XRP Ledger by Ripple: status and timeline

Milestones

No announced next step

XRP Ledger goes live as decentralized network2012Complete.
rippled 3.1.0: Single Asset Vaults and lending (XLS-66)28 Jan 2026Complete.

Most important updates

Ripple releases rippled 3.1.0 with Single Asset Vaults and native lending protocol XLS-6628 Jan 2026

Current obstacles

Institutional adoption of SAV and lendingGetting banks to adopt the standard and on-ledger lending instead of traditional systems.
Privacy and regulatory complianceTokenized real-world assets require compliance with local regulations and privacy rules. Integrating KYC/AML into on-ledger lending is complex.

Physics limits

Ledger throughput is centrally limitedThe XRP Ledger can process about 1,500 transactions per second, compared to traditional payment networks (Visa) handling 65,000+. High-volume scenarios may hit limits.
Institutional finance adoption is slowDespite technical improvements, banks and institutions move slowly to adopt new settlement infrastructure. Regulatory approval for on-ledger loans is uncertain.

How it works

4 parts

Consensus mechanism

XRP Ledger Consensus Algorithm

Byzantine Fault Tolerant consensus among validators (no proof-of-work). Validators use trusted subnetworks to confirm transaction order and state changes.

Asset tokenization

Single Asset Vaults (SAV)

XLS-66 allows issuing and holding tokens backed by a single real-world asset (real estate, commodities, etc.) in a standardized way on the ledger.

Native lending

Fixed-term institutional loans

XLS-66 also includes a native lending protocol where institutions can originate, trade and service loans directly on the ledger without intermediaries.

Interoperability

Cross-chain atomic swaps

The ledger supports atomic transactions across different blockchains and assets, enabling seamless settlement of multi-asset trades.

Spec sheet

Spec	XRP Ledger
Settlement time	4–5 seconds^R (reported)
Current rippled version	3.1.0^R (reported)
Typical transaction fee	<$0.01^R (reported)

^R reported by the company

Update log

1 update

Wed 28 Jan

Major: Ripple releases rippled 3.1.0 with Single Asset Vaults and native lending protocol XLS-66PressSoftware

About Ripple

The team behind XRP Ledger

Ripple

XRP, RLUSD stablecoin, payments, RippleNet

Ripple builds blockchain infrastructure for cross-border payments. Founded in 2012, it manages the XRP ledger and issues RLUSD, a regulated dollar stablecoin. 2,182 employees; $40B valuation as of November 2025.

Founded 2012; manages XRP Ledger with 100B XRP total supply; 2,182 employees as of June 2026.
RLUSD received NYDFS approval December 2024; reached $1.7B supply by Q2 2026.
May 2026: $200M debt facility from Neuberger Berman for Ripple Prime margin trading; $40B valuation as of November 2025.

ripple.com (opens ripple.com)Company profile →

Founded: 201214 yrs
Headquarters: United States
Status: Private
Valuation: $40BprivateNov 2025
Staff: ~2,182Jun 2026
Raised: $700M2 rounds
Last round: Debt facility · $200M11 May 2026
Works in: CryptoStablecoins & tokenization
Coverage: 2 programs · 6 updateslatest 16 Jun 2026checked 10 Oct
Partners: Bank of New York Mellon (opens bnymellon.com)Mastercard (opens mastercard.us)
Investors: Flutterwave (opens flutterwave.com)
People: Brad GarlinghouseCEO

Spec

XRP Ledger

Settlement time

4–5 seconds^R (reported)

Current rippled version

3.1.0^R (reported)

Typical transaction fee

<$0.01^R (reported)