Hex Trust Plans to Launch wXRP to Expand XRP DeFi Access
- Hex Trust will issue wXRP backed one-to-one by XRP held in regulated custody accounts.
- wXRP enables XRP trading across major chains and opens regulated DeFi access paths.
- The token launches with over 100 million TVL to support stable cross-chain liquidity.
Hex Trust plans to issue and custody wrapped XRP, known as wXRP, to expand XRP use across DeFi and cross-chain networks under a regulated framework. The wrapped token represents XRP on a 1:1 basis and allows trading beyond the XRP Ledger on supported blockchains. Hex Trust said wXRP will launch with more than $100 million in total value locked, offering deep initial liquidity from the start.
The firm operates as a regulated institutional custodian and said the product targets both institutional and professional market participants. wXRP will allow XRP to trade alongside Ripple’s RLUSD stablecoin on networks such as Ethereum, where RLUSD already operates. Through this setup, XRP gains access to broader liquidity pools and DeFi tools without leaving regulated custody structures.
Hex Trust said authorized merchants will mint and redeem wXRP in a secure, automated, and compliant environment. Each token will remain fully redeemable for native XRP held in segregated custody accounts at Hex Trust. The firm stated that issuance and redemption controls ensure parity between wXRP supply and underlying XRP holdings.
Regulated Issuance and Custody Framework
Hex Trust said every wXRP corresponds to one XRP held under institutional-grade custody with segregation and auditability. The firm confirmed that it will issue or burn tokens only when users deposit or redeem the underlying XRP. A token-burning mechanism ensures the circulating wXRP supply always matches XRP held in custody.
The custody structure includes KYC and AML compliance, insurance coverage, and regular audits, according to Hex Trust. The company said this design reduces counterparty risk compared with unregulated third-party bridges. By avoiding external bridge providers, users can engage in cross-chain activity within a single regulated system.
Giorgia Pellizzari, Hex Trust’s Chief Product Officer and Head of Custody, described the launch as an expansion of XRP liquidity. “With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including broader utility between XRP and RLUSD,” she said. The statement linked the product directly to demand for regulated access to DeFi markets.
Multi-Chain DeFi Access and Industry Context
Hex Trust said wXRP will initially launch on Solana before expanding to Optimism, Ethereum, HyperEVM, and other blockchains. The firm plans further integrations as demand grows across additional networks. This rollout allows users to access swaps, liquidity provisioning, and reward opportunities across multiple ecosystems.
The firm will use LayerZero’s Omnichain Fungible Token standard to enable cross-chain movement of wXRP. This standard allows tokens to move across networks while preserving supply consistency and custody controls. Hex Trust said the approach supports seamless participation across supported blockchains.
Related: Ripple Expands Payment Services Under MAS Approval
RippleX Senior Vice President Markus Infanger welcomed the launch and tied it to Ripple’s broader stablecoin strategy. “There’s growing demand to use XRP across the wider crypto ecosystem and institutions,” Infanger said. He added that wXRP fits naturally with RLUSD by offering regulated access to DeFi across chains.
Hex Trust noted that it is not the first firm to pursue wrapped XRP products. Coinbase launched cbXRP on Base earlier this year, with a current supply of nearly $39 million worth of XRP. Other examples include Universal Wrapped XRP, which also targets cross-chain utility.
Recent developments show wider efforts to extend XRP functionality through DeFi structures. Last week, Firelight Finance launched an XRP staking protocol on the Flare network. The protocol introduced stXRP, a liquid token designed to earn rewards through a DeFi insurance model. As regulated custodians expand cross-chain offerings, will institutional-grade wrappers define the next phase of XRP’s role in DeFi?
