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Bridging Tari to Ethereum: WXTM & Secure Tokenization
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Exploring Hooks on the XRPL: A Developer’s Journey Beyond the EVM
By Oskar KarczI believe it’s good to challenge yourself, step outside your comfort zone, and do some not-so-easy theoretical mental exercises. Sometimes for fun, sometimes because you have to, and sometimes both. And that’s exactly how I, an EVM-specialized developer, ended up on a new planet called the XRPL. Initially, the mission seemed simple: create some tokens, then build a type of AMM with extra features, e.g., a min-max swap amount per account restriction. Easy peasy… BUT - the challenge was to do it on the XRPL, the XRP Ledger. So in this article, I invite you to join me on this journey of discovering features and possibilities of the XRP Ledger.
Disclaimer: I’m aware of [the XRPL EVM sidechain](https://www.xrplevm.org/), which is the natural way to go for any EVM-based developer. I also know that Hooks on XRPL are only live on testnet ([as of November 2025](https://xrpl-hooks.readme.io/docs/introduction)). But for the sake of curiosity, let’s check this out anyway.
### What are Hooks? What’s the idea behind them?
The XRPL Hooks documentation states:
_“Hooks add smart contract functionality to the XRP Ledger: layer one custom code to influence the behaviour and flow of transactions. Hooks are small, efficient pieces of code being defined on an XRPL account, allowing logic to be executed before and/or after XRPL transactions.”_
And honestly, that’s exactly it. Hooks bring smart-contract-like behavior to XRPL accounts and let you run logic before and/or after transactions. Examples range from simple, like “reject payments < 10 XRP”, to more advanced rules like automatically routing 10% of every outgoing payment to a savings account.
### So how do Hooks work under the hood?
First of all, Hooks are WebAssembly modules “installed” on a specific account. That means they can be written in any language that compiles to WebAssembly, though in practice, they’re typically written in C. Hooks in the XRPL world get attached to an account through a SetHook transaction. Once you’ve plugged a Hook in, it basically acts like a smart mini-guardian for that account. It can:
- Step in and either allow or block incoming and outgoing transactions,
- Maintain its own internal state and logic to react based on past events, and
- Even fire off brand-new transactions on behalf of the account.
Hooks on XRPL aren’t Turing-complete by design - no unlimited loops allowed. If you use a loop, you must set a strict maximum. That’s where guards come in. A guard sits at the top of a loop and tells the XRPL the highest number of iterations it could ever run. Maybe it usually loops twice, maybe in extreme cases 500 times - then the guard sets the maximum to 500. XRPL uses this to predict worst-case execution time and calculate the Hook’s fee, keeping everything neat, fast, and predictable.
### Cool, but what if a single Hook isn’t enough? Can I combine a few?
You can - and that’s called a Hook Chain. It’s basically a lineup of up to 10 Hooks on an XRPL account. When a transaction comes in, the chain runs from slot 0 to slot 9, skipping empty slots and treating them as a clean pass. For the transaction to succeed, both the sender and receiver must fully pass their respective Hook Chains. Hooks are added using the SetHook transaction, and when you install one, you can pass parameters that tweak its behavior.
### OK, enough theory. How do I install a Hook?
Simply use the SetHook transaction type. Here’s an example (taken from [the official docs](https://xrpl-hooks.readme.io/docs/sethook-transaction))
```
{
Account: "r4GDFMLGJUKMjNhhycgt2d5LXCdXzCYPoc",
TransactionType: "SetHook",
Fee: "2000000",
Hooks:
[
{
Hook: {
CreateCode: fs.readFileSync('accept.wasm').toString('hex').toUpperCase(),
HookOn: '0000000000000000',
HookNamespace: addr.codec.sha256('accept').toString('hex').toUpperCase(),
HookApiVersion: 0
}
}
]
}
```
Is it also possible to set the array of hooks within a single transaction, like so (the same source as above):
```
{
Account: "r4GDFMLGJUKMjNhhycgt2d5LXCdXzCYPoc",
Account: "r4GDFMLGJUKMjNhhycgt2d5LXCdXzCYPoc",
TransactionType: "SetHook",
Hooks: // This is the Hooks Array
[
{ Hook: { ... } }, // HookSet Object (position 0)
{ Hook: { ... } },
{ Hook: { ... } },
{ Hook: { ... } }. // HookSet Object (position 3)
]
}
```
You can also update or delete Hooks from an account using the same transaction type.
