Flare co-founder Hugo Philion has updated the community on the surging demand for FXRP, revealing that $43 million worth of XRP has been bridged onto the network.
The development comes barely two weeks after Flare launched its FAssets project, granting XRP holders access to yield-bearing opportunities. Since its launch, the project has seen widespread demand, with Philion confirming that the total value of XRP bridged onto its network has reached $43 million.
Notably, the bridged XRP was used to mint FXRP, a wrapped version of XRP on the Flare blockchain. Through this process, users can participate in DeFi activities, such as lending, without having to sell their tokens.
At current prices, the total value locked (TVL) in the FAsset protocol has climbed to $43.04 million, according to Dune Analytics, representing a total supply of 15 million FXRP.
XRP Holders Gulp Up Latest 5M FXRP Minting Cap in 3 Hours
Despite the impressive growth, the Flare team has maintained a weekly minting cap of 5 million FXRP to help regulate supply and ensure stability during the project’s early phase.
Interestingly, XRP community members have shown overwhelming enthusiasm, as each new 5 million FXRP allocation has been fully minted within just a few hours of release.
As reported earlier, the initial 5 million FXRP allocation launched on September 24 was fully minted within four hours. Remarkably, the latest minting round reached its 5 million cap even faster, setting a new record by completing in just three hours.
The minting process requires users to transfer their XRP tokens from the XRP Ledger to a self-custody wallet. From there, they can mint FXRP using tools such as Oracle Daemon or Agent Utility (AU).
Another cap, another record.
5 million FXRP minted in 3 hours.
Demand speaks for itself. pic.twitter.com/uICf7vcjP1
— Flare ☀️ (@FlareNetworks) October 8, 2025
New Mint Cap to Roll Out Today
In the meantime, several users who missed out on previous minting rounds have raised concerns that the timing of the events tends to favor certain regions.
In response, the Flare team announced plans to introduce another minting cap today, October 9, scheduled according to the U.S. timezone, to give users in that region a fairer opportunity to participate.
However, those who miss the minting window but still wish to obtain FXRP can purchase it on decentralized exchanges within the Flare ecosystem, including Enosys and SparkDEX.
While retail users have driven the adoption of FXRP, Philion believes that institutional clients will drive the next wave of demand once the supply exceeds $100 million.
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