ChainThink report, on December 17, SBI Ripple Asia signed a Memorandum of Understanding with Doppler Finance, an XRPL-native protocol, to jointly explore interest-bearing products based on XRP and tokenization of Real World Assets (RWA) on the XRP Ledger.

This marks the first collaboration between SBI Ripple Asia and an XRPL-native yield protocol. According to the disclosure, both parties will focus on building compliant, transparent yield infrastructure tailored for institutional clients, driving the transformation of XRP from a payment-oriented asset into a yield-generating financial instrument. Doppler Finance will provide the on-chain yield framework, while SBI Digital Markets, regulated by Singapore's Monetary Authority, will serve as the institutional-grade custodian, offering segregated custody services for client assets.

The partnership is seen as a significant step toward deepening institutional participation in the XRP Ledger. For years, XRPL has lagged in on-chain yield mechanisms and financialization applications. Leveraging SBI Group’s and Ripple’s regulatory and ecosystem advantages across Asia, both parties aim to accelerate XRP’s yield-bearing evolution and RWA onboarding, aligning with growing demand in jurisdictions such as Japan and Singapore—where regulatory clarity around tokenized assets and blockchain-based yield products is increasingly evident.