Sept. 24, 2026 - Flare is marking one year since its first FAsset, FXRP went live on mainnet, giving XRP a programmable representation that can be used across decentralized finance applications while remaining backed by XRP on the XRP Ledger.

It was launched on Sept. 24, 2025, through FAssets v1.2, with its initial 5 million FXRP minting cap filling in approximately four hours. Over the following 12 months, Flare expanded the infrastructure around FXRP from minting and liquidity into staking, lending, borrowing, yield strategies, and cross-chain markets.

"The thing worth taking from this year is not that XRP can be used in more places," said Hugo Philion, CEO of Flare. "It is that an asset issued on one chain can become working capital without leaving it, and that the path has to be short enough that people actually take it. XRP was the first asset we proved that with. It will not be the last."

FXRP is an ERC-20 representation of XRP created through Flare's overcollateralized FAssets system. XRP Ledger transactions are verified using the Flare Data Connector, enabling XRP to be represented on Flare.

Following the launch, Kinetic introduced lending functionality, while SparkDEX, BlazeSwap and Enosys provided liquidity markets. Firelight uses FXRP to build on-chain cover, turning staked XRP into the capital that backs other protocols against exploits, oracle failure and bad debt. Kinetic introduced lending markets for FXRP, Spectra added fixed-rate and yield trading, earnXRP from Upshift and Clearstar provided vault-based yield strategies, and Enosys introduced collateralized debt functionality.

Flare then focused on making these applications accessible from the XRP Ledger. Flare Smart Accounts connected XRPL-native interactions with applications on Flare, including a February 2026 Xaman integration with earnXRP. Subsequent updates expanded wallet support and simplified supported workflows to a single XRP Ledger signature.

In May, FAssets v1.3 added destination-tag, minting to better support exchange and custodian integrations. During 2026, FXRP also expanded to other blockchain environments, including Ethereum and Base, extending its potential use beyond Flare.

That progression continued into credit. In August, a Morpho market developed with Sentora enabled FXRP to be supplied as collateral to borrow RLUSD on Ethereum, demonstrating a use for FXRP beyond yield and liquidity. The same Smart Account model can simplify multi-step interactions for XRP Ledger users as additional applications and distribution channels are integrated.

FXRP's first year has also connected network activity with Flare's evolving token economics. FIP.16 reduced annual FLR issuance from 5% to 3% and lowered the annual issuance cap from 5 billion FLR to 3 billion FLR.

Fees from activities including FAssets minting and Flare Data Connector usage can be directed toward the Flare Income Reinvestment Entity, or FIRE. As FXRP usage expands, additional minting, data attestations, and related network activity can increase fees available to the mechanism. The extent to which FIRE can offset ongoing FLR issuance depends on that activity reaching sufficient volume.

Flare is also developing Flare Confidential Compute, extending its data infrastructure toward verifiable confidential computation and Protocol Managed Wallets, with an initial deployment path through Songbird.

The pattern of the year is not specific to XRP. Flare's data protocols are built into the network's consensus rather than added on top, which is what allows an asset issued on another chain to be verified, priced and used as collateral without leaving the ledger that issued it. XRP was the first asset that model was proven on, at scale and in production.

About Flare

Flare is the blockchain for data, an EVM-compatible Layer 1 designed to give decentralized applications access to high-integrity data from other blockchains and the internet. Flare's enshrined data protocols, including the Flare Data Connector and Flare Time Series Oracle, provide developers with decentralized access to external blockchain and time-series data. Through products including FAssets and Flare Smart Accounts, Flare enables assets such as XRP to participate in smart contract applications and decentralized finance while remaining connected to their native networks.

For more information, visit flare.network.