Tokenization platform Midas has partnered with blockchain interoperability protocol Axelar (AXL) and launched a tokenized XRP product, mXRP, which they describe as the first of its kind, The Block reports.
This is seen as a great opportunity for XRP investors, as it is stated that it will offer XRP holders returns of up to 8%.
At this point, it was stated that the product is currently targeting a base return of 6-8% paid in XRP.
According to the statement, users can mint mXRP by depositing their XRP collateral into a tokenized structure that tracks the performance of their underlying return strategies. mXRP can also be used in DeFi protocols to generate additional returns beyond its underlying return.
Midas co-founder and CEO Dennis Dinkelmeyer said:
Axelar co-founder Georgios Vlachos said, “Axelar will connect mXRP to every major ecosystem where DeFi opportunities exist, where users can deposit mXRP and earn additional returns on top of mXRP’s base return. By combining returns from all available sources, mXRP will always be the highest-yielding XRP asset on the market.”
Vlachos, for example, said that if mXRP’s assets under management reach $10 billion by June 2026, it could generate $700 million in annual revenue at a 7% return, creating an additional $700 million in annual buying pressure for XRP.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/attention-xrp-investors-a-new-first-of-its-kind-xrp-product-has-been-launched-great-opportunity/
