Ripple Senior Vice President Markus Infanger, the head of Ripplex, argues for the XRP Headbook (Xrpl) is built for the next phase of the real world’s tokenization and says that today’s SPV-heavy market is only a bridge to “native issue.”
From immobilization to native issue
In a blog post on August 12, Infanger draws a direct line from the 1970s – change in capital markets – when Euroclear and DTCC immobilized paper certificates in vaults while moving ownership registers to be electronic – to today’s tokenization stack.
He says vehicles with special purposes (SPVS) Play a comparable, transitional role now: legally well-known wrappers that hold off-led-acts while emitting a tokenized representation on a network.
The model is “clumsy” and centralized, he recognizes, but useful as infrastructure, standards and politics mature. It is with his words, “Scaffolding“ Not the end mode.
Infanger says the ultimate goal is fully digital assets, where the token itself is the legal record, rules are built into the code, trading immediately and liquidity flows freely in the markets without intermediaries.
Why infanger says XRPL stands out
Infanger’s case for XRPL centers on protocol levels, which are intended for financial use from the start, which he claims reduces integration work and operational risk of institutions moving from SPVs towards built -in issuance:
- On-Ledger Exchange (built -in DEX): XRPL includes a built-in order book exchange that allows the token token’s opportunity to shop directly on the headbox without external smart contract routers. For tokenized RWAs, it can mean immediate list and peer-to-peer execution with fewer moving parts.
- Almost instant, cheap settlement: Ledger’s consensus design is targeted at rapid finality and minimal transaction fees, a combination of infanger says is critical for high-volume instruments-such as tokenized T-bills-where bearing, fees and operational latency.
- XLS-30 Automed Market Maker (Amm): This standard introduces on-led-liquidity pools that algorithmically put prices based on stock so tokens can act even when a matching order is not present. For RWA markets that need continuous two-way prices-snarers than episodic RFQs-Canal On-Ledger AMMs help stabilize liquidity.
- XLS-65 LOAN LIFT: A suggested standard for borrowing and loans at protocol levels. Instead of building tailor -made smart contracts could issuers enable secured credit (For example, loan against a tokenized note or property requirements) With rules defined at standard level using audit ability and risk control.
- Programmable compliance and custody hulls: Because issuance, exchange and settlement live in the base protocol, infanger claims that rule sets (Whitelists, transfer restrictions, revelations) And the custody of the custody can be embedded directly in the life cycles of the asset – supporting regulatory adaptation as a quantity scale.
- Composability: With exchange, liquidity, lending and issuing primitives designed to interoper, tokens can move through primary issuance, secondary trade, collateral and settlement without sewing more external systems together. Infanger says it’s the way to “embedded” liquidity rather than fragmented silos.
Early signs of native issuance
To illustrate the direction of travel, Infanger quotes a pilot of CTRL everything with Dubai’s Land Regulator for Mint Property Ownership Records at XRPL. By registering titles native, the scheme aims to streamline transfers, improve audit ability and integrate supervisory visibility.
CTRL ALT plans to integrate the Ripple Parent Authority for safe storage of tokenized deeds-an example of how headbox functionality and institutional custody custody can be paired into production.
Why SPVs don’t go away – yet
Infanger says SPVs remain crucial to institutions bound by current laws, audits and system trials comparing them to the 1970s immobilization, which paved the way for digitization and eventually fully digital assets with built -in compliance and settlement.
The track for institutions
Infanger encourages banks, asset managers and treasurers to use SPVs at the moment, but plan a native issue. He believes that a public, financially focused headbook with built-in exchange, liquidity and credit standards will speed up the shift and make on-LEDs assets to act as mainstream instruments.
