Uphold Nears Launch of 'Earn on XRP' Feature with 1.6B Tokens at Stake

Uphold is nearing completion of its 'Earn on XRP' feature, which will enable users to earn yield on their XRP balances. The platform currently holds around 1.62 billion XRP and has been working on a solution to provide native staking, as XRPL lacks this capability.

According to Uphold's Chief Product Officer Paul Underwood, the company is using external mechanisms such as DeFi lending or wrapped-token infrastructure to generate potential yield. The exact structure, yield source, and interest rate are yet to be disclosed.

The launch of 'Earn on XRP' has been delayed, but Uphold is now in the final stages of development. The company is also pursuing New York's BitLicense, which is a necessary step for launching the service within U.S. regulatory constraints.