Hex Trust is set to issue and custody wrapped XRP, or wXRP, as part of a broader effort to expand the asset’s reach across DeFi and cross-chain markets. The 1:1-backed token will allow XRP to operate beyond the XRP Ledger and trade alongside Ripple’s RLUSD stablecoin on chains such as Ethereum, where RLUSD is already active. The firm said authorized merchants will be able to mint and redeem wXRP in a regulated environment designed to support institutional use.
The launch will begin with more than $100 million in total value locked, which Hex Trust says establishes a liquidity base for trading and pricing across supported ecosystems. wXRP will initially be available on Solana, Optimism, Ethereum, and HyperEVM, with additional integrations planned. The firm emphasized that all wrapped tokens correspond to XRP held in segregated custody accounts with full auditability and compliance controls.
The move follows rising demand for XRP utility across DeFi, as new staking protocols, wrapped assets, and US-listed spot ETFs expand market access. Hex Trust said the initiative provides a regulated alternative to unverified bridges, offering institutions a structured path to liquidity provisioning, swaps, and yield strategies across multiple networks.
