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Digital asset service provider Hex Trust has launched Wrapped $XRP (wXRP) issuance and custody services.
According to The Block, Hex Trust will issue and store wrapped $XRP (wXRP), backed at a 1:1 ratio of the native $XRP asset, designed to support DeFi activities and cross-chain use.
Accordingly, the wXRP token, which is pegged to $XRP at a 1:1 ratio, is designed to support DeFi and cross-chain use cases.
However, as wXRP's use case expands beyond the $XRP Ledger, it can be bought and sold with $RLUSD on other supported chains, including Ethereum (ETH), Solana (SOL), Optimism, and HyperEVM, where $RLUSD is traded.
Hex Trust stated that authorized resellers can mint and redeem wXRP in a “secure, automated, and fully compliant environment.” According to the company, wXRP will remain fully redeemable with held native $XRP, and users will also have access to yield opportunities through supported DeFi platforms.
Wrapped $XRP will be launched with over $100 million in locked value in total, providing a strong initial liquidity base for smoother transactions and more reliable pricing.
Giorgia Pellizzari, Product Director and Head of Custody at Hex Trust, said, “With wXRP, we are expanding $XRP liquidity in DeFi and cross-chain networks, including the broader use case between $XRP and $RLUSD.”
Markus Infanger, RippleX's senior vice president, stated the following:
“There is a growing demand for the use of $XRP across the cryptocurrency ecosystem and institutions.”
That's why we're excited that Hex Trust is meeting this demand.
*This is not investment advice.