What happened to XRP held with crypto lenders that collapsed in 2022?

The full answer

What do the bankruptcy cases say about XRP at Celsius, Voyager, BlockFi and FTX?

Without those records, I can’t say how much XRP customers had at those firms, whether any of it came back as XRP or as cash, or the date at which claim values were fixed. These points are listed under open questions. How a platform’s failure affects the XRP in a customer account is covered on what happens to your XRP if the exchange goes bankrupt.

I haven’t verified what happened to XRP held with Celsius, Voyager, BlockFi or FTX, so I make no claim on those cases.

Do the US spot XRP ETFs lend out the XRP they hold?

Canary XRP ETF’s Form 10-Q for the quarter ended June 30, 2026 names Coinbase Custody and BitGo as the custodians that safekeep the trust’s XRP [1]. The filing names Coinbase Custody Trust Company and BitGo Trust Company as the custodians responsible for safekeeping the trust’s XRP [1]. It describes the trust as a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP [1].

Franklin XRP Trust held 225,368,820.7314 XRP on June 30, 2026, according to its Form 10-Q [2]. Its XRP custodian, responsible for safekeeping that XRP, is Coinbase Custody Trust Company [2]. The filing adds that the Sponsor does not actively manage the XRP the fund holds [2].

Canary’s 10-Q describes its trust as a passive vehicle that does not seek returns beyond tracking the price of XRP [1]. That is my reading of the two filings, not a sentence in either of them.

Is lending against XRP growing through institutional firms?

Ripple said on November 5, 2025 that Ripple Prime, which it describes as a global, multi-asset prime brokerage for institutional customers, “is now expanding into collateralized lending for XRP” [3]. That is Ripple’s own description of an expansion. The release gives no loan volumes, terms or details of who holds the XRP. What Ripple Prime accepts today is covered on does Ripple Prime accept XRP as collateral.

The regulated US futures market is narrower. CFTC staff letter 25-40, issued in 2025, includes a condition under which a futures commission merchant accepts only payment stablecoins, bitcoin and ether as margin collateral from customers, and refers to a period of three months from when the merchant begins relying on the letter [4]. The wider rulebook is set out on what rules govern lending against XRP.

What would a base rate for lending XRP out need?

A base rate needs three numbers for each failed lender: the XRP customers held when the case began, the share they recovered, and whether recovery came in XRP or in cash. None of these is held as of September 30, 2026, so this page gives no loss rate.

The comparison that can be made is structural. The Canary and Franklin filings describe XRP kept by named custodians for safekeeping, in funds that do not seek extra return [1] [2]. A yield or lending product has to pass XRP to a borrower or venue to earn a return. That step adds the borrower’s or venue’s credit risk on top of XRP’s price risk. This follows from the filings’ custody and passive-strategy statements and from what earning yield requires. The specific risks of AMM pools and wrapped XRP are covered on the risks of earning yield on XRP, and the chain from loans to forced selling on could XRP lending create a self-reinforcing feedback loop.

What is the case for lending XRP despite this?

The argument for putting XRP to work is set out on can I earn yield on XRP without selling it. The strongest evidence on that side is Ripple’s November 5, 2025 statement that Ripple Prime is expanding into collateralized lending for XRP while “supporting a rapidly growing base of institutions trading XRP-based products” [3]. That is a company claim, and the release attaches no figures to it.