TLDR
- Ripple CEO Brad Garlinghouse outlines plans to expand XRP Ledger into institutional lending and yield products.
- Evernorth prepares to deploy its 473 million XRP treasury through institutional trading and yield strategies.
- XRPL lending upgrades XLS-65 and XLS-66 remain pending, with validator approval required before activation.
- Doppler Finance reports over $150 million in XRP and RLUSD deposits across more than 14,000 depositors.
- Ripple’s proposed lending framework includes borrower checks, optional first-loss protection, and institutional risk controls.
Ripple CEO Brad Garlinghouse has outlined plans to expand the XRP Ledger beyond payments into institutional lending and yield products. The proposed lending approach would let institutions use XRP holdings in credit markets rather than simply keep them in reserve.
The plans come as Ripple-backed Evernorth begins trading on Nasdaq under XRPN. Its lending ambitions remain dependent on network upgrades that validators have not approved.
Brad Garlinghouse at the Evernorth closing bell ceremony.
Ripple contributing XRP to Evernorth to support the community and on chain activity
"We think the XRP Ledger will be used in ways that shines and is unique"
"Leveraging the on chain (XRP Ledger) capabilities to earn… https://t.co/bf51bxHUwg pic.twitter.com/zoB6HsehBP
— Vet (@Vet_X0) October 14, 2026
Ripple CEO Links Lending Plans to Evernorth
Evernorth announced October 14 that it would start deploying part of its 473 million XRP treasury during the fourth quarter. Ripple, Kraken, Coinbase and BitGo will support the initial institutional strategies.
A Securities and Exchange Commission filing shows Ripple contributed 126,791,458 XRP to the transaction. Meanwhile, the ledger activated new account permission controls on October 8, allowing businesses to delegate tasks without sharing private keys.
XRPL Lending Faces Validator Approval
Two proposed upgrades remain pending. XLS-65 would create pools holding one asset, while XLS-66 would support fixed-term loans. On October 15, validator support stood at 60% and 54%, respectively.
Activation requires more than 80% support for 14 consecutive days. On X, RippleX, with 210,000 followers, said LendingProtocolV1_1 must activate before the other upgrades. That update adds fixed-term vault controls and recognizes interest when borrowers pay.
Existing XRP Yield Products Continue Operating
Doppler Finance says more than 14,000 depositors have placed over $150 million into its XRP and RLUSD vaults. The company uses trading price differences and institutional custody to generate returns. Ripple also added embedded XRPL wallets through Privy.
Doppler plans to add lending services once the ledger upgrades activate. Its existing products do not constitute native XRP staking. Privy’s integration lets developers add payment tools without building wallets from scratch.
Credit Plans Include Risk Controls
The lending proposal keeps borrower checks outside the blockchain. It also offers optional first-loss reserves to cover some initial loan losses. Ripple’s growing RLUSD infrastructure includes a recent stablecoin custody arrangement involving Standard Chartered and LMAX Group.
Evernorth plans to move into on-chain credit after activation and operational testing. Its initial treasury deployment will use established counterparties, while native lending remains unavailable on XRPL mainnet. The Ripple CEO has not announced an activation date, and validator votes may change before final approval.
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