XLS-65/66 looks closer to Maple or Clearpool with protocol-level servicing than Aave with a fresh collateral list: underwriting stays offchain, while pooling, interest accrual, repayment and default handling move into XRPL consensus. That addresses the part institutions hate about DAO credit markets, mutable risk parameters, but leaves the harder bottleneck untouched: who eats losses when the tokenized invoice, T-bill, or settlement claim is stale, gated, or disputed. If Ripple can route RLUSD and Hidden Road-style post-trade flows through Single Asset Vaults, XRPL becomes a credit back office before it becomes a DeFi yield venue.

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