CoinVoice has learned from The Block that Hex Trust plans to issue and custody a wrapped version of XRP—wXRP. wXRP is a token pegged to XRP at a 1:1 ratio, designed to expand the use of this asset in DeFi and cross-chain applications.
Hex Trust indicates that this move will allow XRP to break through the limitations of the XRP Ledger, trading alongside RLUSD on chains such as Ethereum where Ripple's stablecoin RLUSD has already launched, serving as a liquidity trading pair. When wXRP is launched, its total locked value will exceed $100 million. wXRP will initially be available on blockchains including Solana, Optimism, Ethereum, and HyperEVM, with plans to integrate other blockchains in the future.
Hex Trust emphasizes that each wXRP corresponds to an XRP stored in an independent custodian account, and will only be issued or destroyed when the underlying asset is deposited or redeemed. The company states that its institutional-grade custody services include Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance, insurance coverage, and full auditability.[Original link]
