Hex Trust Launches Wrapped XRP Across Multiple Blockchains to Expand XRP Liquidity
Hex Trust has introduced Wrapped XRP (wXRP), a 1:1 backed representation of XRP on Ethereum, Solana, Optimism, and HyperEVM blockchains. This initiative includes custody and KYC/AML compliance provided by Hex Trust.
wXRP was launched with a total value locked (TVL) of $100 million to support cross-chain liquidity. According to the Hex Trust dashboard, more than 50 million XRP are held in reserves, with 50 million wXRP currently in circulation on the Ethereum network.
The deployment initially includes Ethereum, with a Solana launch expected soon. Contracts have also been created for Optimism and HyperEVM, where there is 1 wXRP in circulation on Optimism and none on HyperEVM yet.
Markus Infanger, an executive at Ripple X, highlighted the growing demand to utilize XRP within the broader crypto ecosystem. He stated that wXRP serves as a complementary asset to RLUSD, Ripple's stablecoin, to enhance decentralized finance (DeFi) utility across supported chains.
RLUSD, launched in December, has been used for settlement in credit card transactions in collaboration with Mastercard and Gemini.
This initiative aims to expand XRP liquidity beyond the XRP Ledger by enabling a regulated and compliant wrapper infrastructure for DeFi and cross-chain networks.