Aaaaand that’s pretty much it! This is just an overview, as there’s a lot more to explore in the mysterious world of Hooks. From this point on, I encourage you to dive deeper yourself. Unfortunately, as mentioned earlier, Hooks don’t seem to be actively developed anymore, with the XRPL team shifting focus toward the EVM sidechain. That’s just my speculation, but regardless, it was really fun to get familiar with this concept. Hope you enjoyed the ride too!
XRP Ledger in 2025: Institutional DeFi Takes Center Stage with Game-Changing UpdatesIn the rapidly evolving landscape of enterprise blockchain, the XRP Ledger is emerging as a cornerstone platform for institutional decentralized finance. After over a decade of proven reliability, XRPL is experiencing its most transformative phase yet, introducing features that bridge the gap between traditional finance and blockchain innovation while maintaining the speed and efficiency that made it a payments powerhouse.
The numbers tell a compelling story: weekly payment transactions on XRPL have surged 430% from 1.5 million in 2023 to over 8 million in mid-2025 [(Dune Analytics)](https://cryptorank.io/news/feed/e7642-xrp-use-soars-as-payments-hit-60-of-network-activity-in-2025). The network now processes an average of 1.8 million transactions daily [(OKX Research)](https://www.okx.com/learn/xrpl-transaction-volume-interoperability-institutional-innovations), with payment operations accounting for nearly 60% of all network activity. But beneath these impressive metrics lies something even more significant, a fundamental evolution toward institutional-grade DeFi infrastructure that's positioning XRPL as the platform of choice for regulated financial institutions entering the blockchain space.
## What's New on XRPL: A Comprehensive Breakdown
### Multi-Purpose Tokens: The Institution's Answer to Tokenization
The introduction of Multi-Purpose Tokens (MPTs) in version 2.3.0 marks a watershed moment for real-world asset tokenization on XRPL [(XRPL.org)](https://xrpl.org/blog/2024/rippled-2.3.0). Unlike traditional fungible tokens or NFTs, MPTs occupy a unique middle ground - think of them as semi-fungible tokens that can carry rich metadata while maintaining the efficiency and compliance features institutions demand.
Here's what makes MPTs particularly powerful: each token issuance can store up to 1,024 bytes of metadata directly on-chain, including critical information like asset scale, transfer fees, and compliance parameters [(XRPL Documentation)](https://xrpl.org/docs/concepts/tokens/fungible-tokens/multi-purpose-tokens). This on-chain metadata approach means that crucial asset details - expiry dates, warrant numbers, environmental certifications - are permanently recorded and automatically enforceable by the ledger's transaction engine. The institutional compliance features built into MPTs are equally impressive. Issuers can configure granular controls including individual or global freezing capabilities, clawback functionality for recovering tokens from compromised accounts, and authorization requirements that create allowlists of qualified investors. For regulated financial products, these aren't optional features, they're essential safeguards that make blockchain deployment legally feasible.
### Real-Life Use Case: Trade Finance Revolution
FortStock is leveraging MPTs to digitize warehouse receipts as programmable collateral, addressing a critical gap in global trade finance [(XRPL Blog)](https://xrpl.org/blog/2025/fortstock-xrpl-case-study-mpt-standard). Consider this: global trade moves over $25 trillion in goods annually, yet much of this physical inventory remains frozen in financial terms, unleveraged and untapped as collateral. The trade finance gap currently stands between $2.5 and $5 trillion according to the Asian Development Bank and World Trade Organization, disproportionately impacting emerging markets. By representing warehouse receipts as MPTs, FortStock enables a coffee exporter in Colombia to tokenize $1 million worth of stored green coffee beans and use these digital receipts as instant collateral for a loan from a lender in Singapore. The business logic, from issuance to pledge to settlement, is embedded directly in the token, eliminating complex external smart contracts and reducing counterparty risk. The platform successfully tested core functionality on XRPL Devnet and is targeting Q4 2025 for its first major warehouse onboarding and initial loan issuance.
### Real-Life Use Case: Carbon Credit Transparency
Centigrade is using MPTs to bring much-needed transparency to carbon markets by embedding rich environmental data directly into tokenized carbon credits [(Multichain Media)](https://blog.multichainmedia.xyz/index.php/2025/10/10/the-xrpls-multi-purpose-tokens-in-action/). Each token contains comprehensive metadata about the offset project, verification standards, and environmental impact, creating an auditable trail that reduces fraud and builds market confidence. The company has partnered with major verification bodies including the American Carbon Registry and Gold Standard, successfully testing functionality on XRPL Devnet before moving toward live operations.
### Real-Life Use Case: Institutional Money Markets
LiCuido represents shares in money market funds as MPTs, enabling these traditionally illiquid assets to function as instant, programmable collateral for institutional lending. This application demonstrates how MPTs can transform traditional financial instruments into blockchain-native assets while preserving the regulatory compliance and investor protections required in regulated markets.
