Flare Network's FAssets System Paves the Way for XRP and Dogecoin in DeFi

The Flare Network's FAssets system lets holders of XRP and Dogecoin mint matching tokens on Flare that can be used in DeFi apps. The first token, FXRP, went live for XRP in September 2025, with over 155 million tokens minted by mid-2026.

FAssets solves the problem of coins without native smart contract support, like XRP and Dogecoin, being unable to participate in DeFi lending, trading, and liquidity provision. The system relies on Flare's own infrastructure: the Flare Data Connector verifies transactions and the Flare Time Series Oracle feeds in price data.

Minting FXRP is a two-step process: users send XRP to an agent's address on the XRP Ledger, which then mints an equal amount of FXRP as an ERC-20 token. Agents play a central role, but now mainly on the redemption side, with every position backed by collateral worth at least 1.3 times the value of the FXRP outstanding.

FXRP is already circulating through various DeFi protocols and exchanges, including SparkDEX, BlazeSwap, Enosys, Morpho, Luminite, and Oxen Flow. Roughly 89% of circulating FXRP was actively deployed in DeFi protocols as of early 2026.