Ripple CEO Brad Garlinghouse detailed the next phase of the XRP Ledger (XRPL)'s development, aiming to open XRPL to the U.S. regulated credit market by introducing a compliance layer. The plan includes adding native credit infrastructure and on-chain yield tools for institutional capital, and relies on two code amendments, XLS-65 and XLS-66, which are currently undergoing network voting. XLS-66, which will activate a term loan mechanism, currently has approximately 50-55% validator support and needs to reach 80% within two weeks to launch. The protocol will ensure compliance with Wall Street's stringent requirements through off-chain underwriting and borrower assessment, first-loss mechanisms, and KYC/AML verification. Institutions such as Evernorth and Doppler have indicated plans to launch native lending services immediately after activation in Q4 2026.