### Credentials: Building a Compliant Identity Layer
The Credentials standard (XLS-70), approved in September 2025, introduces a lightweight but powerful framework for issuing, managing, and verifying user credentials directly on the XRP Ledger [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). Think of it as building blocks for decentralized identity; credentials can attest to KYC compliance, professional certifications, or qualified investor status, all while preserving user privacy through selective disclosure.
The design draws from the W3C Verifiable Credentials standard but adapts it specifically for the XRPL context [(XRPL Documentation)](https://xrpl.org/docs/concepts/decentralized-storage/credentials). Three new transaction types enable the lifecycle: CredentialCreate allows issuers to mint credentials specifying the subject, credential type, and optional expiration; CredentialAccept lets subjects accept credentials and assume the reserve burden; and CredentialDelete permits either party to revoke credentials at any time. The immediate use case addresses a persistent pain point in blockchain finance: streamlining compliant onboarding. Instead of manually approving each payment sender when using Deposit Authorization, credentials enable automatic approval for accounts holding valid KYC credentials. For tokenized securities or regulated DeFi products, this becomes foundational infrastructure, institutions can restrict access to holders of specific credentials while maintaining privacy and avoiding centralized control.
### Real-Life Use Case: Regulated DEX Access
Permissioned Domains (XLS-80), currently under development, will build on the Credentials standard to enable financial institutions to create controlled environments on XRPL accessible only to credentialed participants. A regulated trading platform could list accepted credentials, such as accredited investor status or institutional KYC verification, granting automatic access to accounts holding any qualifying credential. This architecture enables institutions to participate in DeFi activity while meeting compliance standards for securities trading, AML requirements, and investor protection rules.
### XRPL EVM Sidechain: Bridging Two Ecosystems
The XRPL EVM Sidechain launched on mainnet June 30, 2025, represents a strategic bridge to the Ethereum developer ecosystem [(CoinDesk)](https://www.coindesk.com/tech/2025/06/30/xrpl-evm-sidechain-goes-live-unlocking-ethereum-dapps-in-xrp-ecosystem). Built using the Cosmos EVM stack and connected via the Axelar bridge, the sidechain enables developers to deploy Ethereum-compatible smart contracts using familiar tools like Solidity, MetaMask, and Hardhat, while leveraging XRPL's speed and efficiency.
The architecture is deliberately designed to preserve XRPL's core strengths. The base layer remains optimized for payments, processing up to 1,500 transactions per second with settlement times of 3-5 seconds and fees as low as $0.0002, while the EVM sidechain handles the computational load of programmable applications. XRP serves as the native gas token on both networks, with a 1:1 bridging relationship ensuring value parity. The testnet phase demonstrated remarkable traction, attracting 87 new entities, most with no prior XRP affiliation, including DeFi protocols, oracles, and infrastructure providers [(BeInCrypto)](https://beincrypto.com/xrpl-evm-mainnet-launch-2025/). Since mainnet launch, the sidechain has generated significant developer activity and liquidity inflows, with integration partnerships announced from Band Protocol (oracle services), Grove (RPC infrastructure), Squid (cross-chain asset transfers), and upcoming DeFi applications from Strobe, Securd, and Vertex.
### DynamicNFT: Mutable Tokens for Evolving Use Cases
The DynamicNFT amendment (XLS-46), enabled in June 2025, introduces a new NFTokenModify transaction type that allows metadata updates after minting [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). This seemingly simple addition unlocks entirely new NFT applications: gaming items that evolve with player progress, identity tokens that update with new certifications, event tickets that reflect entry status changes, and supply chain tokens that record each step in a product's journey. Average daily NFT transactions on XRPL increased 51% quarter-over-quarter in Q3 2025, driven by a 71% increase in minting activity. As of September 2025, nearly 17.7 million NFTs have been minted using the XLS-20 standard, with 4.2 million minted in Q3 alone.
### Lower Reserves: Democratizing Access
In December 2024, validators collectively voted to reduce XRPL's reserve requirements by 90% - from 10 XRP to 1 XRP for base account reserves, and from 2 XRP to 0.2 XRP per object owned [(XRPL.org)](https://xrpl.org/blog/2024/lower-reserves-are-in-effect). At current XRP prices around $2.24, this means activating an account now costs approximately $2.24 instead of $22.40, dramatically lowering the barrier to entry. This change has immediate practical implications. Data shows that nearly 600,000 XRPL wallets—representing 8.5% of all accounts, still hold exactly 10 XRP, the previous reserve requirement [(The Crypto Basic)](https://thecryptobasic.com/2025/09/03/data-shows-592818-xrpl-wallets-hold-exactly-10-xrp/). If these dormant account holders return, they can now withdraw 9 XRP (currently worth about $20), leaving only the new 1 XRP reserve. The network has welcomed over 1.17 million new wallets in 2025 alone, bringing total accounts to approximately 7 million as of September.
