BREAKING: XRP Expands to Solana and Ethereum Through Wrapped Token Launch
TLDR
- Hex Trust is launching wrapped XRP (wXRP) on Solana, Ethereum, Optimism, and HyperEVM with over $100 million in initial liquidity
- The wrapped token maintains 1:1 backing with native XRP and eliminates the need for unregulated third-party bridges
- Users can access DeFi applications including lending, liquidity provision, and collateral usage across multiple blockchains
- Ripple CTO David Schwartz endorsed the expansion, stating more XRP ecosystems build utility while XRPL remains the anchor
- Solana Foundation’s Vibhu Norby said the integration came after engaging with the XRP community to understand its uniqueness
Hex Trust has announced the launch of wrapped XRP (wXRP), bringing XRP functionality to multiple blockchain networks including Solana, Ethereum, Optimism, and HyperEVM. The new token will provide XRP holders access to decentralized finance applications across different ecosystems.
The wrapped asset maintains a 1:1 backing with native XRP held in segregated institutional custody. Authorized merchants can mint and redeem wXRP through a regulated, automated process. This structure removes the need for unregulated third-party bridges that have previously been used for cross-chain transfers.
wXRP will launch alongside RLUSD on the supported networks. The initial deployment includes more than $100 million in total value locked, providing immediate liquidity for users. This removes early-stage friction that often affects new token launches.
XRP holders can now interact with Solana’s DeFi ecosystem while maintaining ownership of their underlying asset. Users can lend XRP for yield, provide liquidity in trading pairs with SOL or stablecoins, and purchase tokenized assets. The token remains redeemable 1:1 for native XRP at any time.
Industry Reaction and Technical Implementation
Ripple CTO David Schwartz responded positively to the announcement on social media. He stated that more XRP ecosystems are beneficial and help build utility. Schwartz emphasized that the XRP Ledger remains the anchor that makes the expansion work.
RippleX confirmed the initiative aligns with growing institutional demand for using XRP and RLUSD across the broader crypto ecosystem. The company has been working to expand XRP’s utility beyond its native ledger.
The wrapped token allows exposure across DeFi applications including swaps, liquidity provisioning, and collateral use. All operations occur in a regulated environment with proper custody arrangements. Hex Trust will handle the issuance and custody of the wrapped tokens.
Vibhu Norby from the Solana Foundation explained the decision came after engaging with the XRP community. He stated he met with developers, community members, and the Ripple team during the process. Norby said this helped him understand the uniqueness of XRP as an asset and its community.
The integration represents collaboration between different cryptocurrency ecosystems. Bitwise CEO Hunter Horsley commented on the development, suggesting the industry may move toward cooperation rather than competition between different blockchain networks.
Despite the announcement, XRP’s price remained range-bound. The token faces supply resistance above $2.05 and demand support near $2.00. Market observers noted the news did not immediately create upward price momentum.
The launch provides XRP holders with new options for using their tokens. They can now participate in DeFi protocols on Solana without converting to different assets. The 1:1 redemption feature ensures users maintain exposure to XRP price movements.
Hex Trust’s regulated approach addresses previous concerns about security and compliance in cross-chain token transfers. The segregated custody model provides institutional-grade protection for the underlying XRP reserves. Merchants operating in the system must receive authorization to mint and redeem tokens.
The wXRP token will trade on multiple chains simultaneously, allowing users to choose their preferred ecosystem. Each network offers different features and applications for token holders to explore. The cross-chain functionality expands XRP’s reach without requiring users to leave the Ripple ecosystem permanently.
The post BREAKING: XRP Expands to Solana and Ethereum Through Wrapped Token Launch appeared first on CoinCentral.
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