XRP is set to expand beyond its native network after Hex Trust announced plans to issue and custody wrapped XRP (wXRP). This 1:1-backed representation of XRP will operate across major blockchains, including Ethereum and Solana.
The initiative introduces a pathway for one of the top five digital assets by market size to access cross-chain DeFi applications. It extends XRP’s utility beyond the XRP Ledger into broader on-chain financial activity.
XRP is Coming To Solana, Ethereum, and More
According to the press release, each wXRP will be fully backed by native XRP held in segregated custody at Hex Trust. Minting and redemption will be available to authorized participants in a compliant environment.
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wXRP will launch with more than $100 million in Total Value Locked. This will provide immediate liquidity and support stable market activity from day one. The wrapped asset uses LayerZero’s Omnichain Fungible Token standard, enabling multi-chain participation.
wXRP extends XRP’s DeFi reach. It enables the asset to be usable on major blockchains, starting with Solana, Optimism, Ethereum, and HyperEVM. Hex Trust revealed that additional networks will follow.
The wrapped token allows users and institutions to participate in cross-chain activities. This includes swaps and liquidity provision through a regulated framework.
Since each wXRP is fully backed and redeemable for native XRP, it supports users to move between blockchains without relying on unregulated third-party bridges. This, in turn, reduces counterparty exposure.
Markus Infanger, SVP of RippleX, stated that there is a growing demand to utilize XRP across the broader cryptocurrency ecosystem and among institutions, and that Hex Trust is addressing this demand. He added that,
Nonetheless, the announcement had little positive impact on the price of XRP. BeInCrypto Markets data showed that the altcoin rose by just over 1% in the past 24 hours, largely in line with a broader market recovery. At the time of writing, XRP was trading at $2.04.
XRP Price Performance. Source: BeInCrypto MarketsThe muted price reaction was not limited to this development. XRP has also struggled to benefit from the success of spot exchange-traded funds (ETFs) or Ripple’s broader expansion efforts.
Source: https://beincrypto.com/xrp-ethereum-solana-utility-expansion/
