Hex Trust, a leading regulated digital asset platform for institutions and a qualified custodian, announced it will issue and custody wrapped XRP (wXRP), a 1:1-backed representation of the native XRP asset designed to support DeFi activity and cross-chain utility. As a result, wXRP’s use case will expand beyond the XRP Ledger and will be tradable with RLUSD on Ethereum and other chains where RLUSD is available.
Authorized merchants will be able to seamlessly mint and redeem wXRP in a secure, automated, and fully compliant environment. wXRP also gives users access to rewards opportunities through supported DeFi platforms, while remaining redeemable 1:1 for native XRP held in Hex Trust’s regulated custody.
wXRP will launch with over $100 million in Total Value Locked, giving the wrapped asset a solid base of liquidity from day one. This level of initial participation helps support smoother trading, more reliable pricing, and a healthier overall market for wXRP.
“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks including broader utility between XRP and RLUSD,” said Giorgia Pellizzari, CPO and Head of Custody of Hex Trust. “Users of wXRP and RLUSD will benefit from two assets that are built on trusted, compliant infrastructure, enabling broader DeFi utility for XRP and RLUSD across supported blockchains.”
Expanding XRP DeFi Utility Across Chains
As one of the top five largest digital currencies by market size, XRP is known for fast, low-cost, and reliable transactions. For more than 12 years, it has been widely used for payments, settlement, and moving value across borders.
wXRP expands XRP’s DeFi utility by making it usable on supported blockchains, starting with Solana, Optimism, Ethereum, HyperEVM, and additional chains for future integration. It gives users and institutions a regulated way to access cross-chain applications including swaps, liquidity provisioning, and, where available, rewards opportunities. Because wXRP is 1:1 backed and redeemable for native XRP, holders can move between chains without relying on unregulated third-party bridges, which helps reduce the counterparty risks.
“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,” said Markus Infanger, SVP of RippleX. “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.”
Key Features of wXRP
- 1:1 Backed and Transparently Managed: Each wXRP corresponds to one native XRP held in a segregated custody account with Hex Trust. wXRP can only be issued when the equivalent amount of XRP has been deposited, and wXRP is burned when XRP is redeemed, ensuring the total wXRP supply always matches the XRP held.
- Regulated Custody: All underlying XRP is securely held under Hex Trust’s institutional-grade custody, compliant with KYC/AML standards, with insurance coverage and full auditability.
- Cross-Chain Interoperability: Uses LayerZero’s Omnichain Fungible Token standard (OFT) to enable participation across multiple chains, powering multi-chain DeFi use cases.
- RLUSD Trading and Liquidity Pairing: wXRP makes it easier to use XRP and RLUSD together as trading and liquidity pairs on supported chains.
Supporting a Broad Range of Users
wXRP is designed to meet the needs of multiple participant groups:
- Institutional Liquidity Providers: Market makers, OTC desks, and LPs can provide deep liquidity for wXRP trading pairs with RLUSD.
- DeFi Protocols & Funds: Protocols, DAOs, and funds can integrate wXRP as collateral or liquidity, expanding XRP participation across multichain environments.
- Retail and Merchant Users: Everyday XRP holders can use wXRP across supported chains for swaps, lending, and, where available, rewards, while businesses can support wXRP and RLUSD in customer-facing services such as payments, swaps, checkout options, or apps that let users buy, sell, or send digital assets.
By introducing a secure, 1:1-backed wrapped representation of XRP, Hex Trust is extending a proven wrapped-asset model to one of the world’s most established digital assets, opening new cross-chain opportunities for XRP.