Flare Announces Major FAssets Upgrade with Scalable FXRP

Flare has launched FAssets v1.1 on Songbird, a significant update aimed at scaling and expanding the utility of FXRP.

This release introduces the Core Vault — a new mechanism that enhances capital efficiency by unlocking previously tied-up collateral and removing key bottlenecks in the minting process. The upgrade marks a major step in enabling XRP to participate meaningfully in decentralized finance (DeFi).

FAssets are designed to bring non-smart contract assets like Bitcoin and Dogecoin into the DeFi ecosystem.

Now, agents can deposit XRP directly into a Core Vault address on the XRP Ledger, which in turn automatically unlocks the corresponding FLR collateral on Songbird. This allows minting to resume without needing additional capital input, streamlining operations across the network.

The Core Vault is backed by robust security, featuring time-locked escrow accounts and multi-signature authorization governed by long-term ecosystem members. To reinforce trust, Flare has completed multiple audits and launched active bug bounties on Immunefi.

“This upgrade is ultimately about giving XRP real utility,” said Hugo Philion, Co-founder and CEO of Flare. “XRP is the third largest crypto asset, excluding Tether — it’s a vast asset. It would be idiotic for us not to build a protocol that serves it. FXRP isn’t just a wrapper — it’s how XRP becomes usable in a composable DeFi world.”

FAssets v1.1 sets the stage for XRP’s future on the Flare mainnet, enabling DeFi applications such as lending, staking, and cross-chain yield farming. To manage rollout demand, minting will begin with a cap of 750,000 FXRP, which will scale over time.

A bi-weekly incentive program will reward FXRP liquidity providers and SGB collateral contributors with rFLR through the Flare Portal. Additionally, Flare will airdrop $135,000 worth of rFLR on May 21 to the top 10,000 early testers from the Coston test network.

Source