Flare launches first XRP spot exposure on Hyperliquid via FXRP

Flare Network has introduced FXRP, a 1:1 wrapped representation of XRP issued on Flare via its FAssets system, onto the Hyperliquid exchange, marking the first availability of XRP spot exposure on the platform, initially trading against USDC. Previously, XRP trading on Hyperliquid was restricted to perpetual futures because XRP is not EVM-compatible, requiring wrapped versions for spot listings, similar to Bitcoin. FXRP is deployed as a LayerZero Omnichain Fungible Token, allowing it to move across chains and eventually be redeemed back to native XRP on the XRP Ledger, with a dedicated bridge expected later. This launch is part of Flare's broader XRPFi strategy, enabling FXRP to be bridged back to Flare for DeFi use cases like lending and staking, with the goal of making FXRP the preferred XRP representation across DeFi ecosystems. Hyperliquid was selected as the initial expansion venue due to its orderbook design and lack of an existing XRP spot pair.

(Source：The Block)