The long-anticipated FAssets project from Flare has officially gone live, and its debut within the XRP ecosystem has exceeded expectations.
For context, the Flare team announced the launch of FAssets yesterday, making it the second yield-bearing project for XRP holders to debut this week. However, following the launch, the network introduced a weekly cap to control supply in the early days.
FAssets Hits Weekly Cap of 5M XRP in 4 Hours
Interestingly, the XRP community quickly pushed it to the ceiling. Specifically, amid a surge in demand, the project reached the weekly minting cap of 5 million XRP only four hours after launch.
Flare co-founder Hugo Philion confirmed the milestone in a post on X and explained that the caps are important because they ensure the project witnesses a responsible rollout. Philion promised that the team will implement higher caps the following week.
We hit this week’s cap. (In less than 4 hours 💥)
We have caps because that is the responsible thing to do.
They will be raised next week.
Please do not buy FXRP on Flare Dex’s at prices way above the XRP price. The pricing may get out of whack until the cap is unlimited due…
— Hugo Philion ☀️ (@HugoPhilion) September 24, 2025
Moreover, he also urged users not to chase FXRP on Flare-based decentralized exchanges at inflated prices, warning that supply-and-demand imbalances could briefly distort trading values.
Responding to inquiries, the Flare co-founder added that while the community has driven the first wave, institutions will only step in once the FXRP supply grows past $100 million.
Impressive Figures from the FXRP Dashboard
Figures from the FAssets dashboard reveal just how quickly the project took off. Specifically, FXRP circulation has reached 5 million tokens, split into 500,000 lots, with a combined value of $14.22 million. All minting slots are already filled, leaving none available for week one.
Meanwhile, reward pools amount to $6,940, and total value locked stands at $14.03 million as of press time. Collateral has reached $19.11 million, made up of $14.03 million in Flare and $5.08 million in USDT. The Core Vault sees 5.06 million XRP flow in over 24 hours, while outflows have totaled 476,810 XRP within the same period.
Speaking on the recent development, the Flare team called the quick minting a community-driven milestone and confirmed that the next big step would be institutional adoption.
The FAssets Debut
For the uninitiated, Flare noted in its announcement that it introduced FAssets as a way to turn non-smart contract tokens like XRP into DeFi-ready assets. FXRP, the first of these, mirrors XRP one-to-one and runs on an overcollateralized system of independent agents secured by Flare’s native data protocols.
This setup gives XRP access to the full spectrum of DeFi activity on Flare, including trading, lending, stablecoin creation, and liquid staking. Flare called this effort the beginning of an “XRP DeFi awakening.”
The team put a strong focus on security from the outset. Flare ran at least four separate audits with firms such as Zellic and Coinspect, supported ongoing bug bounty programs with Immunefi, and invited community reviews on Code4rena.
Within the announcement, Flare also revealed how users can get FXRP. Notably, the most direct route involves minting: first moving XRP from the XRP Ledger into a self-custody wallet such as Ledger or Bifrost, then minting through AU or Oracle Daemon.
For users unable to mint directly, FXRP is available on decentralized exchanges in the Flare ecosystem, including SparkDEX, BlazeSwap, and Enosys. Wallet providers such as Luminite and Oxen Flow also plan to add swap functions to simplify access.
The launch came with incentives as well. Specifically, Flare directed rewards in the form of rFLR to DeFi pools that bring significant value locked or boost on-chain activity. The team described these incentives as only the start, with plans to expand integrations for FXRP and stXRP, a liquid-staked version of XRP created by Firelight, in the coming weeks.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
