Key Highlights
- Hex Trust will launch wrapped XRP (wXRP), a 1:1 backed representation of XRP that brings the asset to major blockchains for broader DeFi access.
- wXRP enables XRP to be used on Ethereum, Solana, Optimism, and more, opening new cross-chain trading and liquidity options.
- The token will debut with over $100M in TVL, providing strong early liquidity and supporting trading pairs with RLUSD.
Hex Trust, a regulated digital asset custodian, announced it will begin issuing and managing wrapped XRP (wXRP), a 1:1 backed representation of XRP, and which can be used across multiple blockchains.
According to the press release, the introduction of wXRP is intended to bring XRP into the wider multichain ecosystem, where most DeFi activity takes place, rather than keeping it limited to the XRP Ledger.
How wXRP works
Under the model, every wXRP will be backed 1:1 by native XRP held inside Hex Trust’s regulated custody accounts. Only authorized merchants will be permitted to mint or redeem the wrapped asset. Issuance will occur strictly when the equivalent amount of XRP is deposited, and wXRP will be burned after redeeming XRP.
This arrangement creates a verifiable link between the supply of wXRP and the XRP held in custody, aiming to reduce the risks that have plagued unregulated bridge systems.
At launch, wXRP will have over $100 million in total value locked (TVL), which provides a large liquidity base for a new wrapped asset. This significant starting pool is expected to support early trading markets, including pairs with RLUSD, Ripple’s U.S. dollar stablecoin, across supported chains.
By expanding onto networks like Ethereum, Solana, Optimism, and HyperEVM, wXRP will allow users and institutions to engage in cross-chain swaps, lending, liquidity provision, and other DeFi services. Its design also makes it simpler for market makers, funds, and retail users to manage XRP positions while remaining in regulated custody environments.
Key features and users
wXRP is insured, auditable, and compliant with Know-Your-Customer(KYC)/Anti-Money Laundering (AML) standards, giving users confidence in its security and reliability. Built on LayerZero’s Omnichain Fungible Token (OFT) standard, it can move smoothly across multiple blockchains and be traded alongside RLUSD to simplify liquidity and multichain use.
The token is designed for a wide range of participants. Institutions and liquidity providers can support trading pairs, DeFi protocols, and funds can use it as collateral or liquidity. Retail investors and merchants can leverage it for swaps, lending, payments, or rewards programs..
Why wXRP matters now
According to both Hex Trust and RippleX, this approach fits a growing demand from institutions that want cross-chain access to XRP without compromising on regulatory or operational safeguards.
Giorgia Pellizzari, CPO and Head of Custody of Hex Trust, said that wXRP will help bring more XRP liquidity into DeFi and across different blockchains, especially when paired with RLUSD. She explained, “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.”
“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 RippleX.
With wXRP, XRP becomes available on the networks where much of today’s decentralized finance operates, marking one of the asset’s significant expansions beyond its original ecosystem. Hex Trust is currently in the process of onboarding merchants ahead of the public rollout.
Meanwhile, at the time of writing, XRP was trading at $2.02, up 0.57% in the last 24 hours and with a market cap of over $122 billion, as per CoinMarketCap data.
Also Read: 21Shares Launches XRP ETF $TOXR for Convenient Crypto Access
