Uphold is looking for a way to offer customers staking rewards on XRP, even though the token’s blockchain doesn’t support proof-of-stake.
Chief executive Simon McLoughlin told The Block that the company’s engineers have sketched out a detour: wrap XRP on the Flare Network and let users earn yield there instead.
Because Flare’s DeFi pools now have enough depth, McLoughlin says a limited beta could launch “for the first time” in the coming months.
Offering wrapped assets in the United States is tricky. The firm must show that FXRP is not a new security under the Howey Test. Recent SEC guidance on staking helps, McLoughlin noted, but lawyers still have to confirm that the wrapping process doesn’t create an “expectation of profit” that would bring the product under securities rules. The company expects fewer hurdles in other jurisdictions.
For now, the plan remains in the lab, but McLoughlin is confident: “In many regions, wrapping XRP on Flare is a clear, compliant path to offering yield. That’s where we’ll start.”
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