Does the permissioned DEX change the open DEX?

No. Offers without a domain trade on the open order books exactly as before; a domain’s offers sit in books of their own.

How does an account get into a domain?

By holding one of the credentials the domain lists and accepting it. Credentials are issued by others on the ledger, for example a firm that has checked the account holder’s identity.

Can one offer trade inside and outside a domain?

Yes, a hybrid offer. It is placed with a domain and the hybrid flag, and sits in the domain’s book and the open book at once.

Insights

XRPL Permissioned DEX: Institutional Trading on the XRP Ledger

Since 18 February 2026 the XRP Ledger’s exchange can run gated markets alongside the open one: order books where only accounts holding the right credentials can trade. Built for regulated firms that may only trade with verified counterparties, it leaves the open exchange as it was.

How a domain works

Someone creates a domain and lists the credentials it accepts: up to 10, each an issuer and a credential type (XLS-80).
Credential issuers, such as a firm that has checked a customer’s identity, issue credentials to accounts on the ledger; the account accepts its credential (credentials).
Any account holding an accepted credential can place offers in the domain. Its offers go into the domain’s own order books and only match other offers in that domain (XLS-81).
A hybrid offer sits in the domain’s book and the open book at once, so a market maker inside a domain can still trade with everyone.

Open and permissioned, side by side

	Open DEX	Permissioned DEX
Who can trade	Any account	Accounts holding a credential the domain accepts
Order books	One per pair, shared by everyone	One per pair inside each domain
Tokens	Any token	Any token; the domain limits who trades, not what
Who checks identity	Nobody	The credential issuers the domain trusts

From the two standards and xrpl.org’s permissioned DEX docs.

What it changes for everyone else

Nothing, unless you join a domain. Swaps, limit orders and AMM pools on the open exchange work as before (how the DEX works). The permissioned DEX sits alongside the other features regulated issuers use: credentials, token escrow and issuer controls such as freezing and clawback (real-world assets).

Questions

Does the permissioned DEX change the open DEX?: No. Offers without a domain trade on the open order books exactly as before; a domain’s offers sit in books of their own.
How does an account get into a domain?: By holding one of the credentials the domain lists and accepting it. Credentials are issued by others on the ledger, for example a firm that has checked the account holder’s identity.
Can one offer trade inside and outside a domain?: Yes, a hybrid offer. It is placed with a domain and the hybrid flag, and sits in the domain’s book and the open book at once.