XRP has expanded beyond its native ledger through FXRP, a programmable representation that launched on Flare one year ago. The token enables XRP holders to access decentralized finance applications on Ethereum and Flare while their backing tokens remain on the XRP Ledger.
Flare reports approximately 145.2 million FXRP have been minted since the September 24, 2025 launch, with about 130 million deployed in decentralized finance. The initial cap of 5 million FXRP filled within four hours of launch.
Vaults and Staking Options
Vaults emerged as an early mechanism for FXRP holders to deploy their tokens. The MXRPY vault, which launched in May, allocates deposits across options, arbitrage, and onchain strategies with returns that vary based on performance.
Firelight, launched on December 3, offers another approach through staking. Depositors receive stXRP tokens representing their position. According to a March report, Firelight surpassed 50 million XRP staked with a deposit cap of 65 million FXRP. The protocol has planned a later phase for DeFi cover, which would use staked assets to back protection for other protocols.
Lending Market Integration
FXRP expanded into Ethereum lending markets, allowing holders to supply it as collateral and borrow Ripple's RLUSD stablecoin while maintaining XRP exposure. This arrangement lets borrowers access stablecoins without selling their collateral, though liquidation can occur if collateral value declines sufficiently relative to the borrowed amount.
Simplified Access
Flare has streamlined access to these applications through Smart Accounts, which combine FXRP minting and vault deposits into a single XRP Ledger signature. The company plans to extend this wallet-based flow to borrowing, allowing holders to reach RLUSD loans without managing multiple steps across networks.
