It prepares the expansion of the XRP (xrp) currency within new networks after Hex Trust announced its plans to issue and embrace a wrapped version of the XRP (wXRP) currency, backed 1:1. This form of XRP will be traded across major blockchains, including Ethereum and Solana.
This initiative provides a pathway for one of the top five digital assets by market capitalization to access decentralized finance applications across multiple networks. It also expands the uses of XRP beyond the XRP ledger to include broader financial activities on-chain.
XRP is coming to Solana, Ethereum, and more
According to the press release, each wXRP token is fully backed by the original XRP held in separate custody at Hex Trust. Authorized entities can mint and redeem in a regulatory-compliant environment.
wXRP launches with a total frozen value of over $100 million, providing immediate liquidity and supporting market stability from day one. This wrapped asset uses the 'LayerZero’s Omnichain Fungible Token' standard to enable participation across multiple chains.
Georgia Bilizari, Chief Operating Officer and Head of Custody at Hex Trust, stated that they are expanding XRP liquidity in decentralized finance and cross-chain networks with wXRP, including broader utility between XRP and RLUSD. Users of wXRP and RLUSD benefit from assets built on a reliable and compliant infrastructure, enabling broader utility for XRP and RLUSD across supported blockchain chains.
wXRP extends XRP's access to decentralized finance, allowing the asset to be usable on major blockchains starting from Solana, Optimism, Ethereum, and HyperEVM. Hex Trust revealed that more networks will follow later.
Users and institutions can participate in activities across different networks through this wrapped token, including swapping and providing liquidity through a regulatory framework.
Each wXRP fully supports the redemption of the original XRP, enabling users to navigate between chains without relying on unregulated third-party bridges. This, in turn, reduces counterparty exposure.
Marcus Infanger, Executive Vice President at Ripple X, noted that there is a growing demand for using XRP within the broader cryptocurrency ecosystem and among institutions, and Hex Trust is meeting this demand. He added
It was stated that this naturally aligns with the ongoing work on RLUSD, as it provides people with an organized means to access decentralized finance and manage their positions in XRP across supported chains.
However, the announcement had no positive impact on the price of XRP. BeInCrypto market data showed that the altcoin rose by more than 1% over the past 24 hours, in line with the broader market recovery. At the time of writing this report, XRP was trading at $2.04.
The weak price reaction was not limited to this development alone. XRP also struggled to benefit from the success of exchange-traded funds (ETFs) or Ripple's broader expansion efforts.
