XRP enthusiasts are set for an exciting development as the cryptocurrency gears up for integration on prominent blockchain networks, including Solana and Ethereum, through a new wrapped token known as wXRP. This innovative wrapper is designed to enhance the usability of XRP beyond its native ledger, increasing its functionality in decentralized finance (DeFi) and market-making.
The wXRP token, which is a 1:1 representation of native XRP, is being launched by Hex Trust, a digital asset firm specializing in custody solutions. Each wXRP token will be backed by XRP held in custody, ensuring that the wrapped asset maintains a secure and transparent structure. In initial phases, the project will be backed by a robust liquidity foundation of $100 million, aimed at facilitating smoother transactions and broader adoption across multiple blockchains.
Giorgia Pellizzari, Chief Product Officer and Head of Custody at Hex Trust, has highlighted the significant potential of wXRP to unlock liquidity within the DeFi sector. She noted that the introduction of wXRP expands the liquidity options for XRP users and is poised to create synergies with Ripple’s stablecoin, RLUSD. “With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks,” Pellizzari stated.
Currently, wXRP is set to initially launch with a liquidity pool of $100 million, and as per Hex Trust, over 50 million XRP are safely held in reserves, with an equal amount of wXRP already circulating on the Ethereum network. The token is also on the brink of becoming accessible on Solana, while also having created contracts for transactions on Optimism and HyperEVM, albeit with limited issuance at this stage.
Markus Infanger, Senior Vice President at Ripple X, expressed optimism regarding the integration of XRP into the broader crypto ecosystem, noting a growing demand from institutions for usable XRP across various platforms. Infanger emphasized the natural alignment between wXRP and the ongoing work with RLUSD, stating that it offers a regulated pathway for users to engage with DeFi and manage their XRP holdings across supported networks.
XRP’s current market performance has seen a slight dip of nearly 1% over the last day, with trading prices hovering around $2.00. As Ripple continues to forge partnerships to enhance the utility of its stablecoin RLUSD, the market is keenly watching how wXRP will reshape the capabilities and reach of XRP within a diversified blockchain landscape.
