Hex Trust plans to issue and host a wrapped version of XRP, "wXRP," to expand the application of DeFi across multiple chains.

PANews reported on December 12th that, according to The Block, Hex Trust plans to issue and custody a wrapped version of XRP—wXRP. wXRP is a token pegged 1:1 to XRP, designed to expand the asset's use in DeFi and cross-chain applications. Hex Trust stated that this move will allow XRP to break through the limitations of the XRP Ledger and trade as a liquidity pair with RLUSD on chains such as Ethereum, where Ripple's stablecoin RLUSD is already listed. At launch, wXRP's total value locked will exceed $100 million.

wXRP will initially be available on blockchains including Solana, Optimism, Ethereum, and HyperEVM, with plans to integrate other blockchains in the future. Hex Trust emphasizes that each wXRP corresponds to one XRP held in a separate custodian account and is only issued or destroyed when the underlying asset is deposited or redeemed. The company states that its institutional-grade custody services include Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance, insurance coverage, and full auditability.