FXRP, XRP’s wrapping token, is now listed to enable on-chain trading on Hyperliquid with the FXRP/USDC pair. FXRP is issued through Flare’s FAssets system and is pegged 1:1 to XRP, allowing XRP to be traded on-chain where native XRP trading was previously challenging due to Ethereum VM incompatibility. This setup enables XRP to move across chains by trading FXRP on Hyperliquid and then converting back to XRP on the XRP Ledger.
FXRP leverages a LayerZero-based architecture to facilitate cross-chain movement, making it possible to settle trades across multiple blockchains and later unwind back to XRP on the XRP Ledger. Flare plans to roll out a dedicated FXRP bridge so users can withdraw from Hyperliquid directly to the XRP Ledger, streamlining the on-ramp and off-ramp process for XRP holders. The spot trading of FXRP is also tied to Flare’s XRP-centric DeFi initiatives, broadening the use of XRP within DeFi ecosystems.
The overarching goal is to establish FXRP as the XRP standard token across DeFi, with Flare serving as the core chain. The lack of XRP spot trading was cited as a reason Hyperliquid was chosen as the first expansion target, and Flare intends to extend FXRP’s reach to other DeFi platforms while increasing FXRP usage in collaboration with the Hyperliquid ecosystem. Last month Upshift Finance and Clearsta launched XRP-based yield products, and Firelight Finance introduced XRP staking on Flare with a liquid staking token, stXRP, highlighting ongoing efforts to deepen XRP’s DeFi footprint.
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