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Ripple will participate as an investor in an institutional credit fund that plans to lend RLUSD to fintech and payments companies on the XRP Ledger, CoinDesk reported. Lending platform Clearpool and credit manager Cicada Partners are also involved.
Ripple’s dollar stablecoin RLUSD will be used for lending and repayments, while XRP will be used only for transaction fees and the minimum balance required to maintain accounts. The structure is designed to bring institutional lending activity onto XRPL while increasing demand for RLUSD.
The service is not yet live on mainnet. The XLS-66 lending protocol and XLS-65 single-asset vault feature supporting the service are currently undergoing a vote for adoption on XRPL, according to CoinDesk. The fund’s size and Ripple’s investment amount were not disclosed.