## The Institutional DeFi Roadmap: What's Coming Next
Ripple's 2025 roadmap focuses squarely on institutional DeFi adoption through regulatory compliance and expanded programmability [(CryptoPolitan)](https://www.cryptopolitan.com/xrp-ledgers-focuses-on-institutional-defi/). Beyond the features already deployed, several initiatives are in development:
- **Extensions** will enable developers to attach custom code to existing XRPL primitives like escrows and AMMs, enhancing functionality without requiring new smart contracts. This modular approach preserves the security and simplicity of native features while allowing customization for specific use cases.
- **Native Lending Protocol** is under development with a $200,000 security Attackathon completed in late 2025, inviting researchers to review over 35,000 lines of C++ code. This protocol will enable crypto-native businesses to integrate lending with Ripple payments, the native DEX, and tokenized real-world assets, all within XRPL's compliance-forward architecture.
- **Permissioned DEX** (XLS-81) extends the credential-gated model specifically to decentralized trading, enabling institutions to participate in on-chain markets while ensuring all participants meet KYC/AML requirements. Combined with existing compliance tools like Authorized Trustlines, freezing capabilities, and clawback functionality, this creates a comprehensive framework for regulated DeFi activity.
## The Competitive Advantage: Why XRPL for Enterprise?
XRPL's appeal to institutional adopters rests on several convergent factors. The platform's 13-year track record demonstrates production-grade reliability, over 70 million ledgers closed without downtime, processing more than 4 billion transactions with consistent sub-$0.01 fees and 3-5 second settlement times. This operational stability matters immensely when moving real financial value. The regulatory clarity achieved in 2025, particularly following the SEC settlement that affirmed XRP's utility status rather than security classification, has unlocked institutional capital. The approval of the first U.S. XRP ETFs brought an estimated $2 billion in new capital, while XRP's listing on Coinbase's Derivatives Exchange in April 2025 paved the way for broader regulated trading products.
The Federated Consensus mechanism eliminates the common blockchain trade-offs between decentralization, security, and speed. Unlike proof-of-work networks with energy concerns or proof-of-stake systems with validator concentration risks, XRPL's consensus protocol enables validators distributed across universities, exchanges, and enterprises globally to reach agreement on transaction ordering without a single point of failure or mining incentive that prioritizes high-fee transactions.
That said, XRPL comes with its own considerations. The base layer's deliberate design choice to prioritize security and stability through simplicity means it doesn't support arbitrary smart contracts like Ethereum or other programmable platforms. The EVM sidechain addresses this gap for developers requiring full smart contract flexibility, but it represents a different security model than the battle-tested base layer. For use cases where native XRPL functionality suffices - payments, DEX trading, tokenization - the base layer's simplicity is actually a strength, reducing attack surface and edge cases. The learning curve for developers transitioning from other blockchain ecosystems can be steep, particularly around XRPL's unique concepts like trust lines, rippling, and the account model. However, extensive documentation, SDKs for JavaScript, Python, and Java, and a growing developer community have significantly improved onboarding. The XRPL Accelerator program, run by Tenity in partnership with Ripple, provides funding and mentorship to startups building on the platform, with cohort 6 launching in June 2025 featuring 9 ventures across payments, trade finance, and AI infrastructure.
## Market Momentum: The Numbers Behind the Narrative
XRP ended Q3 2025 as the fourth-largest cryptocurrency by market capitalization at $170.3 billion, representing 29% quarter-over-quarter growth and outperforming the combined market cap growth of Bitcoin, Ethereum, and Solana [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). The token closed Q3 at $2.85, an all-time high quarterly close.
The XRPL ecosystem shows equally impressive metrics. Over 300 financial institutions have integrated XRP into their operations, leveraging its low-cost, near-instant settlement capabilities [(ainvest.com)](https://www.ainvest.com/news/xrp-ledger-institutional-readiness-post-credentials-upgrade-regulatory-friendly-blockchain-institutional-adoption-2509/). Ripple's On-Demand Liquidity service processed $1.3 trillion in Q2 2025 alone, demonstrating the scale of real-world payment flows moving through XRP corridors. The native DEX now supports over 400 XRP trading pairs with more than 20,000 AMM pools providing direct liquidity. While AMM volumes decreased from their November 2024 peak of $60.5 million daily to an average of $1.7 million daily in Q3 2025, CLOB (Central Limit Order Book) trading has grown, with average daily volume increasing 74% quarter-over-quarter to $13.7 million in Q1 2025 [(Messari Q1 Report)](https://messari.io/report/state-of-xrp-ledger-q1-2025).
