XRPL testnet tokenisation demo: tokenise-to-lend, on a test network.
XRPL TESTNET DEMONSTRATION - NOT A LIVE LENDING SERVICE. Test-network tokens and test XRP have no real monetary value; the demonstration does not establish legal security over any asset and does not provide real credit. No real assets, money or offers. In this XRPL testnet tokenisation demo a fictional commercial unit goes from a verified Vault to a token, a collateral lock, a loan of valueless test XRP, repayment and release - every ledger step a real transaction on an XRP Ledger test network.
What this XRPL testnet tokenisation demo shows: verify first, then the token, then the loan.
Verified Vault
A fictional commercial unit with sealed evidence: survey, certificates, title, valuation and insurance - all marked as specimens.
Collateral Report
Sealed and signed. Each of the demo lender's own criteria shown as met or not. The lender decides; Property Vault approves nothing.
Multi-Purpose Token for a demo SPV
A Multi-Purpose Token for 100% of a fictional SPV's interest. Authorised holders only, clawback enabled, no transfers or trading.
Collateral lock
The issuer locks the borrower's units. A register lock, not a security interest: the legal force sits in an off-chain document (a specimen here).
Test loan, repaid, released
A loan of valueless test XRP is drawn, repaid in full, and the lock is lifted.
Where this sits: the demonstrator exercises the design of the asset tokenisation platform, the planned borrow-against-assets flow in Lending & Collateral and the Collateral Report described under collateral verification for lenders (in development). The ledger primitives are explained in XRP Ledger tokenisation: how it works; the sealing behind every document in tamper-evident documents and security.
On XRPL devnet: with the XLS-65 Single Asset Vault and the XLS-66 Lending Protocol.
On the devnet, Single Asset Vault (XLS-65) and the Lending Protocol (XLS-66) are enabled, so the loan runs through a lender's vault and a loan broker. On mainnet both are still in validator voting - supported when activated.
| Step | What happened | By | Transaction |
|---|---|---|---|
| Issue the token | Multi-Purpose Token issued: 100 units for 100% of the demo SPV's interest | Demo security trustee | 0D1BA61CD967… |
| Issue the token | Borrower opts in to hold the token | Demo borrower | 7B692ECBA389… |
| Issue the token | Trustee authorises the borrower as a holder | Demo security trustee | A92594F59B13… |
| Issue the token | Units issued to the borrower | Demo security trustee | 8752D5CA50C2… |
| Collateral lock | Register lock of the borrower's units | Demo security trustee | 3FF41A53BA43… |
| Lender's vault | Closed-ended Single Asset Vault created (XLS-65) | Demo lender | ADEEBB716242… |
| Lender's vault | Loan broker created (XLS-66) | Demo lender | 0BFB97AF2083… |
| Lender's vault | First-loss cover posted | Demo lender | 70959348CBFB… |
| Lender's vault | Test XRP deposited into the vault | Demo lender | F0C128AEC978… |
| Draw | Loan drawn, signed by borrower and broker (XLS-66) | Demo borrower | 3B1B918957BE… |
| Repay | Loan repaid in full | Demo borrower | A5509932E86B… |
| Repay | Paid-off loan removed | Demo borrower | 0D2C1125C49D… |
| Release | Register lock lifted: collateral released | Demo security trustee | A0B5906EA730… |
Links open the public devnet explorer. The devnet is reset from time to time; after a reset these links show “not found”.
On XRPL testnet, without them: the fallback.
