Hex Trust, a regulated digital asset platform and qualified custodian for institutions, announced today that it will issue and custody wrapped XRP (wXRP), a 1:1-backed representation of the native XRP token built to expand the asset’s use in DeFi and across multiple blockchains. The move is intended to let XRP holders and institutions access cross-chain liquidity and DeFi services without relying on unregulated bridges, while keeping the underlying XRP securely held in Hex Trust’s regulated custody.
Under the new arrangement, authorized merchants will be able to mint and redeem wXRP in a fully automated and compliant environment. Each wXRP token is redeemable 1:1 for native XRP held in segregated custody accounts, and tokens are only issued when the equivalent XRP has been deposited; conversely, wXRP is burned when XRP is redeemed. Hex Trust says that approach ensures the wrapped supply always mirrors the XRP held in custody, a design that aims to reduce counterparty risk for institutions and retail users alike.
wXRP will debut with more than $100 million in Total Value Locked, giving the wrapped asset substantial liquidity from day one. Hex Trust said that the deep initial participation will help support smoother trading, more reliable pricing and a healthier market for the new product right from launch. The firm also emphasized that wXRP holders will gain access to yield opportunities through supported DeFi platforms where available, while retaining the ability to redeem their tokens for native XRP at any time.
“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including broader utility between XRP and RLUSD,” said Giorgia Pellizzari, CPO and Head of Custody of Hex Trust. “Users of wXRP and RLUSD will benefit from two assets that are built on trusted, compliant infrastructure, enabling broader DeFi utility for XRP and RLUSD across supported blockchains.”
Expanding DeFi Utility
Hex Trust plans to make wXRP usable on an array of networks at launch, including Solana, Optimism, Ethereum and HyperEVM, with additional chains slated for future integration. That multi-chain approach is designed to allow market makers, decentralized protocols, funds and everyday users to integrate XRP into swaps, liquidity pools, lending markets and other cross-chain applications. Hex Trust particularly highlighted the pairing potential with RLUSD, Ripple’s stablecoin, saying wXRP will make it easier to trade and provide liquidity between the two assets across supported chains.
“There’s growing demand to use XRP across the wider crypto ecosystem and institutions, and so we are excited to see Hex Trust address this demand,” said Markus Infanger, SVP of RippleX. “It also fits naturally with the work we’re doing with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains.”
XRP, long known for fast, low-cost transactions and used widely for payments and settlement, ranks among the top five digital currencies by market size. Hex Trust framed wXRP as an extension of that utility into the DeFi world, offering a regulated route for institutions and retail users to participate in cross-chain activity without exposing themselves to the operational and counterparty risks that can come with unregulated bridging solutions.
Hex Trust described several institutional-grade controls behind the product: the underlying XRP is held under the firm’s institutional custody with KYC/AML compliance, insurance coverage and full auditability. Market participants ranging from market makers and OTC desks to protocols, DAOs and funds will be able to integrate wXRP as collateral or liquidity, while merchants and consumer-facing services can support wXRP and RLUSD for payments, swaps and checkout options.
By bringing a proven wrapped-asset model to one of the market’s most established tokens, Hex Trust is betting that regulated, cross-chain access will accelerate institutional and retail use of XRP across DeFi. The firm, which was founded in 2018, offers custody, staking and markets services to builders, investors and service providers and positions itself as a regulated gateway for institutions seeking secure access to digital asset markets.
Interested merchants can pre-register for early access and onboarding. For more information, visit Hex Trust’s website and social channels, including LinkedIn, X, and Telegram.