Hex Trust said on Thursday it will begin issuing and custodying wrapped XRP, a token designed to let XRP move across several blockchains while remaining backed 1:1 by the original asset.
The Hong Kong–based digital asset custodian said the new token, called wXRP, will allow XRP to be used in decentralised finance applications on chains such as Ethereum, Solana, Optimism and HyperEVM. The initiative is all set to make XRP more accessible outside its native ledger and give users a regulated way to move the asset across networks.
Ripple’s chief technology officer, David Schwartz, welcomed the development, saying on social media that expanding XRP into more ecosystems “builds utility” while the XRP Ledger remains the “anchor” behind it.
Hex Trust said wXRP will launch with more than $100 million in total value locked, providing liquidity from the first day of trading. The asset will be issued only when an equivalent amount of native XRP is deposited in custody and will be burned when redeemed, ensuring a 1:1 ratio.
The company said authorised merchants will be able to mint and redeem the token through an automated and compliant process. Users will also be able to access DeFi features when supported, such as liquidity pools and rewards.
wXRP will also be tradeable with Ripple’s stablecoin RLUSD on Ethereum and other networks where RLUSD operates. RippleX senior vice president Markus Infanger said demand has grown for ways to use XRP across multiple ecosystems, and the wrapped asset fits with the company’s efforts to expand regulated access to DeFi.
Hex Trust said the underlying XRP will be held in regulated, segregated custody accounts that follow KYC and AML requirements. The wrapped token uses LayerZero’s OFT standard to allow transfers between chains.
The company said the design is aimed at institutions, DeFi projects and retail users who want to use XRP in cross-chain applications without relying on unregulated bridges, which have been frequent targets of hacks.
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