Hex Trust to issue and custody wrapped XRP to expand DeFi utility across multiple blockchains
Hex Trust will issue and custody 1:1-backed wrapped XRP (wXRP) to increase its utility in DeFi and cross-chain applications.Summary
Regulated institutional custodian Hex Trust is launching wrapped XRP (wXRP), a 1:1-backed representation of XRP, to expand the asset's utility beyond the XRP Ledger, particularly within DeFi and cross-chain environments.
Authorized merchants can mint and redeem wXRP in a compliant manner, with the wrapped asset fully redeemable for native XRP held in Hex Trust's regulated custody. This move allows XRP to be traded alongside Ripple's RLUSD stablecoin on chains like Ethereum and provides users access to yield opportunities on supported DeFi platforms. The launch is supported by over $100 million in initial total value locked (TVL).
wXRP will initially be available on Solana, Optimism, Ethereum, and HyperEVM, offering a regulated alternative to third-party bridges for activities like swaps and liquidity provisioning, thereby reducing counterparty risk. Hex Trust emphasizes that each wXRP is backed by one XRP in segregated, insured, and audited custody accounts, aligning with institutional requirements and complementing ongoing efforts by RippleX to integrate XRP into the broader crypto ecosystem.
(Source：The Block)