Ripple's RLUSD stablecoin, launched in December 2024, reached a combined market cap of $789 million across XRPL and Ethereum by the end of Q3 2025 [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). Notably, the token's distribution is shifting, while over 85% initially deployed on Ethereum [(The Defiant)](https://thedefiant.io/news/blockchains/ripple-debuts-evm-sidechain-to-bring-ethereum-apps-to-xrp-ecosystem), the EVM sidechain launch aims to rebalance issuance toward XRPL's native infrastructure.
## Looking Ahead: XRPL's 2026 Vision
The convergence of regulatory clarity, institutional-grade infrastructure, and real-world adoption positions XRPL uniquely for 2026 and beyond. As traditional financial institutions seek blockchain solutions that balance innovation with compliance, XRPL's combination of proven reliability, embedded compliance tools, and expanding programmability creates a compelling value proposition. The MPT standard is already demonstrating how blockchain can transform traditional assets, from warehouse receipts to carbon credits to money market funds, into programmable financial instruments without sacrificing the compliance controls institutions require. The Credentials framework provides the identity layer necessary for regulated products, while the EVM sidechain ensures Ethereum developers can leverage these capabilities using familiar tools.
For CTOs and decision-makers evaluating blockchain platforms, XRPL represents a mature option that has moved beyond proof-of-concept to production-scale deployment across global payment networks. **With Rumble Fish's expertise in blockchain development and XRPL integration, enterprises can navigate the technical complexities of implementation while leveraging the platform's full potential for payments, tokenization, and institutional DeFi applications.**
If you're exploring how XRPL's institutional DeFi capabilities could transform your financial operations or unlock new product opportunities, our blockchain development team can help you design and deploy solutions that leverage Multi-Purpose Tokens, Credentials, and the broader XRPL ecosystem. [Get in touch](mailto:hello@rumblefish.dev) to discuss how these innovations can drive value for your organization.
Check a piece of expert knowledge
Exploring Hooks on the XRPL: A Developer’s Journey Beyond the EVMBy Oskar KarczBlockchain
XRP Ledger in 2025: Institutional DeFi Takes Center Stage with Game-Changing UpdatesIn the rapidly evolving landscape of enterprise blockchain, the XRP Ledger is emerging as a cornerstone platform for institutional decentralized finance. After over a decade of proven reliability, XRPL is experiencing its most transformative phase yet, introducing features that bridge the gap between traditional finance and blockchain innovation while maintaining the speed and efficiency that made it a payments powerhouse.
The numbers tell a compelling story: weekly payment transactions on XRPL have surged 430% from 1.5 million in 2023 to over 8 million in mid-2025 [(Dune Analytics)](https://cryptorank.io/news/feed/e7642-xrp-use-soars-as-payments-hit-60-of-network-activity-in-2025). The network now processes an average of 1.8 million transactions daily [(OKX Research)](https://www.okx.com/learn/xrpl-transaction-volume-interoperability-institutional-innovations), with payment operations accounting for nearly 60% of all network activity. But beneath these impressive metrics lies something even more significant, a fundamental evolution toward institutional-grade DeFi infrastructure that's positioning XRPL as the platform of choice for regulated financial institutions entering the blockchain space.
## What's New on XRPL: A Comprehensive Breakdown
### Multi-Purpose Tokens: The Institution's Answer to Tokenization
The introduction of Multi-Purpose Tokens (MPTs) in version 2.3.0 marks a watershed moment for real-world asset tokenization on XRPL [(XRPL.org)](https://xrpl.org/blog/2024/rippled-2.3.0). Unlike traditional fungible tokens or NFTs, MPTs occupy a unique middle ground - think of them as semi-fungible tokens that can carry rich metadata while maintaining the efficiency and compliance features institutions demand.
Here's what makes MPTs particularly powerful: each token issuance can store up to 1,024 bytes of metadata directly on-chain, including critical information like asset scale, transfer fees, and compliance parameters [(XRPL Documentation)](https://xrpl.org/docs/concepts/tokens/fungible-tokens/multi-purpose-tokens). This on-chain metadata approach means that crucial asset details - expiry dates, warrant numbers, environmental certifications - are permanently recorded and automatically enforceable by the ledger's transaction engine. The institutional compliance features built into MPTs are equally impressive. Issuers can configure granular controls including individual or global freezing capabilities, clawback functionality for recovering tokens from compromised accounts, and authorization requirements that create allowlists of qualified investors. For regulated financial products, these aren't optional features, they're essential safeguards that make blockchain deployment legally feasible.
