XRP Holders Can Now Mint Stablecoins on Flare with Enosys’ New Loan Protocol
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- Enosys introduces the first-ever XRP-backed stablecoin loan protocol on Flare, using the Liquity V2 model.
- XRP holders can mint overcollateralized stablecoins without selling their assets.
- Plans include supporting staked XRP (stXRP) for additional DeFi benefits.
Enosys has launched Enosys Loans, a collateralized debt position (CDP) protocol that lets XRP holders mint an overcollateralized stablecoin without selling their assets. It’s the first XRP-backed stablecoin loan service live on Flare
The product uses FXRP, a wrapped version of XRP, as the initial collateral with plans to support staked XRP (stXRP) in the future.
This development marks the first time a decentralized stablecoin is fully backed by XRP. In other words, the launch expands XRP’s role from payments into yield-generating decentralized finance (DeFi) activities.
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