The move allows XRP to be traded as a liquidity pair alongside Ripple's RLUSD stablecoin on chains like Ethereum where RLUSD is available.
XRP News
Hex Trust plans to issue and custody wrapped XRP, extending the asset's reach beyond the XRP Ledger into decentralized finance applications across multiple blockchains.
The regulated institutional custodian will launch wXRP as a 1:1-backed representation of XRP designed for cross-chain use. The move allows XRP to be traded as a liquidity pair alongside Ripple's $RLUSD stablecoin on chains like Ethereum where RLUSD is available.
Authorized merchants will mint and redeem wXRP in a secure, automated, and fully compliant environment, according to Hex Trust. The wrapped asset remains fully redeemable for native XRP held in regulated custody. Users can also access yield opportunities through supported DeFi platforms.
Wrapped XRP will launch with more than $100 million in total value locked, providing strong initial liquidity for smoother trading and reliable pricing. "With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks including broader utility between XRP and RLUSD," stated Hex Trust CPO and Head of Custody Giorgia Pellizzari.
The asset will initially be available on blockchains including Solana, Optimism, Ethereum, and HyperEVM, with additional integrations planned. By offering a regulated path for cross-chain activity, the firm said users and institutions can engage in swaps, liquidity provisioning, and yield opportunities without relying on unregulated third-party bridges.
"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," stated RippleX SVP Markus Infanger. "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."
Each wXRP corresponds to one XRP held in segregated custody accounts and will be issued or burned only when underlying assets are deposited or redeemed. Hex Trust's institutional-grade custody includes KYC/AML compliance, insurance coverage, and full auditability.
Hex Trust joins other firms boosting XRP's utility. Coinbase's cbXRP token went live on Base earlier this year, with the current total supply at around $39 million worth of XRP. Last week, Firelight Finance launched an XRP staking protocol on the Flare network, introducing the liquid token stXRP that earns rewards through a DeFi insurance model.
The development follows spot XRP exchange-traded fund launches in the U.S. from Canary Capital, Bitwise, Grayscale and Franklin Templeton. The group is closing in on a collective $1 billion in net inflows since launching on Nov. 13.
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