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XRP Flare launches FXRP as derivative collateral, where XRP holders can trade options on-chain.
Flare announced that FXRP is now used as collateral on the derivative platform, allowing XRP holders to trade on-chain options and perpetual contracts directly from their wallets. According to a press release, holders can mine FXRP through Flare's FAssets system, deposit it into Derive, and manage positions through a single portfolio margin V2 account, which supports hedging, entitlement generation and directional trading on the same collateral.
Flare said that XRP holders had previously had very limited ways to hedge positions or generate option royalties without having to rely on a centralized exchange or custodian.
Options are settled in USDC cash
Derive's XRP options are settled in USDC cash. If the contract is in-the-money when it expires, the difference will be paid in USDC, while FXRP will remain as collateral, so no underlying XRPs will be moved during the settlement process. The seller needs to hold enough USDC to pay the amount and bear the margin and liquidation risk of the position.
Derive is built on Lyra Finance's infrastructure and runs options, perpetual contracts and spot trading through a portfolio margin system. Its 30-day nominal options trading volume exceeds any other on-chain platform tracked by DefiLlama, with a total locked position value of nearly $118 million. "Options are often the primary market that ultimately develops around an asset, and XRP has been waiting for this infrastructure," said Nick Forster, co-founder and CEO of Derive. He pointed out that FXRP provides "a reliable on-chain path" to one of the largest holder groups in the cryptocurrency space.
New derivatives to the XRPFi ecosystem
FAssets represents XRP on Flare through an overcollateralization system run by independent agents and network data oracles. These oracles obtain cross-chain and real-world data through the Flare Time Series oracles and the Flare Data Connector. FXRP will be launched on the main network in September 2025, with a cap of 5 million tokens for the first week, and Flare introduced incentives. The network said the cap would be filled within four hours. In seven months, more than 155 million FXRPs have been cast.
These supplies have been used to support lending and earnings tokenization. Since February, the number of FXRPs deployed in DeFi apps has increased from 82 million to 144 million, and nearly 24,000 accounts have earned more than 40 million XRPs through Flare's smart accounts. Flare also launched the FXRP/USDC spot trading pair on Hyperliquid, allowing the token to be transferred between different chains.
DeFi analyst Will Procheska said: "XRP has one of the most determined groups of long-term holders in the cryptocurrency space, and before that, they did not have any unlicensed options markets to generate gains or hedge positions."
