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How Permissioned Trading Actually Works on XRPL XRPL already has a way for regulated institutions to trade on the same public ledger without opening every market to every account on the network. Permissioned Domains and the Permissioned DEX are live right now. The normal XRPL DEX is open. Any account can place an offer, and the ledger itself doesn’t know the real person or company behind that account. Regulated institutions often need tighter control over who they can trade with. That control comes through credentials. A domain owner decides which credentials qualify somebody for access, and each domain can accept between one and ten credential types. Those credentials can represent whatever the issuer already verified offchain. The personal information doesn’t need to be written onto XRPL. The ledger only needs to know that the account holds a valid credential from an accepted issuer. When somebody tries to use a market tied to that domain, XRPL checks the credential automatically. If the account qualifies, the transaction can go through. If it doesn’t, access is denied. The institution also doesn’t need to keep some giant manual list of every wallet allowed into the market. Access follows the credential itself, and an expired or invalid credential removes that access. Inside the Permissioned DEX, offers only match other permissioned offers inside the same domain. Every account participating in that market has already met one of the accepted credential requirements before the trade can happen. Hybrid offers add another option. A hybrid offer belongs to a permissioned domain and can also interact with the open DEX, so controlled participants can still reach outside liquidity when the structure allows it. The asset itself doesn’t have to become private. The restriction sits around who can use that specific market, and the trade still settles on the same public XRPL as everything else. Institutions can also use the other controls already built around issued assets. Credentials can control access, Permissioned Domains can control counterparties, and issuer features like freeze or clawback can handle the asset itself when those controls are required. Future lending and vaults are designed to use the same kind of access control. A private Single Asset Vault can be restricted to accounts holding approved credentials, and the proposed Lending Protocol would use pooled assets for fixed term uncollateralized loans with credit decisions handled offchain. Those lending features aren’t live yet. As of October 31, SingleAssetVault has 21 of 35 validator votes, and LendingProtocol and LendingProtocolV1_1 each have 19. With the current validator set, they need 29 votes before the 14 day majority countdown can begin. Permissioned trading itself is already here. An institution can create a restricted market, decide what credentials qualify somebody to enter it, keep personal information offchain and settle the trade through XRPL. The open DEX keeps running right beside it. One market can be open to everybody, another can be limited to approved participants, and both can exist on the same public ledger. That’s what makes this useful for institutions. They can control who gets into the market without moving the whole thing onto a private chain.

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