Hex Trust is making a bold move to expand XRP’s reach beyond the XRP Ledger by launching wrapped XRP (wXRP) for use across multiple blockchains in decentralized finance (DeFi). This is a big step for both institutional and retail crypto users looking for cross-chain liquidity and yield opportunities.
What is Wrapped XRP?
wXRP is a 1:1-backed version of XRP that can be used on other blockchains like Ethereum, Solana, Optimism, and HyperEVM. Essentially, it lets users trade, swap, and provide liquidity in DeFi without leaving the safety of regulated custody.
Authorized merchants will mint and redeem wXRP in a secure, fully compliant environment, and each wXRP can always be redeemed for native XRP held by Hex Trust. Users also gain access to yield opportunities on supported DeFi platforms, a feature that makes this more than just a simple token swap.
Strong Launch Liquidity
wXRP is set to launch with over $100 million in total value locked, ensuring smoother trading and reliable pricing from day one. Giorgia Pellizzari, Hex Trust’s CPO and Head of Custody, said:
“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including broader utility between XRP and RLUSD.”
The wrapped asset will initially operate on Ethereum, Solana, Optimism, and HyperEVM, with more blockchains planned in the future. By providing a regulated path for cross-chain activity, Hex Trust allows users and institutions to engage in swaps, liquidity provisioning, and yield strategies without relying on risky, unregulated bridges.
Industry Impact and Adoption
RippleX SVP Markus Infanger emphasized the importance of this move:
“There’s growing demand to use XRP across the wider crypto ecosystem and institutions, and Hex Trust is answering that demand. This aligns perfectly with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains.”
Each wXRP token is backed 1:1 by XRP held in segregated, audited accounts. Hex Trust’s custody system ensures KYC/AML compliance, insurance coverage, and full auditability, giving institutions the confidence to participate in DeFi safely.
Expanding XRP’s Ecosystem
Hex Trust joins a growing list of firms increasing XRP’s utility. Earlier this year:
- Coinbase launched cbXRP on Base, with around $39 million worth of XRP in circulation.
- Firelight Finance introduced stXRP on the Flare network, allowing users to earn rewards through a DeFi insurance model.
- Spot XRP ETFs in the U.S., from Canary Capital, Bitwise, Grayscale, and Franklin Templeton, are approaching $1 billion in net inflows since mid-November.
The launch of wXRP represents a significant leap forward for XRP adoption across the DeFi ecosystem, offering users safer, regulated, and highly liquid options for leveraging their assets.
