In a significant move to expand the reach of XRP beyond its native XRP Ledger, regulated digital asset custodian Hex Trust has launched wrapped XRP (wXRP), a fully backed token now available on major blockchains including Ethereum, Solana, Optimism, and HyperEVM.
The initiative allows XRP holders to participate in decentralized finance (DeFi) applications—such as lending, swaps, and liquidity provision—on these popular networks, while maintaining institutional-grade security and compliance. wXRP is issued on a 1:1 basis with native XRP held in segregated, audited custody by Hex Trust, ensuring full redeemability and adherence to KYC/AML standards.
Powered by the LayerZero Omnichain Fungible Token (OFT) standard, wXRP enables seamless cross-chain transfers without relying on unregulated bridges, reducing risks for users and institutions alike.Giorgia Pellizzari, Chief Product Officer and Head of Custody at Hex Trust, emphasized the broader implications: “With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including broader utility between XRP and RLUSD.
Users of wXRP and RLUSD will benefit from two assets that are built on trusted, compliant infrastructure, enabling broader DeFi utility for XRP and RLUSD across supported blockchains.”
The launch comes with substantial initial liquidity, exceeding $100 million in total value locked (TVL) to support stable trading and market-making from day one. Hex Trust’s transparency dashboard already shows over 50 million XRP in reserves, with corresponding wXRP circulating on Ethereum, while deployments on other chains are progressing rapidly.
Markus Infanger, Senior Vice President of RippleX, welcomed the development: “There’s growing demand to use XRP across the wider crypto ecosystem and institutions, and so we are excited to see Hex Trust address this demand. It also fits naturally with the work we’re doing with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains.”
This cross-chain expansion aligns with Ripple’s ongoing efforts to enhance its ecosystem. Ripple’s USD-backed stablecoin, RLUSD—which launched in December 2024—has seen growing adoption, including a recent collaboration with Mastercard, WebBank, and Gemini to explore using RLUSD for settling fiat credit card transactions on the XRP Ledger.
As DeFi continues to mature and attract institutional interest, wXRP positions XRP as a more versatile asset in multi-chain environments, potentially unlocking new liquidity pools and use cases while prioritizing regulation and trust. Hex Trust plans to integrate additional blockchains in the future, further broadening XRP’s footprint in the evolving digital asset market.
Signpost News is an Imphal-based media house that focuses on delivering news and views from Northeast India and beyond.
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