Flare Lets XRP Holders Borrow Without Selling as Nearly 90% of FXRP Goes to Work in DeFi

FXRP, a token issued by Flare's FAssets system against XRP, went live on September 24, 2025, allowing XRP holders to utilize their holdings in lending, borrowing, staking, and trading. Currently, about 63 billion XRP, worth approximately $96 billion, circulate, while roughly 145 million FXRP represent around 0.23% of that supply. This small penetration indicates significant growth potential, as each additional 1% of circulating XRP moving into FXRP equates to over 630 million tokens.

Following the September 2025 launch, demand surged, with the supply surpassing 90 million by the end of January 2026 and reaching 155 million by late April. Approximately 145 million FXRP were in circulation as of late September, according to the DefiLlama report, though the source does not specify the change from the April peak.

Currently, FXRP works across seven networks, including Ethereum, Base, BNB Chain, Monad, Katana, HyperEVM, and HyperCore, marking the first XRP spot pair on HyperCore in January 2026. Off-Flare deployment has grown from 4 million on July 9 to 20 million, showcasing its increasing presence in DeFi.

The report highlights Flare's data infrastructure, noting that fees from the Flare Data Connector have grown faster than any other protocol revenue source, accounting for 45% of total revenue. Protocol revenue now runs at about $2.3 million annualized, thanks to the Flare Data Connector. Since July 2025, a hard fork weighted P-chain stake five times as heavily as delegation, increasing direct staking to 46% of all staked or delegated FLR, compared to around 32% in April.