Clearpool Plans New Token and Private Credit Lending on XRP Ledger

Clearpool has set out a plan to replace its CPOOL token with a new one called CLEAR and to build private credit lending on the XRP Ledger. The governance proposal says the protocol aims to become the Morpho for private credit on the XRP Ledger, capturing the institutional yield opportunity there.

That ambition sits on top of a fund announced on 20 August 2026. Ripple, Cicada Partners and Clearpool said they would jointly run an institutional credit fund that lends RLUSD, Ripple's dollar stablecoin, to fintech and payments companies for working capital, settled on the XRP Ledger. Clearpool calls it the first institutional credit product to use RLUSD on XRPL.

The part worth reading twice is who does what. Ripple is one investor, not the borrower and not the lender of record.

Ripple Invests, Cicada Sources the Credit

Clearpool builds and operates the lending infrastructure: curated credit vaults on XLS-65 Single Asset Vaults, with loans issued, serviced and repaid through the XLS-66 Lending Protocol.

Cicada Partners is the fund's general partner and credit pool manager. It sources borrowers, sets covenants and monitors credit, and says it has underwritten more than $860 million to date.

Ripple sits on the other side as a limited partner alongside other institutional investors. Its capital anchors the first vaults, it invests on the same terms as the others, and it does not guarantee against losses. Neither the size of the fund nor Ripple's commitment was disclosed.

Clearpool also holds up the distribution it already has. RLUSD crossed $2.3 billion in circulation within two years of launch, and Clearpool argues that its holders are the depositor base a credit vault needs, while the fintechs already using it for payments are the borrower base.

XRP Is Not the Asset Being Lent

Loans are made and repaid in RLUSD. XRP only covers transaction fees and the minimum balances the ledger requires accounts to hold.

So growth in this fund shows up as RLUSD demand and XRPL lending activity, not as XRP being borrowed. Ripple's role as a limited partner in an RLUSD credit product is a different thing from new demand for the XRP token, and the proposal does not claim otherwise.

The Ledger Features Are Still in Voting

None of this is live on mainnet. Clearpool is testing on XRPL Devnet while XLS-65 and XLS-66 go through the network's amendment voting process.

An amendment needs more than 80% validator support held for two consecutive weeks before it activates. Dated figures from late August put support at roughly 34% to 37%, far below that threshold. No live ledger data was read here, so the current level is unconfirmed, and neither network activation nor product launch has a confirmed date.

What CLEAR Changes for CPOOL Holders

Existing CPOOL holders receive 70% of the new CLEAR supply through a 1:1 conversion, fully unlocked at the migration event. The proposal's plan shows CLEAR starting at 1.125 billion tokens, against CPOOL's 1 billion.

The rest is split 15% to treasury and partnerships, 10% to ecosystem incentives and 5% to contributors, each with its own vesting terms. The treasury and partnership slice unlocks 35% at generation event, then vests linearly over 36 months.

Two mechanics matter for supply over time. Half of all Clearpool protocol fees are allocated to buying CLEAR on the open market, and every purchased token is permanently burned. Against that, between 1% and 4% of total CLEAR supply may be issued each year as incentives for liquidity, staking, governance and yield products.

CLEAR keeps being issued as an ERC-20 token. Part of the new supply is bridged to the XRP Ledger, because yield products there need to distribute incentives to users. The existing EVM private credit marketplace keeps running while the team works on bringing the curator model to Ethereum and other chains.

One more relationship behind the deal: Hex Trust has incubated Clearpool since 2021 and remains a strategic partner, and Ripple is one of Hex Trust's largest investors.

The governance vote opened Friday, September 25 at 12am ET and ran for one week, with eligibility based on a wallet snapshot. The implementation plan puts migration after the governance phase, then the launch of Clearpool XRPL lending markets and XRP yield products.

For anyone holding CPOOL, the conversion is the visible event. The one that decides whether any of it works is the amendment vote.