XRP's DeFi Push Hits 145M Milestone as Flare Sees Growing Adoption

The expansion of XRP into decentralized finance (DeFi) has reached a new milestone one year after Flare launched FXRP, a 1:1 representation of XRP designed to make the asset programmable. As of now, roughly 145.2 million FXRP have been minted and 130 million are already deployed across DeFi, with about 89.5% of the reported supply being put to work rather than simply sitting in wallets.

This suggests that holders are increasingly using XRP as collateral, in lending markets, and inside yield strategies. In its one-year FXRP update, Flare said the asset has generated around 7.8 million DeFi transactions, while roughly 21 million FXRP is now sitting on other chains through LayerZero's OFT standard.

The native XRP remains on XRPL while Flare verifies the underlying payment and mints corresponding FXRP. The system is described as overcollateralized, with backing XRP remaining on XRPL rather than migrating permanently onto another chain.