FXRP just crossed 100 million tokens in circulating supply. That’s $140 million worth of XRP now composable inside Flare’s DeFi stack. Five months ago, this infrastructure didn’t exist.
The number is not the story. What it represents is.
100M FXRP minted isn’t the story, what it represents is.
— Flare ☀️ (@FlareNetworks) February 18, 2026
XRPFi on @FlareNetworks is a platform designed for large XRP balances:
– a verifiable smart contract environment
– structured, risk-aware access to yield
– strong distribution rails with a focus on UX
FXRP is the… pic.twitter.com/12tX3dgkeO
The Milestone
Flare’s FAssets protocol launched in September 2025. FXRP, the tokenized representation of XRP on Flare, allows holders to bring their XRP into a full EVM environment without selling. The system uses overcollateralization to back each FXRP 1:1 with XRP held by decentralized agents.
As of today, 100.23 million FXRP has been minted across 38,030 transactions. More than 60% of that supply is not sitting idle. It’s deployed into Flare-native DeFi protocols like Kinetic and Firelight, earning yield and providing liquidity.
This is not speculative accumulation. This is capital at work.
Why FXRP Matters
XRP is the fourth largest cryptocurrency by market cap. It has a $128 billion valuation and institutional credibility built over a decade. But the XRP Ledger was designed for payments, not programmable finance. It lacks native smart contract functionality.
That creates a gap. XRP holders who want to access DeFi have historically faced three options: sell into other assets, use centralized yield products, or sit on the sidelines.
FXRP closes that gap. By representing XRP as an ERC-20 token on Flare, it unlocks:
- Lending and borrowing via protocols like Kinetic
- Liquidity provision on DEXes like SparkDEX and Enosys
- Liquid staking through Firelight’s stXRP
- Yield aggregation via products like earnXRP
- Perpetuals and leverage through emerging derivatives infrastructure
The XRP never leaves the system. It remains collateralized on XRPL while the FXRP representation does the work on Flare. When a user wants to exit, they burn FXRP and receive their XRP back.
XRPFi: The Platform Design
Flare describes XRPFi as infrastructure built for large XRP balances. The framing is deliberate. This is not retail DeFi experimentation. This is institutional-grade design with three core pillars:
1. Verifiable Smart Contract Environment
EVM-compatible. Auditable. The FAssets system is overcollateralized and trustless—minting agents post 1.5x FLR plus 1.2x stablecoins as collateral. Fail to maintain reserves, get liquidated automatically.
2. Structured, Risk-Aware Access to Yield
Products like earnXRP aren’t black-box yield farms. Clearstar, a Swiss-backed on-chain risk curator, manages strategy allocation. All positions transparent and on-chain. Compliance teams can see where capital goes.
3. Strong Distribution Rails
Telegram wallet integration brought Flare to 100 million users. Xaman wallet support is next, letting XRP holders mint FXRP from the interface they already use. UX is core to the thesis—single-click onboarding, not five-step bridging.
The Ecosystem Stack
FXRP does not operate in isolation. It sits inside a broader liquidity environment:
| Component | Function |
|---|---|
| FXRP | Tokenized XRP, 1:1 backed, EVM-composable |
| USD₮0 | Omnichain USDT via LayerZero OFT standard |
| stXRP | Liquid staking token from Firelight |
| earnXRP | XRP-denominated yield vault (Upshift + Clearstar) |
| Kinetic | Lending and borrowing protocol |
| Enosys | DEX with Liquity v2 integration |
| SparkDEX | Concentrated liquidity and perpetuals |
The flywheel is straightforward: USD₮0 provides the capital base. FXRP brings composability. Pairing them creates deeper liquidity. Deeper liquidity enables more efficient markets. More efficient markets attract more DeFi activity. More activity generates more yield.
Flare’s stablecoin market cap grew 1,600% in the past week, with $60 million of USD₮0 minted in days. TVL has surpassed $85 million. Year-over-year, Flare TVL is up over 400%.
The Pause
Even as adoption accelerates, Flare proactively paused FXRP minting yesterday. Hugo Philion, Flare’s co-founder, announced the temporary halt after receiving a report from a security partner.
No exploit occurred. No funds were compromised. The team is preparing a contract upgrade to strengthen security protections before resuming minting. The remaining 2.07 million FXRP capacity will unlock once the upgrade deploys on both Flare and Songbird.
This is how mature infrastructure operates. Pause, patch, proceed.
What This Represents
Only 0.1% of XRP’s total supply is currently utilized in DeFi. That’s not because XRP holders don’t want yield. It’s because the infrastructure didn’t exist.
Now it does.
100 million FXRP is proof of demand. 70% locked in DeFi is proof of utility. The earnXRP vault, the stablecoin growth, the wallet integrations—these are not announcements. They’re live products with real capital deployed.
The XRPFi thesis is simple: XRP has one of the largest and most engaged communities in crypto. Give them infrastructure that matches their conviction, and capital will flow.
Five months in, the flow has started.
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