XRP’s expansion into decentralized finance has reached a new milestone one year after Flare launched FXRP, with roughly 145.2 million FXRP minted and 130 million already deployed across DeFi.
XRP’s expansion into decentralized finance has reached a new milestone one year after Flare launched FXRP, with roughly 145.2 million FXRP minted and 130 million already deployed across DeFi.
That second number may matter more than the headline supply figure. About 89.5% of the reported FXRP supply is being put to work rather than simply sitting in wallets, suggesting 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. That represents about 14.4% of outstanding FXRP.
FXRP Is Becoming More Than a Wrapped Version of XRPFXRP launched on Sept. 24, 2025 as a 1:1 representation of XRP designed to make the asset programmable without changing the XRP Ledger itself.
Native XRP remains on XRPL while Flare verifies the underlying payment and mints corresponding FXRP. Flare describes the system as overcollateralized, with backing XRP remaining on XRPL rather than migrating permanently onto another chain.
Demand arrived quickly. The original 5 million FXRP minting cap filled in roughly four hours, and supply had passed 90 million by the end of January. Flare says FXRP deployed in DeFi then climbed from 82 million in February to 144 million by July.
Coinpaper previously tracked the earlier 107 million FXRP milestone, when one-click DeFi access was beginning to reduce the friction involved in moving XRP into yield strategies.
XRP Can Now Back Loans Without Being SoldThe ecosystem has also moved beyond basic yield products.
FXRP holders can now use XRP-linked collateral to borrow Ripple’s RLUSD stablecoin through an Ethereum lending market. Coinpaper covered the RLUSD borrowing route, which allows holders to obtain dollar liquidity while retaining XRP price exposure.
Flare has also added vault strategies, liquid staking and derivatives. Its August integration with Derive allows FXRP to serve as collateral for options and perpetual futures, extending XRP into another part of the onchain capital market.
Current Flare Metrics data puts FXRP supply slightly below the anniversary snapshot at about 145 million, backed by verified XRP reserves, with roughly 85% of the current minting capacity already used.
