Regulated institutional digital asset platform and custodian Hex Trust will issue and custody its 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, the platform notes, will be able to seamlessly mint and redeem wXRP in a secure, automated and fully compliant environment. wXRP also gives users access to yield opportunities through supported decentralized finance ( DeFi ) platforms, while remaining redeemable 1:1 for native XRP held in Hex Trust’s regulated custody.

wXRP will launch with over US$100 million in total value locked, the platform adds, 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,” says Giorgia Pellizzari, the platform’s CPO and head of custody. “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.” 

Markus Infanger, RippleX’s senior vice-president, adds: “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. 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.”