XRP Credit Market Emerges on Ethereum, Dominated by Whale Borrowers

XRP is being utilized as collateral for dollar-denominated loans on Ethereum via a Morpho market launched by Flare. As of October 1, the market held approximately 7.18 million RLUSD in outstanding debt against 10.76 million FXRP. The market shows high concentration, with the three largest addresses accounting for 93% of the debt. While the platform provides a new credit use case for XRP holders, it introduces dependencies related to bridges and collateral redemption.