thecryptobasic.com 
$XRP analyst James Dula says new lending infrastructure on the $XRP Ledger could eventually let holders borrow against their $XRP without selling it.
He also believes they could earn yield on unused $XRP to help offset borrowing costs.
In a post on X, Dula linked several recent developments. These include Coinbase’s $XRP-backed loans, government-backed crypto mortgage structures, and proposed $XRP Ledger lending features. He argued that together they could create a new financial model for long-term $XRP holders.
Borrow Against $XRP Without Selling
According to Dula, $XRP holders can already use their tokens as collateral for crypto-backed loans through Coinbase, which added $XRP as eligible collateral earlier this year.
He used a hypothetical example. An investor holding 10,000 $XRP worth about $1 million, assuming an $XRP price of $100, could pledge 2,500 $XRP valued at around $250,000. With a loan-to-value ratio of roughly 49%, the investor could borrow about $120,000 in USDC without selling their $XRP.
Dula said the transaction would be treated as a loan rather than a sale. That means it would not trigger a taxable capital gains event while allowing the investor to keep exposure to potential future $XRP price gains.
Crypto-Backed Mortgages Show Where the Market Is Heading
Dula also pointed to a recent milestone involving Better Home & Finance and Coinbase. The companies completed the first Fannie Mae-backed mortgage in the United States using Bitcoin as collateral.
He said the structure combines a traditional mortgage with a separate crypto-backed loan for the down payment. Unlike many crypto-backed loans, the pledged Bitcoin is not automatically liquidated if its price falls, as long as the borrower continues making mortgage payments.
Although $XRP is not supported under that program, Dula said it shows how crypto-backed financing could evolve. He believes similar structures could eventually be expanded to include $XRP.
Proposed XRPL Lending Features Could Add Yield
Looking ahead, Dula said proposed $XRP Ledger lending features, including XLS-66d, could further expand $XRP’s utility.
In his scenario, $XRP that is not used as collateral could be deposited into a Single Asset Vault. There, it would earn yield by supplying liquidity to institutional borrowers.
Assuming annual yields of 4% to 7%, Dula estimated that 7,500 $XRP valued at $100 each could generate between $30,000 and $52,000 a year.
He compared that with a hypothetical borrowing cost of about 3.2% annually on the pledged $XRP. That would result in interest expenses of roughly $3,800 per year.
According to Dula, the yield earned from the unpledged $XRP could exceed the cost of servicing the loan. That could allow holders to borrow against their $XRP, keep their long-term position, and cover financing costs through lending income.
Dula concluded that collateralized lending, institutional liquidity pools, and yield-generating vaults represent infrastructure that is gradually being built for digital assets. However, he acknowledged that some $XRP-specific features, including XLS-66d, are still proposals and are not yet available.
