FXRP Grows to 145 Million Tokens, Expands into Stablecoin Borrowing and Derivatives

The growth of FXRP on Flare has been remarkable over its first year. As of September 24, approximately 145.2 million FXRP tokens had been minted, with about 130 million committed to decentralized finance (DeFi) protocols. This means around 89.5% of the reported supply is actively working in lending markets, vaults, and yield strategies.

FXRP operates as a 1:1 representation of XRP on Flare, issued as an ERC-20 token. The backing XRP remains on the XRP Ledger, with Flare's oracle protocol verifying activity on the underlying chain. This system is described as overcollateralized, ensuring the original asset never permanently migrates to another network.

The ecosystem has evolved beyond basic yield products over the past twelve months. Kinetic introduced lending markets, while SparkDEX, BlazeSwap, and Enosys built liquidity venues. Spectra brought fixed-rate and yield trading, and Upshift's earnXRP along with Clearstar added vault-based strategies.