In a significant development within the cryptocurrency landscape, Midas has teamed up with Interop Labs to introduce mXRP on Axelar, marking the launch of a pioneering tokenized exposure product designed to offer XRP-denominated yield strategies. This announcement was made during the XRP Seoul 2025 event, where over 3,000 passionate XRP holders gathered to witness this groundbreaking unveiling.
Georgios Vlachos, co-founder of the Axelar protocol and director at Axelar Foundation, emphasized the transformative nature of this partnership, stating, “Axelar is the Gateway to Onchain Finance.” He highlighted the importance of connecting the XRP Ledger to decentralized finance (DeFi) for the first time, which opens up a range of compelling use cases such as tokenization and trading integrations. Vlachos noted that the mXRP token embodies Axelar’s capacity to deliver practical applications, fortified with security and configurability.
The mXRP token is constructed on the newly launched XRPL EVM through rigorously audited smart contracts. Midas, which specializes in issuer services for tokenized certificates and is authorized for retail distribution in Europe, plays a critical role in the development and infrastructure of mXRP, boasting over $1 billion in total value locked (TVL). With Axelar serving as the sole DeFi connector for the XRP Ledger, it facilitates the bridging of XRP into this innovative protocol, enabling broader access to mXRP.
Dennis Dinkelmeyer, co-founder and CEO of Midas, shed light on the substantial amounts of XRP that have remained dormant for years. He articulated that mXRP provides a clear and transparent mechanism for users to engage with on-chain strategies. With burgeoning community interest and DeFi integrations, Dinkelmeyer believes that mXRP could play a pivotal role in unlocking new utilities for XRP.
To utilize mXRP, users deposit XRP collateral within a tokenized certificate structure that tracks the performance of various on-chain and off-chain yield strategies. These strategies, guided by third-party asset managers called “risk curators,” may encompass methods such as market-making and liquidity provisioning. For its initial launch, Hyperithm has been designated as the provider of risk curation services for mXRP. The mXRP token is fully integrated within the XRPL EVM ecosystem and can be utilized across various DeFi protocols, enabling access to additional avenues like lending markets and other native integrations.
Performance metrics related to these strategies are reflected in the token’s value through sophisticated smart-contract logic. Currently, the anticipated net return is estimated to fall within the range of 6-8% APY based on historical performance, adjusted for fees, though these figures are subject to variability. It’s important to note that past performance does not guarantee future results.
Axelar, referred to as the Gateway to Onchain Finance, is a decentralized network that connects various blockchains and financial institutions securely. Backed by significant contributors, including Interop Labs, Axelar’s technology stack is designed for seamless tokenization, yield generation, and trading products vital for the advancement of institutional-grade financial applications.
In collaboration with leading institutions such as Deutsche Bank, Mastercard, and Kinexys by J.P. Morgan, Axelar is forging the future of financial infrastructure, encompassing elements like global stablecoins and tokenized funds, all the while maintaining a focus on security, compliance, and scalability.
On the other hand, Midas is dedicated to developing institutional-grade financial products for the open web, with its ERC-20 tokens tailored to reflect defined strategies and verifiable on-chain performance, seamlessly blending traditional financial standards with DeFi capabilities. Supported by prominent investors and partners, Midas ensures robust compliance and risk management through collaboration with regulated custodians.
Potential investors should be aware that Midas-issued tokens are not accessible to individuals or entities from the US, UK, or any sanctioned jurisdictions. It is emphasized that this announcement does not constitute investment advice, and past performance is not indicative of future results. Stakeholders are urged to review legal documents and the investment disclaimer thoroughly before making any decisions.
