Doppler Finance’s XRP Vault has accumulated more than 90 million XRP, worth about $128m at the current price, as investors continue moving otherwise idle tokens into yield-generating products.
The total value locked in the vault is now above $125m, with XRP trading at roughly $1.42. The milestone comes in the same week that Evernorth, an XRP treasury company backed by Ripple, is due to begin trading on Nasdaq with approximately 473 million XRP on its balance sheet.
Doppler’s transparency reports indicate that the vault’s holdings have risen by about 76% in XRP terms since late February. More than 32 million XRP was added in less than four months during the spring.
Growth has been slower since June, with the vault gaining about 6.7 million XRP. However, the total has continued to increase while XRP traded between approximately $0.99 and $1.57 during that period.
Doppler presents its platform as yield infrastructure for XRP, an asset that has traditionally offered holders limited ways to generate onchain income. Its products include yield vaults for XRP and other XRP Ledger (XRPL) assets, as well as lending and liquid staking services associated with decentralised finance (DeFi).
The platform is aimed in particular at XRP held inactive on centralised exchanges. Unlike ether and solana, XRP does not provide a native staking reward, meaning returns must come through lending or other strategies built around the asset.
Doppler has used its transparency reports to outline the backing for its products. In a 19 June report, it said backing assets across its custody and risk-management arrangements totalled $109,438,283, compared with $105,481,105 in total user assets. That represented a backing ratio of 103.75%, while the first-quarter report recorded a similar figure of 103.82%.
Those figures were snapshots rather than live proof of reserves, and were published before the vault reached 90 million XRP.
Security concerns around the underlying ledger have also emerged. Bitcoin.com News recently reported on a decade-old XRP Ledger bug that could have allowed XRP to be created artificially before the flaw was fixed. Ripple has since responded to those concerns, while the XRP Ledger Foundation said the vulnerability had not resulted in any XRP being created.
Evernorth is expected to start trading on Monday under the ticker XRPN. The company intends to seek returns through institutional and decentralised finance strategies, rather than simply holding its XRP reserves.
Doppler’s vault now contains about one-fifth of the XRP held by Evernorth. The vault is a pooled product for individual holders, while Evernorth is a publicly traded company, but both approaches are based on generating income from XRP.
Separately, US spot XRP exchange-traded funds received $11.31m last week. Bitcoin funds recorded outflows of $681m, while ether funds lost $542m. XRP funds have now recorded weekly inflows for 13 consecutive weeks.
Doppler’s next transparency report will indicate whether the vault retains the same backing cushion recorded in June.
