XRP is becoming collateral for real loans and the first market is already dominated by whales

Morpho shows XRP can back dollar loans today, but the next test is whether native XRPL lending attracts anyone beyond the first whales.

• XRP is now being used as collateral for dollar-backed loans on Ethereum via FXRP on Morpho, with over $7 million borrowed.
• The market is heavily concentrated, with three addresses controlling 93% of the debt, raising concerns about concentrated liquidation risk and limited broader adoption.
• Upcoming native XRPL lending aims to simplify access but may primarily serve existing holders rather than attracting new demand for XRP.

Topics: Asset types, Integration with defi, Scalability, Alternative assets, Rwa collateral lending, Market depth liquidity

Tags: #xrp #morpho #fxrp #rlusd #lending #collateral #whales #xrpl #defi #liquidation

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