FAssets v1.1 Launches on Songbird, Enabling Scalable FXRP Minting and Unlocking XRP Utility
Dubai, UAE, May 14th, 2025, Chainwire
FAssets v1.1 — a major upgrade that brings new scalability and utility to FXRP — is now live on Songbird. At the center of the release is the Core Vault, a novel mechanism that frees previously locked collateral, removes minting bottlenecks, and unlocks a clear path for XRP to participate in defi.
FAssets bring non-smart contract assets like BTC and DOGE into DeFi — starting with XRP — securely, scalably, and with full custody retained. With FAssets v1.1, agents can now deposit XRP directly into a Core Vault address on the XRP Ledger, automatically unlocking associated FLR collateral on Songbird. This allows them to resume minting without injecting new capital, significantly improving capital efficiency and reducing friction across the system.
To safeguard network integrity, the Core Vault includes a multi-layered security framework with time-locked escrow accounts and multi-signature authorization managed by long-term ecosystem participants. Additionally, active bug bounties are running on Immunefi, and audits have already been completed.
“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 lays the foundation for broader decentralized financial use cases for XRP. Once deployed on the Flare mainnet, it will enable DeFi use cases for XRP — such as lending and borrowing, staking, and cross-chain yield farming — offering holders a way to earn rewards while supporting on-chain services. To align with real-world demand, minting begins with a cap of 750,000 FXRP, which will scale upward over time. A bi-weekly incentive program will distribute rFLR rewards to both SGB collateral providers and FXRP liquidity contributors through the Flare Portal. In addition, Flare will retroactively airdrop $135,000 worth of rFLR on May 21 to the top 10,000 early testers on the Coston test network.
Flare recently experienced significant growth, with total value locked increasing by 180% (currently at $168 million) following the integration of USDT0 — a Tether-backed, omnichain, institutional-grade stablecoin. This growth provides a strong liquidity base for FXRP as it becomes DeFi-ready on Flare.
Developers and users can begin interacting with FAssets v1.1. Minting is now available at OracleDaemon and FAssets.au, with technical documentation and integration guides published at dev.flare.network/fassets.