Single Asset Vault and the Lending Protocol are not enabled on the testnet, so the same demonstration falls back to an escrowed draw and a repayment payment - and says so.
| Step | What happened | By | Transaction |
|---|---|---|---|
| Issue the token | Multi-Purpose Token issued: 100 units for 100% of the demo SPV's interest | Demo security trustee | 5338347125C8… |
| Issue the token | Borrower opts in to hold the token | Demo borrower | 8ED7529B697F… |
| Issue the token | Trustee authorises the borrower as a holder | Demo security trustee | B3F1223DD142… |
| Issue the token | Units issued to the borrower | Demo security trustee | 919BBF26BA60… |
| Collateral lock | Register lock of the borrower's units | Demo security trustee | 6DD9F53D7620… |
| Lender's vault | Loan amount escrowed to the borrower | Demo lender | 17F6BC26658E… |
| Draw | Escrow finished: the draw | Demo borrower | 2A22C44D011E… |
| Repay | Repayment to the lender | Demo borrower | 123626EC6E85… |
| Release | Register lock lifted: collateral released | Demo security trustee | B1A1DDEB4AA0… |
When the test loan is not repaid: default, clawback, enforcement.
The same demonstrator also walks the path nobody wants: a missed payment on the test loan, a default declared by the demo lender, the demo security trustee's clawback of the collateral units, and an enforcement entry written to the demo SPV's register. Devnet only - the XLS-66 default and clawback steps need amendments the testnet does not have. Roadmap · subject to approvals In development · test networks only (XRPL devnet)
Missed payment
The repayment date passes with nothing paid; the demo lender records the arrears against the loan.
Default declared
The demo lender marks the loan in default on the ledger. A declaration on a test network, not a legal notice.
Clawback
The demo security trustee claws back the locked collateral units from the borrower's test account.
Enforcement recorded
An enforcement entry is written to the demo SPV's register and the Vault's Verified History, with its date and the test transactions it rests on.
Recorded run · XRPL devnet · 9 Oct 2026, 13:55-14:00 UTC
| Step | What happened | By | Transaction |
|---|---|---|---|
| Issue the token | Multi-Purpose Token issued for 100% of the demo SPV's interest | Demo security trustee | 26968C2DC88D… |
| Issue the token | Borrower opts in to hold the token | Demo borrower | CF11809F1DC1… |
| Issue the token | Trustee authorises the borrower as a holder | Demo security trustee | EC841D450AA1… |
| Issue the token | Units issued to the borrower | Demo security trustee | 8ABE96EE5E19… |
| Collateral lock | Register lock of the borrower's units | Demo security trustee | 4A95DDD76CE2… |
| Lender's vault | Closed-ended Single Asset Vault created (XLS-65) | Demo lender | B1EEDB8A0AF5… |
| Lender's vault | Loan broker created (XLS-66) | Demo lender | 8C703B700988… |
| Lender's vault | First-loss cover posted | Demo lender | F6733490A54B… |
| Lender's vault | Test XRP deposited into the vault | Demo lender | FE8727B547B7… |
| Draw | Loan drawn, signed by borrower and broker (XLS-66) | Demo borrower | 9E56661B7A2E… |
| Missed payment | No payment made by the due date; the grace period passed on validated ledger time | - | off-ledger |
| Default declared | Loan marked in default by the demo lender (XLS-66) | Demo lender | EF74368484A7… |
| Clawback | Locked collateral units clawed back from the borrower | Demo security trustee | AAB6BFF3512D… |
| Enforcement recorded | Enforcement entry written to the demo SPV's register (off-ledger) | Property Vault (demonstration) | off-ledger |
Links open the public devnet explorer. The devnet is reset from time to time; after a reset these links show “not found”. Every transaction carries the fixed note “Testnet demonstration - no real assets, money or offers”. Mainnet, real lenders, real issuance and any public offer: Roadmap · subject to approvals.
What is real
The finance data model (valuations, insurance, charges and liens, collateral assessments, facilities), the sealed Collateral Report, the eligibility checks, the default-path state machine and every test-network transaction.
What is demonstration
The asset, the borrower, the SPV, the security trustee and the lender are fictional; identity checks are mocked; the security document is a specimen; the loan is valueless test XRP.
Launching through regulated partners, subject to regulatory approvals. This page describes a product in development. It is not an offer or a financial promotion. Mainnet, real lenders, real issuance and any public offer: Roadmap · subject to approvals.
Where this fits.
Testnet demonstration - no real assets, money or offers. Read how lending and tokenisation are planned, with regulated partners.