SOIL targets XRP Ledger lending launch

• SOIL plans to become the first application to use XRP Ledger's proposed native lending infrastructure.
• The XLS-65 and XLS-66 amendments would introduce lending markets, liquidity pools and yield products to XRPL.
• Development remains in testing as XRP Ledger participants review the proposed protocol upgrades.

SOIL announced plans to become the first application built on XRP Ledger's proposed native lending infrastructure, positioning itself to use the XLS-65 and XLS-66 amendments if they receive network approval.

The proposals are currently under review by XRP Ledger participants and would introduce protocol-level lending functionality, expanding the network beyond its existing payments and settlement capabilities.

“The project stated that XLS-65 and XLS-66 would enable a new class of lending and yield products directly on XRPL,” according to SOIL's update on X.

XLS-66 would introduce fixed-term uncollateralised lending markets backed by pooled liquidity, while XLS-65 would create Single Asset Vaults that allow users to deposit assets into shared liquidity pools and receive vault tokens representing ownership.

SOIL demonstrated the system on XRPL's Lending DevNet, showing users depositing assets into vaults and receiving MBT tokens, while XRP (CRYPTO:XRP) traded about 2% lower over the previous 24 hours and remained near a projected US$1 support retest.

The proposed amendments follow the release of XRP Ledger version 3.2.0 on June 22, which included fixes for software issues identified during a security review conducted by blockchain security firm Common Prefix.

If approved, the upgrades would allow developers to build lending markets, yield-generating products and on-chain credit systems directly on XRP Ledger without relying on external infrastructure.

At the time of reporting, XRP price was $1.11.