Flare Network has announced the addition of an FXRP/USDH spot market to the Hyperliquid decentralized exchange. This move follows the recent launch of an FXRP/USDC pair and is part of a concerted strategy to deepen XRP's liquidity and utility within the HyperEVM and Hyperliquid ecosystems, positioning it as a first-class asset for decentralized finance (DeFi).
The new market pairs Flare's wrapped XRP (FXRP) with USDH, Hyperliquid's native dollar-pegged stablecoin launched in September 2025. USDH is backed by cash and U.S. Treasury equivalents and is operated through institutional custody and tokenization tooling, serving as a key settlement layer for lending, options, and yield strategies on HyperEVM. Hyperliquid incentivizes native USDH trading with specific fee and rebate structures, which Flare suggests could make FXRP liquidity more capital efficient.
The launch addresses a significant gap in the market. Flare highlighted that there are hundreds of millions of dollars in open interest in XRP perpetual futures markets without a corresponding native spot hedge. The introduction of FXRP spot markets on Hyperliquid aims to close this gap, enabling traders to pair spot exposure with existing futures positions for hedging, delta-neutral strategies, and arbitrage between spot and derivatives venues.
Technically, FXRP is routed into Hyperliquid using Flare's FAssets framework and LayerZero's Omnichain Fungible Token (OFT) standard. This allows the asset to move across chains while maintaining the XRP Ledger (XRPL) as the canonical settlement layer. Flare has already enabled direct bridging of FXRP into HyperEVM, with plans for a dedicated FXRP bridge powered by Flare Smart Accounts to follow, promising one-click withdrawals from Hyperliquid back to XRPL.
Flare's leadership framed the launch as a critical step in making XRP more usable in DeFi. "This launch is another important step forward for FXRP in the ecosystem," said Flare co-founder Hugo Philion, adding that the team plans to work closely with market partners to grow FXRP's presence across HyperEVM. Chief Product Officer Filip Koprivec noted that XRP's historical lack of smart contract functionality created an "infrastructure gap" that limited its economic use, a gap that Flare's integration aims to fill by driving functional demand over speculation.
The FXRP/USDH market went live on January 28, 2026, following the embargo lift. The initiative is seen as a clear step in Flare's campaign to build what it calls an "XRP Standard" for DeFi trading, creating a seamless, on-chain path for capital to move between XRPL, Flare, and HyperEVM without users relinquishing custody or navigating complex manual steps.
