In a major XRP news today, Hex Trust is leveraging LayerZero to issue and custody Wrapped XRP (wXRP) to expand its utility in decentralized finance (DeFi) and cross-chain applications. wXRP will launch on multiple blockchains, starting with Solana.
XRP Coming on Solana to Boost DeFi Capabilities
Digital asset platform and custodian Hex Trust has announced the launch of wrapped XRP (wXRP), which is 1:1 backed by native XRP. It will expand XRP’s utility on different DeFi platforms and multiple blockchains, supporting trading and liquidity with RLUSD on Ethereum and other supported networks.
It enables authorized merchants to mint and redeem wXRP in a secure and fully compliant environment. Users will also gain access to DeFi rewards opportunities through supported platforms. The wrapped token remains redeemable 1:1 for native XRP held in Hex Trust’s regulated custody.
wXRP is set to launch with over $100 million in Total Value Locked (TVL), providing strong initial liquidity for the asset. It also increases a broader utility between XRP and RLUSD.
“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.” said Giorgia Pellizzari, CPO and Head of Custody at Hex Trust.
wXRP will initially launch on Solana, followed by Optimism, Ethereum, HyperEVM, and other chains. This will allow institutions and individuals to access cross-chain DeFi applications such as swaps, liquidity provisioning, and rewards.
Hex Trust to leverage LayerZero’s Omnichain Fungible Token standard (OFT) to enable seamless cross-chain participation. Markus Infanger, SVP of RippleX, said:
Major Features of wXRP
wXRP is backed by native XRP and held in segregated and audited custody with Hex Trust. The issuance and redemption of the token are controlled to ensure parity. It has a token-burning mechanism that keeps the total wXRP supply equal to XRP held.
Notably, the regulated custody of all XRP with Hex Trust remains under institutional-grade, compliant custody, with AML protections, insurance, and auditability.
wXRP will have support across blockchains, enabling multi-chain DeFi use cases. In addition, the new asset allows easier pairing and liquidity between XRP and RLUSD for traders and DeFi protocols.
As CoinGape reported, the big XRP news comes amid Ripple’s release of the XRPL v3.0.0 upgrade. The upgrade has improved network stability and expanded decentralized finance (DeFi) capabilities, including cross-chain interoperability.
XRP and SOL Prices Amid This Major News
XRP price has climbed more than 2% in the past 24 hours, currently trading at $2.03. The 24-hour low and high are $1.98 and $2.05, respectively. Trading volume has decreased by 29% in the last 24 hours, indicating a lack of interest among traders.
Meanwhile, SOL price has rebounded more than 6% from a 24-hour low of $130.26. However, traders didn’t react to wXRP launch on the Solana network. Trading volume has also dropped by 26%.
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Source: https://coingape.com/xrp-news-hex-trust-and-layerzero-launch-wrapped-xrp-wxrp-on-solana/
