Doppler vaults surpass $150M TVL with expansion into new networks, managed strategies, XRPL lending, and tokenized positions.
DeFi & Yields ·
Doppler's vault offerings have accumulated more than $150 million in total value locked since their launch in February 2025, drawing deposits from over 14,000 users holding positions in XRP and RLUSD across the XRP Ledger and Ethereum networks. The protocol operates through a custody-based model that deploys capital into asset-neutral strategies via off-exchange settlement, returning yield denominated in the originally deposited asset rather than USD-equivalent gains. Beyond XRP and RLUSD, Doppler is expanding its infrastructure to support new blockchain networks including Base and Canton, add manager-directed vault strategies, enable native lending functionality through the XRP Ledger's Lending Protocol (XLS-66), and introduce tokenized representations of vault positions.
The expansion reflects a broader shift toward making tokenized assets—including real-world assets now totaling over $38 billion onchain—functionally equivalent to traditional financial instruments. Doppler positions itself as addressing a gap between asset tokenization and the institutional-grade infrastructure needed to support yield, collateralized lending, credit, and settlement activities with adequate custody and compliance controls.
Key open questions include the performance and adoption trajectory of managed strategies, the timeline and scope of network expansion to Base and Canton, and whether tokenized position transfers will unlock new composability or liquidity dynamics for vault participants.