Flare Networks and Uphold have announced a partnership aiming to unlock yield opportunities for XRP holders through the FXRP token and DeFi access enabled by Flare's FAssets system. While native XRP staking is currently not available due to the XRP consensus protocol, this collaboration will allow users to wrap XRP into FXRP, making it compatible with smart contract platforms on Flare for staking and other decentralized finance (DeFi) activities.
Uphold, a prominent crypto exchange, plans to integrate this yield feature for its XRP users soon, offering a more accessible method to earn passive income on XRP holdings. Although the exact launch date for beta testing has not been disclosed, the initiative is positioned as a key step to broaden XRP's utility beyond simple transfers.
Additionally, Uphold is launching a Direct Salary Deposit product that enables users to deposit at least $250 of their salary and earn 4% yield in XRP. They also offer 5% rewards on the RLUSD stablecoin, a Ripple-associated stablecoin. These yield offerings reinforce Uphold’s commitment to XRP despite regulatory uncertainties surrounding Ripple.
Besides this collaboration, Flare has been bolstering its ecosystem by integrating USDT stablecoins via Stargate Finance and forming partnerships with technical education communities and data providers such as Encode Club, Nansen, and QuickNode. Moreover, a recent Google Cloud-backed Verifiable AI Hackathon highlights Flare’s efforts to blend AI and blockchain innovation.
Overall, these developments collectively enhance Flare’s technical foundation and community engagement, bringing more DeFi functionalities to XRP users through Uphold and the Flare platform.