The Nine XRPL Addresses Behind FXRP

Seven of them hold the reserve. Six are run by independent operators called agents, who each take XRP from users and hand out FXRP in return. The seventh, the Core Vault, is a shared pot they can all draw on. The remaining two handle fees and escrow payouts and hold no reserve.

Nothing in that list is our own guesswork. Each address is returned by a Flare contract when you ask it, and the call is printed beside the address. The set is closed: the contract that registers agents reports exactly 6, so there is no seventh agent to miss.

Look up the Core Vault on any block explorer and it shows about 6,916,363 XRP. Add up the seven reserve balances that way and you get 8,259,398 XRP against 148,161,053 FXRP — which reads as 5.6% backed, and would be alarming if it were true.

It is not, because of how the XRP Ledger handles escrow. An escrow is a payment locked in advance: the XRP is set aside now and can only be collected later, by a named recipient, after a date. The moment an escrow is created the XRP leaves the sender's balance and moves into a separate ledger entry. It is still there and still theirs, but a balance lookup no longer counts it.

The Core Vault has 14 of them, each for exactly 10,000,000 XRP — 140,000,000 XRP in total, or 94.4% of the whole reserve. They all pay to the same place, the custodian account rMLNvZR9dascY5jtCfCv3whAp8HdUSZAQ, which is why that account holds almost nothing itself: it is a destination, not a vault.

Counting the escrowed XRP where it actually is, the seven reserve addresses hold 148,259,398.30 XRP against 148,161,053.28 FXRP in circulation, both read at the same moment.

It covers, with 98,345 XRP to spare. That surplus is not a mystery: agents keep the minting fee users pay them, in XRP, in the same account, so a small excess is what a working system should look like. A shortfall would be the finding; there is not one.

Two caveats on what this does and does not prove. It shows the XRP exists and is held by the accounts Flare's own contracts point to at one moment in time — a single ledger, not a guarantee about the next one. The other half of the question is whether an agent could fail anyway: each must also lock up money of its own on Flare — collateral, which it forfeits if it does not pay out. Asking the contract, all 6 are currently marked normal, none in liquidation, each holding between 211% and 598% of the value it has issued against a requirement of full cover. All six charge the same 0.1% to mint. That is the cushion as it stands today — a live number, not a permanent state.

Flare's public explorer logs each mint and each redemption as it happens. Since 2025-12-11 it has recorded 54,100 mints and 19,102 redemptions, between them involving 15,801 different XRP Ledger addresses. Those counts are reliable; the XRP totals attached to them are not the same thing as supply, and are not used that way here — see the note at the end of the next section.

Minting is concentrated. One agent has taken more than half of it:

Since 2026-02-17 there is also a second way in. Rather than using Flare directly, a user can send an ordinary XRP payment to the provider wallet with a short instruction written into the memo field, and Flare carries the action out on their behalf. 45,550 of those instructions have been sent. It means someone can mint FXRP, or lend it out on Flare to earn interest, without ever holding a Flare account or any FLR — the coin Flare charges its own transaction fees in.

Minting FXRP does not pay anything by itself. You hand over XRP and get the same number of FXRP back, minus the agent's fee of 0.1% — no interest, no reward. Whatever a depositor earns comes from what they do with the FXRP afterwards, and the instruction memo lets them choose that in the same payment. There are three places to send it, and Flare's contract lists them by number.

This is where most FXRP has gone: 94,210,885 of the 148,161,053 in existence, 64%, is sitting in these three vaults rather than being held as a coin.

Those rates are not advertised numbers. Each one is the vault's own share price today against its share price at a block that many days ago, annualised — what a depositor who put money in then and left it there has actually earned.

The bottom row needs care, because the obvious reading of it is wrong. Firelight stXRP holds more FXRP than the other two together — 54,510,091 — and its value has not moved: the contract's own history goes 1.000042 in December to 1.000072 in May and has been frozen there for four months. That is not a broken vault. Firelight pins stXRP to 1:1 on purpose, so that the token stays interchangeable and usable elsewhere, and it says rewards are "currently paid in XRP" once its insurance model starts charging fees — a second phase that has not begun.

So a Firelight depositor today is earning two things, and neither is interest. One is Firelight Points, a programme that pays out only if it is later converted into something. The other is whatever they make by taking the stXRP and using it somewhere else — and the chain shows plenty of people doing exactly that. Of the 32,927,434 stXRP held by the twenty largest holders, 12,630,255, or 38%, sits inside another protocol rather than a wallet: lending on Morpho, liquidity pools, and Spectra "principal tokens" that let a holder sell the future yield separately from the deposit — one dated 27 August 2026, one dated 26 November 2026.

The catch is who is doing it. The single largest holder is an ordinary wallet, not a protocol, sitting on 8,988,354 stXRP — worth the same again in XRP — that has not moved in 90 days. Its FXRP balance has not moved either. Whoever that is has taken on the wrapped-asset risk and, unless they are counting on points, has earned nothing measurable for three months.

Clearstar, the busiest destination by far with 35,008 deposits sent straight from the XRP Ledger, pays 1.29% — and that rate is falling: it was 1.6% measured over 180 days, 1.41% over 90 and 1.15% over the last week. Monarq is the only one paying meaningfully more, at 7.01% over 30 days, and it is the smallest, holding 5,890,168 FXRP against a 10,000,000 cap.

For context on whether any of it is worth it: 1.29% on Clearstar is the paid return for giving up direct control of your XRP and trusting the agent, the Core Vault and the vault contract. Firelight's answer is instead a points balance and a promise of fees from an insurance business that has not started. Everything earlier in this article describes the machinery a depositor is relying on in both cases.

A wrapped asset only exists while people want it wrapped, so the interesting question is which way the supply is going. Reading the FXRP contract directly every ten days since launch gives the whole history, and it is not a straight line.

FXRP went from nothing to 157,425,535 in about six months, turned on 2026-06-01, and has shrunk every month since. Minting did not merely slow, it nearly stopped: Flare's mint log records 37,188,200 XRP of new mints in March against 2,066,170 in August, a drop of 94%. The falling curve above is the independent confirmation — that one is read from the contract.

A note on method: every supply figure here is read from the FXRP contract itself, never reconstructed by adding up the explorer's mint and redemption feeds. Those feeds log requests and events, which is not the same thing as coins appearing or disappearing, and they do not reconcile with the contract in either direction — subtracting one from the other implies less burning across the whole period than demonstrably happened after June alone. They are cited above only for counting mints, which is what they do record.

Every address above is returned by a contract call, not compiled by us. Start at Flare's contract registry, which is at the same address on every Flare network, and ask it for AssetManagerFXRP and MasterAccountController. From the asset manager, getAllAgents gives the 6 agents and getAgentInfo gives each one's XRP Ledger address; getCoreVaultManager leads to coreVaultAddress and custodianAddress. The provider wallet comes from getXrplProviderWallets.

Then read the XRP Ledger side at a fixed ledger index — the ledger's sequence number, so every value comes from the same instant and the totals agree: account_info for balances and account_objects with type: "escrow" for the locked rungs. Skipping the second call is exactly the mistake that makes the reserve look like 5.6% of what it is. Compare the total to totalSupply() on the FXRP token contract.

All nine addresses are labelled on xrpl.to, so they are named wherever they appear — the Core Vault included. More in our other insights.