- Flare debuts FXRP v1.2, allowing XRP holders to mint synthetic tokens for DeFi, capped at 5 million in the first week.
- Independent audits by Zellic and Coinspect, plus monitoring by Hypernative, strengthen the security of Flare’s FAssets launch.
- FXRP expands utility by serving in lending, liquidity pools, and future collateral for an XRP backed stablecoin on Flare.
Flare has launched its FAssets protocol with the debut of FXRP v1.2, enabling XRP holders to use their tokens in decentralized finance for the first time. The system allows minting of FXRP, a synthetic version of XRP, designed for use across lending platforms, liquidity pools, and decentralized exchanges.
This development gives XRP, a non-smart contract token, a new role in a composable DeFi framework without reliance on intermediaries. At launch, FXRP minting is capped at 5 million during the first week to ensure a measured rollout across the Flare network.
Controlled Rollout With Minting Cap and Exchange Access
The minting process requires XRP holders to bridge tokens using supported wallets such as Ledger, Luminite, Oxen Flow, and Bifrost. Alternatively, users can obtain FXRP on decentralized exchanges including SparkDEX, BlazeSwap, and Enosys.
Flare has capped initial FXRP issuance at 5 million for week one, with limits expected to increase gradually. According to Flare, incentives will target liquidity pools such as FXRP/USDT0 markets, where rFLR reward tokens could push annual yields up to 50%.
Security Reviews and Independent Audits Back the Launch
The FAssets system has been tested through four separate audits conducted by Zellic and Coinspect, complemented by bug bounties on Immunefi and reviews from Code4rena. Continuous monitoring is being handled by cybersecurity firm Hypernative.
Filip Koprivec, Flare’s chief product officer, told The Block that FXRP is structured to remain non-custodial and overcollateralized. He added that Flare’s data protocols, including the Flare Time Series Oracle and Flare Data Connector, provide the real-time verification needed for onchain security and decentralization.
Expanding Use Cases Beyond Initial Liquidity Pools
Beyond its use in exchanges and lending, FXRP will serve as collateral within Enosys Loans, supporting the creation of an XRP-backed stablecoin. Plans also include the introduction of stXRP, a liquid staking derivative designed to broaden XRP’s functions in DeFi on Flare.
The rollout of FXRP comes as part of a wider movement toward tokenized XRP assets. Earlier this week, Midas launched mXRP in partnership with Axelar, offering base yields of up to 8% with expanded DeFi integrations. Looking ahead, Flare intends to bring Bitcoin and Dogecoin into its FAssets system, extending the model to more non-smart contract tokens.
