Ripple News: XRP Steps Into Solana Ecosystem Through Hex Trust, LayerZero

The post Ripple News: XRP Steps Into Solana Ecosystem Through Hex Trust, LayerZero appeared first on Coinpedia Fintech News

Hex Trust said on Thursday it will begin issuing and custodying wrapped XRP, a token designed to let XRP move across several blockchains while remaining backed 1:1 by the original asset.

The Hong Kong–based digital asset custodian said the new token, called wXRP, will allow XRP to be used in decentralised finance applications on chains such as Ethereum, Solana, Optimism and HyperEVM. The initiative is all set to make XRP more accessible outside its native ledger and give users a regulated way to move the asset across networks.

Ripple’s chief technology officer, David Schwartz, welcomed the development, saying on social media that expanding XRP into more ecosystems “builds utility” while the XRP Ledger remains the “anchor” behind it.

XRP Coming To Solana?

Solana said XRP has remained one of the most trusted and liquid cryptocurrencies. Now, XRP’s long-standing utility will run on Solana’s fast network.

From day one, users will get strong liquidity. This allows traders, holders, and institutions to use XRP across Solana DEXs, lending markets, and liquidity pools, while still keeping full exposure to the original XRP and redeeming it anytime on the XRP Ledger.

Solana also said that Hex Trust and LayerZero Core will bridge and issue $wXRP, a Solana-based token that can always be redeemed 1:1 for XRP.

Launch Backed by $100 Million in Locked Value

Hex Trust said wXRP will launch with more than $100 million in total value locked, providing liquidity from the first day of trading. The asset will be issued only when an equivalent amount of native XRP is deposited in custody and will be burned when redeemed, ensuring a 1:1 ratio.

The company said authorised merchants will be able to mint and redeem the token through an automated and compliant process. Users will also be able to access DeFi features when supported, such as liquidity pools and rewards.

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Cross-Chain Trading With RLUSD

wXRP will also be tradeable with Ripple’s stablecoin RLUSD on Ethereum and other networks where RLUSD operates. RippleX senior vice president Markus Infanger said demand has grown for ways to use XRP across multiple ecosystems, and the wrapped asset fits with the company’s efforts to expand regulated access to DeFi.

Custody and Compliance

Hex Trust said the underlying XRP will be held in regulated, segregated custody accounts that follow KYC and AML requirements. The wrapped token uses LayerZero’s OFT standard to allow transfers between chains.

The company said the design is aimed at institutions, DeFi projects and retail users who want to use XRP in cross-chain applications without relying on unregulated bridges, which have been frequent targets of hacks.

FAQs

Source: https://coinpedia.org/news/ripple-news-xrp-steps-into-solana-ecosystem-through-hex-trust-layerzero/