Ripple-Backed RLUSD Credit Initiative
Ripple is preparing to participate as a limited partner in an institutional credit fund that would provide RLUSD-denominated working capital loans to fintech companies. The development comes after Clearpool revealed plans on September 11, 2026, to expand its platform to the XRP Ledger (XRPL) through a governance proposal.
The project is being developed alongside Cicada Partners and Hex Trust, with the goal of launching what the partners describe as the first institutional credit product built specifically around RLUSD.
Alessio Quaglini, co-founder of Clearpool and CEO and co-founder of Hex Trust, told CryptoNews.com that the initiative represents an important milestone for the stablecoin.
He said the project is designed to create an institutional credit product natively centered on Ripple’s RLUSD, while giving fintech companies access to efficient and transparent working capital.
Quaglini added that the broader objective is to offer institutional lenders secure and compliant opportunities to generate yield.
XRPL Infrastructure and Lending
Clearpool plans to separate the underlying lending infrastructure from the credit assessment process. The company would create and operate curated credit vaults through XLS-65 Single Asset Vaults.
XLS-65 allows funds from multiple lenders to be combined into vaults dedicated to individual tokens, while also supporting optional permission controls.
The actual lending process would use the XLS-66 Lending Protocol. The system is built to facilitate fixed-term, uncollateralized loans, including their issuance, servicing and repayment, directly at the ledger level rather than through smart contracts.
Cicada Partners would oversee the credit-management side of the initiative. The firm would identify potential borrowers, establish loan conditions and track their repayment performance. Cicada says it has previously underwritten more than $860M in credit.
Ripple, meanwhile, would contribute funding as a limited partner alongside other institutional investors. Hex Trust would provide institutional custody services. The structure comes as governments and regulators around the world continue working on evolving stablecoin rules.
Ripple Will Not Guarantee the Loans
The proposal specifies the separate responsibilities of each participant. Clearpool would supply the infrastructure for loan origination, servicing and repayment, while Cicada would determine which borrowers receive financing.
Ripple’s role would be restricted to providing capital as a limited partner. The company would not guarantee losses or serve as a financial backstop for borrowers, defining its exposure within the proposed structure.
Clearpool is pointing to RLUSD’s rapid growth as one of the factors supporting the initiative. The company said the stablecoin has reached more than $2.3 billion in circulation within two years, suggesting a growing user base around the asset.
Institutional activity tied to XRP products has also increased. XRP ETFs recorded $11.26M in net inflows on September 14, according to CoinGlass data, adding to signs of growing institutional participation.
Clearpool Eyes Private Credit Market on XRPL
Clearpool is seeking to establish itself as the “Morpho of private credit” on the XRPL. Under the proposed model, independent curators would manage separate XLS-65 vaults, with funding then allocated to borrowers through XLS-66.
The XRPL initiative would operate in parallel with Clearpool’s existing EVM-based marketplace. The company expects the network’s late-2025 upgrade, which added native lending and compliance features, could give early participants an opportunity to build strong network effects.
Recent movements involving large XRP holders have also pointed toward rising institutional activity around the ledger. However, RLUSD holders and payments-focused fintechs remain the intended customer base, and Clearpool has yet to confirm active depositors or borrowers in operational vaults.
