Hex Trust announced it will issue and custody wrapped XRP (wXRP), a 1:1-backed representation of native XRP designed to expand XRP’s DeFi and cross-chain utility beyond the XRP Ledger.
The wrapped asset will be tradable alongside RLUSD on Ethereum and additional supported chains, including Solana, Optimism, and HyperEVM.
wXRP will launch with more than $100 million in total value locked, providing immediate liquidity and reducing early-stage friction.
Authorized merchants will be able to mint and redeem wXRP in a regulated, automated environment, with all underlying XRP held in segregated institutional custody.
That structure allows XRP exposure across DeFi applications such as swaps, liquidity provisioning, and collateral use without reliance on unregulated third-party bridges.
RippleX confirmed the initiative aligns with growing institutional demand to use XRP and RLUSD across the wider crypto ecosystem.
While structurally bullish for long-term utility, the announcement did not immediately translate into upside momentum, suggesting the market is still digesting broader positioning and macro flows.
