XRP Spot Market Arrives on Hyperliquid With FXRP USDC Pairing

TLDR

• FXRP enables onchain spot trading of XRP via Hyperliquid’s orderbook.

• FXRP can be bridged back to XRPL or used within Flare’s XRPFi tools.

• Trading starts with FXRP paired to USDC on Hyperliquid’s spot market.

• A smart account-powered bridge for FXRP withdrawals is in development.

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Flare has enabled spot XRP trading on Hyperliquid for the first time by launching FXRP, a wrapped version of XRP, into the onchain market. The new FXRP/USDC pair gives traders the ability to access XRP through Hyperliquid’s orderbook while maintaining full onchain custody.

FXRP is part of Flare’s broader effort to bring real-world utility and liquidity to XRP across decentralized systems. Using the FAssets infrastructure and LayerZero’s Omnichain Fungible Token (OFT) standard, FXRP is fully collateralized and moves across chains without relying on centralized custody. Each FXRP token maintains a 1:1 representation of XRP anchored to the XRP Ledger.

FXRP Lists on Hyperliquid With Native Spot Support

Hyperliquid, which operates on its own high-throughput Layer-1 blockchain, added FXRP to its spot trading platform. The new listing introduces native XRP spot exposure for the first time on the exchange. Hyperliquid had previously only supported XRP derivatives.

The initial listing launched with the FXRP/USDC pair, and more stablecoin pairs may follow. Flare confirmed that trading occurs through Hyperliquid’s HyperEVM layer, with assets settling into HyperCore for orderbook-based execution. Unlike automated market maker models, orderbook platforms offer price transparency and tighter spreads for active traders.

The trading model is designed for users who need efficient execution and want to hedge against XRP-based perpetuals. Traders can now manage risk directly on-chain while bypassing the need for centralized platforms or wrapped tokens from exchanges.

Flare Plans One-Click Withdrawals Back to XRP Ledger

A bridge powered by Flare’s Smart Accounts is in development. Once live, it will allow users to withdraw FXRP to the XRP Ledger with a single transaction.

According to Flare, the full onchain flow—from bridging to trading to withdrawal—preserves transparency and minimizes counterparty risk.

Flare co-founder Hugo Philion explained the integration as part of Flare’s broader strategy to expand XRP’s reach. “By combining Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we are expanding what XRP can do across DeFi while preserving XRPL as the canonical settlement layer,” he said.

FXRP as a Gateway Into Onchain XRPFi Use Cases

The FXRP launch also opens access to Flare’s broader XRPFi ecosystem. After trading, FXRP can be bridged back into Flare to be used in lending, staking, and yield applications.

This positioning expands XRP from a simple remittance or settlement token to one usable in onchain finance without leaving the crypto-native environment.

Current data shows that FXRP has a circulating supply of over 86 million tokens, with a market value near $182 million. That value is fully backed by XRP locked within Flare’s minting infrastructure, secured through transparent smart contracts and onchain tracking.

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