How much credit is being created against XRP, and can it be measured?

The full answer

The pieces that are public cannot be added into one. The clearest single number is from one market on Ethereum: $7.19 million of RLUSD borrowed against FXRP on September 29, 2026.[3] Everything larger either counts collateral rather than loans, or is not disclosed.

Is XRP collateral the same as credit actually lent?

No. Collateral is what a borrower pledges; credit is what is actually drawn. The two figures in Sentora’s Morpho market show the gap. Flare reported on September 24, 2026 that the market “stood at $7.85M with $7.9M RLUSD supplied against 10.6M FXRP collateral.”[1] “Supplied” here is RLUSD that lenders deposited, available to borrow. Morpho’s market page on September 29 showed $7.19 million of outstanding loans in a total market size of $7.9 million, almost all of it supplied by Sentora’s RLUSD vault.[3]

A third number is sometimes quoted alongside these. CoinDesk described Sentora as managing “a $280 million lending pool of Ripple’s RLUSD stablecoin” when FXRP was approved as collateral in August.[2] That $280 million is Sentora’s whole RLUSD pool across its markets. The FXRP market inside it held $7.9 million by late September.[1][2]

Which venues publish loan balances against XRP, and which do not?

Publish, at least in part:

• Morpho’s FXRP/RLUSD market on Ethereum: supply and borrowing are shown live, with the share lent out, because the market runs on a public blockchain.[3]
• Flare, for FXRP overall: “~ 145.2M FXRP minted with 130M FXRP in DeFi at work across ~7.8M transactions” as of September 24, 2026.[1] Flare says FXRP “is lent and borrowed. It is posted as collateral. It backs a stablecoin through Enosys CDP,” but does not split the 130 million between those uses.[1]

Do not publish XRP-backed balances, as of September 29, 2026:

• Ripple Prime. Ripple says US clients can “cross-margin OTC spot transactions and holdings with the rest of their digital asset portfolio,”[5] and its product page lists “Portfolio financing and risk-based margin financing,” “$3T+ Clearing annually across markets” and “300+ Institutional customers,” with no XRP loan or collateral figure.[4] Its August 2026 notes release says proceeds are for “working capital and general corporate purposes.”[6] More on how Ripple Prime has been funded.
• Coinbase International Exchange’s public asset data gives XRP a collateral weight of 0.9, with no amount of XRP posted.[7]
• Nexo offers loans of “up to 30% of your collateral’s value” against XRP, with no loan book figure.[8]

Reported through a third party:

• A Schwab money market fund’s filing for August 31, 2026, as read by the press. crypto.news put XRP ETF collateral at “approximately $11.39 million”;[9] Bitcoin.com News put it at “$8.32 million in August.”[10] I have not read the filing itself, so the two figures are shown side by side.

Not yet running:

• Native XRP Ledger lending. XRPL.org says “All credential and loan info is transparent on the XRPL,”[13] and each Loan record carries “The principal amount still owed on the loan.”[14] If switched on, it would publish balances by design. On September 29, 2026 it had 15 of 35 trusted-validator votes, with 29 required, and was not yet enabled.[12]

What are borrow utilisation rates in the FXRP and RLUSD markets, and how have they moved?

One reading is available. Morpho’s market page on September 29, 2026 showed utilization of 91.08%, total liquidity of $705.05 thousand, a six-hour borrow rate of 6.11% and a liquidation loan-to-value of 77%.[3] Checking the arithmetic, 7.19 divided by 7.9 is about 91%, which matches the page.

For movement, Flare reports that “the market opened at a $4M cap and stood at $7.85M with $7.9M RLUSD supplied.”[1] No public time series of utilization exists beyond these two readings. The same page listed ten liquidations of one borrower’s position, on August 22, September 15 and September 23, 2026, each seizing between about 307 and 1,326 FXRP, and showed realized bad debt of 0.00 RLUSD.[3]

Can we calculate an XRP loan-to-value ratio from the Morpho vault numbers?

Roughly, with a caveat about dates. Taking Flare’s 10.6 million FXRP of collateral (September 24) at Morpho’s oracle price of 1.48 RLUSD per FXRP (September 29) gives about $15.7 million of collateral. Against $7.19 million borrowed, that is roughly 46% loan-to-value across the market (our estimate).[1][3] The figures come from a single read of the Morpho RLUSD/FXRP market on September 29, 2026 and are market-wide aggregates as displayed by Morpho; they do not show individual borrower positions, so the 77% liquidation LTV is the market’s stated threshold, not a verified distance for each borrower. The 10.6 million FXRP is about 7.3% of all FXRP minted (our calculation from Flare’s figures).[1]

What would a system-wide figure need?

Three things, none public as of September 29, 2026: XRP-backed loan balances from the brokers and exchanges that accept XRP; a split of Flare’s 130 million FXRP in DeFi into lent, borrowed-against and pooled amounts; and a way to avoid counting one XRP twice when, for example, FXRP is posted as collateral and the stablecoin borrowed is lent again. Flare’s own figures show why this matters: it reports “~21M FXRP is sitting on other chains via OFT, that is 14.4% of the 145.2M outstanding,” and separately that by July there was “more than 40M XRP earning through Xaman and D’CENT,” without saying how these overlap with the 130 million in DeFi.[1] The double-counting problem is covered on how to avoid counting the same XRP twice, and broader use measures on how actual XRP use is measured.

For scale, Galaxy Research counted “$56.16 billion” of crypto-collateralized loans across all assets at the end of June 2026, as reported by Crypto Briefing.[11] What share of that is backed by XRP is not reported.

What is the case that XRP collateral use is already larger than this page shows?

The strongest version: Ripple Prime lets clients cross-margin XRP,[5] Coinbase gives it a collateral weight,[7] and Ripple Prime reports over 300 institutional clients,[4] so undisclosed institutional use could dwarf the public DeFi figures. That may be true. It is not measured in any public source as of September 29, 2026, and the argument is set out in full on is XRP already used as collateral today.