Citing a report from The Block on December 12, PANews said Hex Trust plans to issue and store wXRP, a wrapped version of XRP. wXRP is a token pegged 1:1 to XRP and is designed to expand the utility of XRP in DeFi and cross-chain applications. Hex Trust stated that this move will allow XRP to overcome the limitations of the XRP Ledger and be traded as a liquid trading pair with RLUSD on blockchains such as Ethereum. Ripple’s stablecoin, RLUSD, is already listed on Ethereum. Total deposited value (TVL) at wXRP launch is expected to exceed $100 million.
wXRP will initially be available on blockchains such as Solana, Optimism, Ethereum, and HyperEVM, and integration with other blockchains is also planned in the future. Hex Trust emphasizes that each wXRP corresponds to one XRP held in a separate custodial account, and is only issued or destroyed when the underlying asset is deposited or redeemed. The company also said its institutional-grade custody services include Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance, insurance coverage, and full auditability.
