A shared jar for one asset
3 minDifficulty Checked 2026-11-10- A vault holds exactly one asset: XRP, a trust-line token or an MPT.
- Shares are MPTs that record each depositor's slice of the vault.
- A vault earns nothing alone. Gains and losses come from the protocol using it.
Think of a big jar that holds only one kind of coin. Many people drop coins in. Each gets a receipt that says what slice of the jar is theirs. The receipts are called shares.
A Single Asset Vault is that jar. It holds one asset only. It can be XRP, a trust-line token such as a stablecoin, or a Multi-Purpose Token (MPT).
When you deposit, the vault gives you new shares. When you leave, you hand shares back and get coins out. If the jar grew while you were in, your shares buy back more coins. If it shrank, they buy back fewer.
The jar does not grow by itself. A vault earns nothing on its own. Growth has to come from a protocol connected to it, such as the Lending Protocol. Losses come from the same place.
Every vault has an owner. The owner creates it and sets its rules at the start: which asset, whether it is private, and a cap on its size. The owner can delete it only when it is empty. Under the lending design, the owner is also the loan broker who sends the vault's money out as loans. So depositors are trusting that owner.
Shares are tokens. You can hold them, and you can usually send them to someone else. A vault owner can switch that off at creation.
XLS-65 adds a Vault ledger entry and six transactions.
| Transaction | Sent by | Does |
|---|---|---|
VaultCreate | Owner | Creates the vault, its share issuance and a pseudo-account |
VaultSet | Owner | Changes Data, AssetsMaximum or DomainID |
VaultDelete | Owner | Removes an empty vault |
VaultDeposit | Depositor | Adds assets, receives shares |
VaultWithdraw | Shareholder | Burns shares, receives assets |
VaultClawback | Asset issuer | Claws back a holder's part of the assets |
Shares are MPTs. The vault's pseudo-account holds the deposited assets and issues the shares. It cannot send transactions. It exists so the ledger has an account to hold the funds.
Fields on Vault:
Asset: the one asset it holds.AssetsTotal: total value, including money owed to it.AssetsAvailable: what sits in the pseudo-account now.LossUnrealized: expected losses not yet final.ShareMPTID: the share token's issuance ID.
Costs: VaultCreate destroys one owner reserve, 0.2 XRP today, instead of the normal fee, because it creates the pseudo-account. The owner then holds two owner reserves: one for the Vault and one for the share MPTokenIssuance.
Read a vault with vault_info and its vault ID. ledger_entry returns the same entry. Clio servers add vault_list to find vaults by asset.
Related: Multi-Purpose Tokens, Owner reserve.
- XLS-65 Single Asset VaultRead 2026-11-10
- Single Asset VaultsRead 2026-11-10
- VaultCreateRead 2026-11-10
