XRP is now supporting live dollar borrowing on Ethereum, with a Morpho market backed by FXRP (a tokenized representation of XRP) having approximately $7.18 million in outstanding RLUSD loans against 10.76 million FXRP as of October 1. However, the market remains heavily concentrated, as the three largest addresses account for 93% of the debt, limiting its interpretation as broad adoption. The market, launched in August through Flare, allows XRP holders to mint FXRP, move it to Ethereum, and borrow Ripple's RLUSD stablecoin without immediately selling their XRP exposure. This introduces a new credit use case for XRP, but also adds bridge, collateral, and redemption dependencies.