XRPL’s AMM upgrade brings StableSwap and concentrated liquidity, allowing liquidity pools to put more capital to work across DeFi markets. Existing AMM pools would stay unchanged, while new p
The XRP Ledger could move closer to deeper DeFi liquidity after the XRPL Foundation published a draft amendment for a major upgrade to its native automated market maker.
The proposal, called “AMM Swappable Curves,” would expand the ledger’s current AMM design by adding new pool curve options. These include constant product, concentrated liquidity, and StableSwap. A programmable Smart AMM model would follow under a separate specification.
XRPL has supported a native decentralized exchange and AMM since the XLS-30 amendment went live in March 2024. However, its current AMM design spreads liquidity across all possible prices, which can limit capital efficiency for stablecoin pairs, tokenized assets, and other markets that usually trade in narrow ranges.
Today, we’re publishing a new XRP Ledger Standard for AMM v2.
New pool curves StableSwap & Concentrated Liquidity increase capital efficiency and stabilize pricing for stablecoins, FX markets, RWAs and beyond on the XRPL DEX.
Details:https://t.co/jU9CrXA1tHpic.twitter.com/ImSioPCDNE
— XRP Ledger Foundation (@XRPLF) May 26, 2026
The new draft would let pool creators choose the pricing curve that fits each asset pair. Existing pools would remain on the current constant product model, with no forced migration. New pools would select their curve type at creation, and that choice would stay locked for the pool’s full life.
For volatile pairs, the current constant product model can still serve a clear role. However, XRPL’s DeFi market has lacked tools that many other ecosystems already use to improve pricing, reduce slippage, and make liquidity more useful.
StableSwap curves would focus on assets that trade close to a 1:1 value, such as stablecoins, tokenized fiat, or wrapped versions of the same asset. This model maintains a flatter price around the peg and also offers the capacity for larger swaps to occur with less price fluctuation than a standard constant product pool.
By concentrating liquidity, LPs are granted greater control since they no longer need to provide liquidity across all price levels. They can focus on narrower ranges where the majority of trading takes place. That structure can increase usable liquidity without requiring the same amount of capital.
This change matters for XRPL’s broader DeFi push, as the ledger now hosts more than $3 billion in tokenized real-world assets. These products include tokenized Treasuries and other institutional assets that need smooth, low-cost trading. For assets that move in narrow ranges, a constant product AMM can leave too much liquidity unused and create more slippage than traders want.Therefore, the upgrade could also help XRP Ledger connect its tokenization activity with stronger on-chain trading functions. Tokenized assets can move on-chain, but active markets also need liquidity pools that price assets efficiently. Without that structure, capital may sit on the ledger without moving through deeper DeFi activity.
Recent institutional work has added more attention to XRPL’s role in real-world asset settlement. A Ripple and JPMorgan pilot recently processed a tokenized U.S. Treasury redemption on XRPL in under five seconds. That type of activity shows demand for fast settlement, but trading and yield infrastructure remain separate parts of the same market buildout.
The AMM proposal still needs to move through XRPL’s amendment process. Validators must approve changes before activation, and the process can take months. Approval is not assured at the draft stage.
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