The XRP Ledger’s development branch now includes LendingProtocolV1_2, a new amendment that is not yet supported and sits above the earlier LendingProtocolV1_1 and original LendingProtocol entries. The associated XLS-65/66 standards work introduces a material change to loan creation: a proposed LoanSet transaction would establish a loan, while a separate LoanAccept transaction would accept it, with the loan becoming active only after acceptance.
Development records through October 14 show the amendment also covers gated behavior for loan-broker domains, fixed-precision vault accounting, and transaction-flow tests for the split setup/accept process. The original LendingProtocol entered rippled 3.1.0 in January 2026, and subsequent releases have continued to adjust the lending feature. LendingProtocolV1_2 therefore represents another pre-launch revision rather than an expansion of the headline feature set, and it remains in development without a production rollout.
Meanwhile, validator support for the broader XRPL lending protocol is still insufficient. Voting records from October 20 show LendingProtocol and LendingProtocolV1_1 each have 19 votes, ten short of the 29 required, while SingleAssetVault has 21 votes. All three proposals must maintain more than 80% validator support for two consecutive weeks before activation, and none has completed that process. The proposals include SingleAssetVault for pooling XRP and other eligible assets, LendingProtocol for fixed-term loan tools, and LendingProtocolV1_1 for closed-ended vaults and revised interest income recognition. The system also includes off-chain credit assessments and first-loss capital arrangements, meaning lenders face borrower default risk, while closed-ended vaults could restrict withdrawals for predetermined periods.
Separately, the fixCleanup3_4_0 amendment has secured the required majority and is expected to complete its approval period around October 23 at 09:34 UTC. That security upgrade will address issues involving asset vaults, loan default handling, automated market makers, and token permissions. It includes a fix preventing certain token-burning permissions from also allowing creation of fungible assets, and improvements to vault deposit and withdrawal calculations. Even if lending proposals received the remaining votes immediately, they could not activate on October 23 because XRPL’s mandatory approval period would still need to be completed.
