In brief
- XRP will soon be usable on Solana, Ethereum, and other popular blockchains as wXRP.
- The wrapper is backed 1:1 by native XRP custodied by digital asset firm Hex Trust.
- The wXRP token will get started with $100 million in liquidity, providing a base for use across blockchains.
The Ripple-linked XRP will soon be usable on Ethereum and Solana, expanding its utility in DeFi and market-making beyond the XRP Ledger.
The unlock is thanks to a new wrapper from digital asset firm and custodian Hex Trust, which is issuing wXRP, a 1:1 backed representation of XRP on Ethereum, Solana, Optimism, and the HyperEVM. In the future, additional blockchains will be added for wXRP integration.
“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks including broader utility between XRP and RLUSD,” said Hex Trust CPO and Head of Custody Giorgia Pellizzari, in a statement.
“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,” she added.
The wrapped XRP tokens are transparently backed by 1:1 XRP that will be custodied and compliant with KYC/AML standards via Hex Trust’s institutional-grade custody, the firm said.
To start, wXRP will launch with $100 million in total valued locked (TVL) to provide a base for liquidity across blockchains. At present time, a dashboard on Hex Trust’s website indicates it holds more than 50 million XRP in reserves, with 50 million wXRP in circulation already on Ethereum.
The token’s launch on Solana is coming soon. Transactions on Optimism and HyperEVM show the token’s contract has been created, though only 1 wXRP is currently in circulation on Optimism and none are circulating on HyperEVM.
“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,” said Markus Infanger, SVP of Ripple X, in a statement. “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.”
Ripple’s stablecoin, RLUSD, launched last December but has been gaining utility as well. For example, Ripple partnered with Mastercard and Gemini to use RLUSD for settlement in credit card transactions.
XRP is down nearly 1% in the last 24 hours and was recently changing hands at $2.00.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
