The XRP Ledger now offers protocol-level controls that issuers and institutions can use to decide who may hold a token, freeze or claw back issued balances, restrict access with credentials, and run vaults and fixed-term lending. None of these is a bank product or a fund product in itself. The newest additions in the official release notes are version 3.3.0, published 2026-08-06, and version 3.4.0, published 2026-09-16. The older issuer controls and credential tools are described in current documentation pages that do not state when each was introduced, so “new” here refers mainly to those two releases.
For a personal-finance reader, the useful question is what these controls change for money you might hold: a stablecoin balance, a private vault deposit, or a lending product. They change what an issuer can do to a balance and who can get in. They do not, by themselves, make a product regulated or active on the network.
The controls at a glance
Each row is a separate control. The last two columns carry the timing and limits stated in the official documentation, and “Not stated” means the cited page does not give that detail.
| Control | What it does | When it is set | Limits |
|---|---|---|---|
| Require Auth (Authorized Trust Lines) | Holders need issuer authorization before they can hold the issued token | Only while the issuer account has no trust lines or offers; cannot be enabled after issuance starts | Applies to issued tokens only; XRP is not subject to it |
| Individual freeze | Freezes one holder’s trust line | Not stated | Scope limited to the affected trust line |
| Global freeze | Freezes activity for the token as a whole | Not stated | Not stated |
| Clawback | Lets the issuer reclaim issued tokens from holders | Before any trust-line tokens are issued; cannot be added to an account that has already issued them | Conflicts with the No Freeze setting; XRP cannot be clawed back |
| Credentials | A signed statement tied to an XRPL account that records what the issuer attests | Set by the credential’s issuer | The ledger records the attestation; it does not verify the underlying fact |
| Permissioned Domain | Restricts a resource to accounts holding accepted, unexpired credentials | Not stated; accepted credentials can be updated later without changing the resource | Does nothing on its own; permissioned DEXes and vault/lending are named as features in development |
| Single Asset Vault | Pools one asset type from depositors and makes it available to another on-chain protocol | Not stated | Asset can be XRP, a trust-line token or an MPT; vault can be public or private |
| Lending Protocol | Originates fixed-term loans from vault liquidity | Not stated | Uncollateralized; underwriting is off-chain; no automated on-chain collateral or liquidation management in the current documented implementation |
| Closed-ended vaults and cash-basis accounting (LendingProtocolV1_1) | Adds subscription, investment and redemption phases; recognizes interest as income when payments are made | Released in 3.4.0 (2026-09-16); activation depends on amendment voting | Not stated |
Stablecoins: authorization, freezes and clawback
An XRPL stablecoin is an issued token backed by assets held outside the ledger. Its value to you rests on the issuer’s promise of redemption. The ledger records the issuer’s settings, not the reserves behind the token. The official Stablecoin Issuer guide covers setting up a trust line and transferring tokens, and it recommends that issuers publish an xrp-ledger.toml file listing their currencies and issuer addresses. That file tells you what the issuer says about its tokens. It does not verify reserves or redemption quality.
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Authorization before holding
Require Auth lets an issuer approve every account before that account can hold the token. Once it is on, a holder needs an authorized trust line, so the issuer can refuse you outright. The issuer decides who qualifies. The Authorized Trust Lines documentation describes the mechanics.
Freezes
An issuer can freeze an individual trust line, which restricts one holder’s balance, or freeze activity for the whole token. The Stablecoin Settings page describes both. Read it for exactly which transfers each freeze blocks, because the summary here does not go into that detail.
Clawback
Clawback is the control that lets an issuer take issued tokens back, rather than only restrict them. Because clawback conflicts with the No Freeze setting, a token with clawback enabled cannot also carry a No Freeze promise. The issuer therefore keeps its freeze power alongside the ability to reclaim. XRP itself cannot be clawed back. The Clawing Back Tokens documentation sets out the rules.
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Credentials and permissioned domains: who can get in
Credentials
A credential is a signed statement recorded on the ledger and tied to an XRPL account. It can attest to identity, legal status or another status, and the issuer chooses what the credential represents. The ledger carries the attestation; it does not check the underlying fact. The Credentials documentation says the design aims to support authorization while respecting privacy and decentralization. For a holder, a credential is only as reliable as the issuer behind it.