### Real-Life Use Case: Trade Finance Revolution
FortStock is leveraging MPTs to digitize warehouse receipts as programmable collateral, addressing a critical gap in global trade finance [(XRPL Blog)](https://xrpl.org/blog/2025/fortstock-xrpl-case-study-mpt-standard). Consider this: global trade moves over $25 trillion in goods annually, yet much of this physical inventory remains frozen in financial terms, unleveraged and untapped as collateral. The trade finance gap currently stands between $2.5 and $5 trillion according to the Asian Development Bank and World Trade Organization, disproportionately impacting emerging markets. By representing warehouse receipts as MPTs, FortStock enables a coffee exporter in Colombia to tokenize $1 million worth of stored green coffee beans and use these digital receipts as instant collateral for a loan from a lender in Singapore. The business logic, from issuance to pledge to settlement, is embedded directly in the token, eliminating complex external smart contracts and reducing counterparty risk. The platform successfully tested core functionality on XRPL Devnet and is targeting Q4 2025 for its first major warehouse onboarding and initial loan issuance.
### Real-Life Use Case: Carbon Credit Transparency
Centigrade is using MPTs to bring much-needed transparency to carbon markets by embedding rich environmental data directly into tokenized carbon credits [(Multichain Media)](https://blog.multichainmedia.xyz/index.php/2025/10/10/the-xrpls-multi-purpose-tokens-in-action/). Each token contains comprehensive metadata about the offset project, verification standards, and environmental impact, creating an auditable trail that reduces fraud and builds market confidence. The company has partnered with major verification bodies including the American Carbon Registry and Gold Standard, successfully testing functionality on XRPL Devnet before moving toward live operations.
### Real-Life Use Case: Institutional Money Markets
LiCuido represents shares in money market funds as MPTs, enabling these traditionally illiquid assets to function as instant, programmable collateral for institutional lending. This application demonstrates how MPTs can transform traditional financial instruments into blockchain-native assets while preserving the regulatory compliance and investor protections required in regulated markets.
### Credentials: Building a Compliant Identity Layer
The Credentials standard (XLS-70), approved in September 2025, introduces a lightweight but powerful framework for issuing, managing, and verifying user credentials directly on the XRP Ledger [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). Think of it as building blocks for decentralized identity; credentials can attest to KYC compliance, professional certifications, or qualified investor status, all while preserving user privacy through selective disclosure.
The design draws from the W3C Verifiable Credentials standard but adapts it specifically for the XRPL context [(XRPL Documentation)](https://xrpl.org/docs/concepts/decentralized-storage/credentials). Three new transaction types enable the lifecycle: CredentialCreate allows issuers to mint credentials specifying the subject, credential type, and optional expiration; CredentialAccept lets subjects accept credentials and assume the reserve burden; and CredentialDelete permits either party to revoke credentials at any time. The immediate use case addresses a persistent pain point in blockchain finance: streamlining compliant onboarding. Instead of manually approving each payment sender when using Deposit Authorization, credentials enable automatic approval for accounts holding valid KYC credentials. For tokenized securities or regulated DeFi products, this becomes foundational infrastructure, institutions can restrict access to holders of specific credentials while maintaining privacy and avoiding centralized control.
### Real-Life Use Case: Regulated DEX Access
Permissioned Domains (XLS-80), currently under development, will build on the Credentials standard to enable financial institutions to create controlled environments on XRPL accessible only to credentialed participants. A regulated trading platform could list accepted credentials, such as accredited investor status or institutional KYC verification, granting automatic access to accounts holding any qualifying credential. This architecture enables institutions to participate in DeFi activity while meeting compliance standards for securities trading, AML requirements, and investor protection rules.
### XRPL EVM Sidechain: Bridging Two Ecosystems
The XRPL EVM Sidechain launched on mainnet June 30, 2025, represents a strategic bridge to the Ethereum developer ecosystem [(CoinDesk)](https://www.coindesk.com/tech/2025/06/30/xrpl-evm-sidechain-goes-live-unlocking-ethereum-dapps-in-xrp-ecosystem). Built using the Cosmos EVM stack and connected via the Axelar bridge, the sidechain enables developers to deploy Ethereum-compatible smart contracts using familiar tools like Solidity, MetaMask, and Hardhat, while leveraging XRPL's speed and efficiency.
