the single-asset vault and loan protocol as XLS-65 and XLS-66, respectively, in its 'XRPL Loan Protocol' document, stating that validator approval is necessary. XLS-65 provides the capability to offer a single asset from multiple depositors to the on-chain protocol, while XLS-66 is a mechanism for executing loans from the liquidity pooled in the vault. Credit assessment and execution occur off-chain, with the ledger standardizing execution after agreed conditions. Clearpool's development plan includes using Ripple Dollar as the settlement currency, which may be utilized as a loan settlement asset depending on protocol approval and testing results. The current stage is awaiting developer network testing and mainnet validator approval.
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