Enosys Launches First XRP-Backed Stablecoin on Flare Network
Enosys has introduced the first XRP-backed stablecoin on the Flare Network. It is supported by Enosys Loans, a Collateralized Debt Position (CDP) protocol. Users can lock FXRP, a representation of XRP on Flare, to mint the stablecoin.
This stablecoin allows XRP holders to borrow without selling their assets. It also offers liquidity provision and yield opportunities across decentralized finance (DeFi).
How the Stablecoin Works
Flare announced on September 19, 2025, that users can mint a trustless, over-collateralized stablecoin using FXRP and wFLR tokens. Soon, stXRP will also be supported. The system uses a fork of Liquity v2, stability pools, and the Flare Time Series Oracle (FTSO).
The FTSO aggregates price data from independent providers instead of centralized sources. This helps maintain accurate and decentralized price feeds.
The CDP protocol lets users mint stablecoins against their collateral. This mechanism helps keep the stablecoin’s value close to $1.
The stability pool manages risks from collateral shortfalls or liquidations. Users who stake stablecoins in the pool earn yields from minting fees, interest, and liquidation rewards.
Growing Stablecoin Adoption
Stablecoins are gaining popularity among retail and institutional crypto users worldwide. Many use stablecoins for yield farming, staking, and trading.
For more details, see the official Flare Network announcement.
