SBI Ripple Asia has signed a memorandum of understanding with Doppler Finance to explore XRP-based yield products and real-world asset tokenization on the XRP Ledger, marking the first time the firm has partnered with an XRPL-native protocol.

The collaboration focuses on building institutional-grade yield infrastructure for XRP and expanding the use of tokenized real-world assets on the blockchain, according to a statement released Wednesday.

Doppler Finance, which describes itself as XRP-focused yield infrastructure, will work with SBI Ripple Asia to develop compliant, transparent products aimed at institutional clients.

SBI Digital Markets, a unit regulated by Singapore’s Monetary Authority, has been appointed as the institutional custodian, offering segregated custody for client assets.

The partnership signals a step toward deeper institutional engagement with the XRP Ledger, which has historically seen limited on-chain yield activity compared with other smart-contract networks.

By working with a regulated financial group tied to Japan’s SBI Holdings and Ripple, Doppler gains access to one of Asia’s most established digital-asset ecosystems.

“This collaboration is about expanding XRP’s role beyond payments and positioning it as a productive, yield-bearing asset,” Doppler’s head of institutions said in the statement.

An SBI Ripple Asia spokesperson said the firm aims to accelerate the development of secure and transparent yield infrastructure on the XRP Ledger by combining Doppler’s on-chain framework with SBI’s experience in digital-asset adoption across Asia.

The agreement comes as financial institutions increasingly explore tokenized assets and blockchain-based yield products, particularly in jurisdictions with clearer regulatory frameworks such as Japan and Singapore.