The architecture is deliberately designed to preserve XRPL's core strengths. The base layer remains optimized for payments, processing up to 1,500 transactions per second with settlement times of 3-5 seconds and fees as low as $0.0002, while the EVM sidechain handles the computational load of programmable applications. XRP serves as the native gas token on both networks, with a 1:1 bridging relationship ensuring value parity. The testnet phase demonstrated remarkable traction, attracting 87 new entities, most with no prior XRP affiliation, including DeFi protocols, oracles, and infrastructure providers [(BeInCrypto)](https://beincrypto.com/xrpl-evm-mainnet-launch-2025/). Since mainnet launch, the sidechain has generated significant developer activity and liquidity inflows, with integration partnerships announced from Band Protocol (oracle services), Grove (RPC infrastructure), Squid (cross-chain asset transfers), and upcoming DeFi applications from Strobe, Securd, and Vertex.
### DynamicNFT: Mutable Tokens for Evolving Use Cases
The DynamicNFT amendment (XLS-46), enabled in June 2025, introduces a new NFTokenModify transaction type that allows metadata updates after minting [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). This seemingly simple addition unlocks entirely new NFT applications: gaming items that evolve with player progress, identity tokens that update with new certifications, event tickets that reflect entry status changes, and supply chain tokens that record each step in a product's journey. Average daily NFT transactions on XRPL increased 51% quarter-over-quarter in Q3 2025, driven by a 71% increase in minting activity. As of September 2025, nearly 17.7 million NFTs have been minted using the XLS-20 standard, with 4.2 million minted in Q3 alone.
### Lower Reserves: Democratizing Access
In December 2024, validators collectively voted to reduce XRPL's reserve requirements by 90% - from 10 XRP to 1 XRP for base account reserves, and from 2 XRP to 0.2 XRP per object owned [(XRPL.org)](https://xrpl.org/blog/2024/lower-reserves-are-in-effect). At current XRP prices around $2.24, this means activating an account now costs approximately $2.24 instead of $22.40, dramatically lowering the barrier to entry. This change has immediate practical implications. Data shows that nearly 600,000 XRPL wallets—representing 8.5% of all accounts, still hold exactly 10 XRP, the previous reserve requirement [(The Crypto Basic)](https://thecryptobasic.com/2025/09/03/data-shows-592818-xrpl-wallets-hold-exactly-10-xrp/). If these dormant account holders return, they can now withdraw 9 XRP (currently worth about $20), leaving only the new 1 XRP reserve. The network has welcomed over 1.17 million new wallets in 2025 alone, bringing total accounts to approximately 7 million as of September.
## The Institutional DeFi Roadmap: What's Coming Next
Ripple's 2025 roadmap focuses squarely on institutional DeFi adoption through regulatory compliance and expanded programmability [(CryptoPolitan)](https://www.cryptopolitan.com/xrp-ledgers-focuses-on-institutional-defi/). Beyond the features already deployed, several initiatives are in development:
- **Extensions** will enable developers to attach custom code to existing XRPL primitives like escrows and AMMs, enhancing functionality without requiring new smart contracts. This modular approach preserves the security and simplicity of native features while allowing customization for specific use cases.
- **Native Lending Protocol** is under development with a $200,000 security Attackathon completed in late 2025, inviting researchers to review over 35,000 lines of C++ code. This protocol will enable crypto-native businesses to integrate lending with Ripple payments, the native DEX, and tokenized real-world assets, all within XRPL's compliance-forward architecture.
- **Permissioned DEX** (XLS-81) extends the credential-gated model specifically to decentralized trading, enabling institutions to participate in on-chain markets while ensuring all participants meet KYC/AML requirements. Combined with existing compliance tools like Authorized Trustlines, freezing capabilities, and clawback functionality, this creates a comprehensive framework for regulated DeFi activity.
## The Competitive Advantage: Why XRPL for Enterprise?
XRPL's appeal to institutional adopters rests on several convergent factors. The platform's 13-year track record demonstrates production-grade reliability, over 70 million ledgers closed without downtime, processing more than 4 billion transactions with consistent sub-$0.01 fees and 3-5 second settlement times. This operational stability matters immensely when moving real financial value. The regulatory clarity achieved in 2025, particularly following the SEC settlement that affirmed XRP's utility status rather than security classification, has unlocked institutional capital. The approval of the first U.S. XRP ETFs brought an estimated $2 billion in new capital, while XRP's listing on Coinbase's Derivatives Exchange in April 2025 paved the way for broader regulated trading products.