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Permissioned domains
A permissioned domain lists between one and ten issuer and credential-type combinations that it accepts. When an account tries to use a resource restricted to that domain, the ledger checks for a matching, accepted, unexpired credential and fails the access if none exists. The domain owner can change the accepted list without reconfiguring the resource. That means a credential you already hold can stop qualifying if the domain owner removes its issuer or type.
The Permissioned Domains documentation says a domain does nothing on its own. It names permissioned DEXes and vault/lending features as ones still in development, so a domain existing on the ledger does not mean a service that uses it is live.
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Vaults and lending: what a tokenized fund means on XRPL
A product marketed as a tokenized fund may use vaults and, in some cases, lending on XRPL. These primitives are protocol features, not regulated funds. Nothing on the ledger proves the investment mandate an operator describes.
Single Asset Vaults
A single asset vault pools one asset type from depositors and makes it available to another on-chain protocol. The asset can be XRP, a trust-line token or an MPT (multi-purpose token). A vault can be public or private. The official tutorial, Create a Single Asset Vault, demonstrates credential gating for private vault deposits through a permissioned domain. A private vault may therefore turn away a deposit from an account that lacks the required credential. The overview of the feature is on the Single Asset Vaults page.
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The Lending Protocol originates fixed-term loans from vault liquidity. The loans are uncollateralized, and underwriting and risk management happen off-chain. For a depositor, this means a defaulted loan is not automatically covered by collateral that the protocol can seize and sell. How losses are handled depends on off-chain arrangements that the protocol documentation does not describe. See the Lending Protocol documentation for the current implementation.
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Closed-ended vaults and cash-basis accounting
Version 3.4.0, published 2026-09-16, introduced LendingProtocolV1_1, as described in the release notes. It adds closed-ended vaults with subscription, investment and redemption phases. Getting money out therefore follows the vault’s schedule rather than being open at all times. The release also adds cash-basis accounting, which recognizes interest as income when payments are made. Reported income can lag the interest that has accrued. The same release includes fixes to authorization, credentials, domain checks, and vault and lending precision.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Software release versus live network
XRPL capabilities are amendment-gated. A software release that includes an amendment shows what is available. It does not show that the amendment is active on the network, because activation timing depends on amendment voting, as the 3.4.0 release notes state. Check the activation status of the relevant amendment before describing a feature as live.
Version 3.3.0, published 2026-08-06, introduced, among other amendments, ConfidentialTransfer for privacy-preserving MPT transfers, DynamicMPT properties, and reserve and fee sponsorship, as set out in its release notes. This shows that the control set is still changing. It does not show adoption by banks or tokenized-fund issuers.
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What this means for banks, stablecoin holders and fund investors
Banks and other institutions
The protocol documentation describes no bank-specific control set. The features above are general-purpose. An institution that issues a token, runs a vault or acts as a credential issuer makes its own configuration choices and carries its own legal, compliance and custody obligations. The ledger supplies the mechanics, not the authority to offer a regulated service. A bank acting as a credential issuer becomes the source of the attestations, so a domain’s trust in that credential is trust in the bank’s own checks.
Stablecoin holders
A token with Require Auth may refuse you outright, and a token with clawback enabled can be taken back. The ledger does not reverse either outcome. Your protection rests on the issuer’s published terms and on the legal framework where the issuer operates, which the ledger does not supply.
Fund investors
Private vault deposits are gated by credentials. Public vaults are not described as gated. Closed-ended vaults limit when you can move money, and lending exposes deposited assets to borrower credit risk with no on-chain collateral behind the loan. The ledger shows what happened to the money. It does not show whether the underwriting was sound or whether the operator’s description of its strategy is accurate.
Quick Recap
What to check before relying on these controls
- Issuer settings: whether Require Auth, freeze and clawback are set on the issuer account, and whether the xrp-ledger.toml file published by the issuer lists the account you are holding.
- Vault visibility: whether the vault is public or private, which credential and which credential issuer it accepts, and whether the domain owner can change that list.
- Withdrawal terms: whether the vault is open-ended or closed-ended, and which phase your money would be in if you needed it back.
- Credit process: who underwrites each loan, what happens on default, and whether the operator documents that process off-chain.
- Network status: whether the amendment behind a feature is active on the network, using the XRPL documentation and release notes rather than the software release alone.
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