By Isaac • October 1, 2026 11:12 pm •
XRP has moved beyond the familiar debate over payments and exchange liquidity. It is now backing millions of dollars in live loans—but the first meaningful market is concentrated enough that three wallets can change the picture almost overnight.
A Morpho market on Ethereum had roughly 7.18 million RLUSD in outstanding debt against about 10.76 million FXRP as of October 1. The borrower mix is the striking number: the three largest addresses controlled 92.98% of the debt.
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The market demonstrates XRP’s growing utility, but three large positions cannot establish broad adoption. One repayment, liquidation, or collateral move could make the total shrink almost overnight.
How XRP reaches an Ethereum lending market
The route starts with Flare. XRP
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