The Federated Consensus mechanism eliminates the common blockchain trade-offs between decentralization, security, and speed. Unlike proof-of-work networks with energy concerns or proof-of-stake systems with validator concentration risks, XRPL's consensus protocol enables validators distributed across universities, exchanges, and enterprises globally to reach agreement on transaction ordering without a single point of failure or mining incentive that prioritizes high-fee transactions.
That said, XRPL comes with its own considerations. The base layer's deliberate design choice to prioritize security and stability through simplicity means it doesn't support arbitrary smart contracts like Ethereum or other programmable platforms. The EVM sidechain addresses this gap for developers requiring full smart contract flexibility, but it represents a different security model than the battle-tested base layer. For use cases where native XRPL functionality suffices - payments, DEX trading, tokenization - the base layer's simplicity is actually a strength, reducing attack surface and edge cases. The learning curve for developers transitioning from other blockchain ecosystems can be steep, particularly around XRPL's unique concepts like trust lines, rippling, and the account model. However, extensive documentation, SDKs for JavaScript, Python, and Java, and a growing developer community have significantly improved onboarding. The XRPL Accelerator program, run by Tenity in partnership with Ripple, provides funding and mentorship to startups building on the platform, with cohort 6 launching in June 2025 featuring 9 ventures across payments, trade finance, and AI infrastructure.
## Market Momentum: The Numbers Behind the Narrative
XRP ended Q3 2025 as the fourth-largest cryptocurrency by market capitalization at $170.3 billion, representing 29% quarter-over-quarter growth and outperforming the combined market cap growth of Bitcoin, Ethereum, and Solana [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). The token closed Q3 at $2.85, an all-time high quarterly close.
The XRPL ecosystem shows equally impressive metrics. Over 300 financial institutions have integrated XRP into their operations, leveraging its low-cost, near-instant settlement capabilities [(ainvest.com)](https://www.ainvest.com/news/xrp-ledger-institutional-readiness-post-credentials-upgrade-regulatory-friendly-blockchain-institutional-adoption-2509/). Ripple's On-Demand Liquidity service processed $1.3 trillion in Q2 2025 alone, demonstrating the scale of real-world payment flows moving through XRP corridors. The native DEX now supports over 400 XRP trading pairs with more than 20,000 AMM pools providing direct liquidity. While AMM volumes decreased from their November 2024 peak of $60.5 million daily to an average of $1.7 million daily in Q3 2025, CLOB (Central Limit Order Book) trading has grown, with average daily volume increasing 74% quarter-over-quarter to $13.7 million in Q1 2025 [(Messari Q1 Report)](https://messari.io/report/state-of-xrp-ledger-q1-2025).
Ripple's RLUSD stablecoin, launched in December 2024, reached a combined market cap of $789 million across XRPL and Ethereum by the end of Q3 2025 [(Messari Report)](https://messari.io/report/state-of-xrp-ledger-q3-2025). Notably, the token's distribution is shifting, while over 85% initially deployed on Ethereum [(The Defiant)](https://thedefiant.io/news/blockchains/ripple-debuts-evm-sidechain-to-bring-ethereum-apps-to-xrp-ecosystem), the EVM sidechain launch aims to rebalance issuance toward XRPL's native infrastructure.
## Looking Ahead: XRPL's 2026 Vision
The convergence of regulatory clarity, institutional-grade infrastructure, and real-world adoption positions XRPL uniquely for 2026 and beyond. As traditional financial institutions seek blockchain solutions that balance innovation with compliance, XRPL's combination of proven reliability, embedded compliance tools, and expanding programmability creates a compelling value proposition. The MPT standard is already demonstrating how blockchain can transform traditional assets, from warehouse receipts to carbon credits to money market funds, into programmable financial instruments without sacrificing the compliance controls institutions require. The Credentials framework provides the identity layer necessary for regulated products, while the EVM sidechain ensures Ethereum developers can leverage these capabilities using familiar tools.
For CTOs and decision-makers evaluating blockchain platforms, XRPL represents a mature option that has moved beyond proof-of-concept to production-scale deployment across global payment networks. **With Rumble Fish's expertise in blockchain development and XRPL integration, enterprises can navigate the technical complexities of implementation while leveraging the platform's full potential for payments, tokenization, and institutional DeFi applications.**
If you're exploring how XRPL's institutional DeFi capabilities could transform your financial operations or unlock new product opportunities, our blockchain development team can help you design and deploy solutions that leverage Multi-Purpose Tokens, Credentials, and the broader XRPL ecosystem. [Get in touch](mailto:hello@rumblefish.dev) to discuss how these innovations can drive value for your organization.Blockchain
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