Note
Tokenization is a premium feature that requires an additional purchase. To add this feature, contact your Customer Success Manager.
Overview
The Ripple network allows you to create, transfer, and trade custom tokens. Tokens you create on the Ripple network can be stored, transferred, and managed using Fireblocks.
Tokenization on Ripple using Fireblocks is a five-step process:
- Creating an issuing account for the token
- Adding the token to your Fireblocks workspace
- Creating a distribution account for the token
- Minting the token
- Distributing tokens to other wallets.
Depending on the use case, it is also possible to burn tokens if there is no longer any need for them.
Learn more about the Ripple minimum balances.
Creating an issuing account for the token
Create an XRP asset wallet in a vault account (this will be referred to as Vault A). For a Ripple wallet to remain active, you must deposit and maintain a minimum balance of 10 XRP in it at all times. You must also maintain additional funds to finance fees for any future transactions.
For each additional Ripple-based token you want to be supported by the vault account, you need an additional balance of 2 XRP to establish a trust line (an explicit opt-in to hold the token) with other wallets.
Note:
The issuer address cannot hold a balance of its own token.
Adding the token to a Fireblocks workspace
Once the XRP wallet is funded, create your token using the Tokenization page. You can also issue Ripple tokens using the Fireblocks API.
Note:
At this point, the token is only listed in your workspace and has not been created on the Ripple network.
Adding the Ripple tokens is done in one of the following ways:
- If you own the token, you can use the Console with the tokenization navigation page.
- If you don’t own the token, you can submit a request for Fireblocks Support to add support for that Ripple token.
After the token is recognized in your workspace:
- Adding it to a vault account requires an on-chain operation. If you add the asset wallet to a vaul account, your mobile app will receive a request to approve the token. This then creates an "enable asset" operation. This appears as a separate transaction in the recent activity panel and in your transaction history.
- You can add the asset to a whitelisted wallet. There is no need for an additional tag or memo.
Creating a distribution account for the token
After your token is listed in Vault A:
- Create an XRP wallet and a wallet for the new token in a different vault account (Vault B). A trust line is automatically established between the issuing XRP wallet in Vault A and the distribution wallet for the new token in Vault B.
- The token, represented by the symbol and the issuing account in Vault A, is listed on the blockchain. The distribution account in Vault B is listed as a trusted address and can hold the newly created token.
Minting the token
To mint the new token to the Ripple network, send the number of new tokens you want to create from the issuing account to the distribution account. The tokens are created and can be transferred to other wallets. Learn more about minting tokens.
You can also mint tokens directly to other internal or external Ripple wallets if a trust line has been established from those additional wallets.
Note:
You can also initiate this transaction by specifying the TransactionOperation object parameter as “MINT” in the Fireblocks API.
Distributing tokens to other wallets
After minting, you can send the new tokens from the distribution account to any Ripple wallet with an established trust line. You can establish a trust line automatically by adding the asset to the new wallet that will receive the token.
Note:
Tokens can be distributed using the Fireblocks Console or the Fireblocks API.
Burning tokens
Depending on the use case of the asset, you may want to burn tokens. You can burn tokens using the Fireblocks Console or the Fireblocks API.
Learn more about burning tokens.
Additional information
- Some XRP functions, such as Authorization, Freeze, and other extended features are not supported natively but can be completed using Raw Signing. To enable raw signing, submit a request to your Customer Success Manager.
- You can verify your token’s creation on the XRP network using any XRPL block explorer including: