Clearpool Proposes First Institutional RLUSD Credit Fund on XRP Ledger

A governance proposal filed on September 11, 2026, outlines the creation of the first institutional credit product built on Ripple's RLUSD stablecoin, with Clearpool expanding its operations onto the XRP Ledger. The initiative is designed to lend RLUSD to fintech companies for working capital, with Ripple participating as a limited partner in the fund.

Developed in partnership with Cicada Partners and Hex Trust, the project aims to unlock efficient and transparent working capital for fintechs while offering secure, compliant yield opportunities for institutional lenders. Alessio Quaglini, co-founder of Clearpool and CEO of Hex Trust, described the development as a major milestone for the native integration of RLUSD into institutional credit structures.

The operational framework separates infrastructure from underwriting. Clearpool will construct and manage curated credit vaults based on the XLS-65 standard. This protocol aggregates funds from various lenders into specific token vaults, with optional permissioning features. Subsequent loan issuance, servicing, and repayment will occur via the XLS-66 Lending Protocol. Unlike smart contracts, this mechanism processes fixed-term, uncollateralized credit directly at the ledger level.

Cicada Partners will serve as the credit manager, responsible for sourcing borrowers, setting loan covenants, and monitoring repayment health. The firm states it has underwritten more than $860 million to date. Hex Trust acts as the designated institutional custodian partner. Ripple’s role is limited to providing capital as a limited partner alongside other institutional investors; it does not guarantee against losses or act as a backstop for borrowers.

Clearpool cites RLUSD’s growth as justification for the project, noting that over $2.3 billion is in circulation within two years. This figure reflects an established base of depositors and borrowers around the stablecoin. Institutional interest in XRP-related products has also increased, with CoinGlass data showing $11.26 million in positive flows into XRP ETFs on September 14.

The company aims to position itself as a primary platform for private credit on the XRPL by using independent curators for isolated vaults and directing capital through XLS-66. This new infrastructure runs alongside Clearpool’s existing EVM-based marketplace. Clearpool believes that early establishment on the ledger can yield significant network effects, particularly following late-2025 upgrades that introduced native lending and compliance tools.

While recent discussions indicate growing institutional interest in XRP holder movements, the proposal targets RLUSD holders and payments fintechs specifically. As of the announcement, there are no confirmed depositors or borrowers in operational vaults.