Users connect a wallet, scan an identity document and complete a selfie check. After document and biometric checks, stake xrpl issues a native XRPL credential that the user accepts with a transaction. Personal documents and data are not placed on the ledger.

Once issued, the credential can be used across participating apps and permissioned domains that recognize stake xrpl as an accepted issuer. This can help token issuers restrict holdings of real-world assets, stablecoins and regulated tokens to verified wallets, while permissioned decentralized exchanges can limit trading to verified participants. Lending pools are also cited as a potential use.

The service aims to let projects rely on verified users without building and operating their own KYC process. Individuals are expected to pay per verification, while projects can cover verification for their users through monthly billing. stake xrpl is preparing to launch on XRPL mainnet and is inviting interested users and projects to join its waitlist.