Ripple-affiliated XRP is soon launching on Ethereum and Solana, boosting the crypto’s decentralized finance (DeFi) and cross-chain utility beyond the XRP Ledger.
How It Will Work
XRP will soon be tradable on Ethereum, Solana, and other supported chains, including Optimism and HyperEVM as wXRP. Additional blockchains will be added for wXRP integration in the future.
The wrapped asset, a 1:1-backed representation of native XRP, is from Hex Trust and will be custodied and compliant with KYC/AML standards through the digital asset firm’s institutional-grade custody.
wXRP will debut with over $100 million in total value locked (TVL), offering strong early-stage liquidity for smoother trading and more reliable pricing across blockchains.
“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including broader utility between XRP and RLUSD,” Hex Trust CPO and Head of Custody Giorgia Pellizzari stated in a statement.
Why The Initiative Matters For XRP
This move enhances XRP exposure across DeFi applications, including swaps, liquidity provisioning, and collateral use without relying on unregulated third-party bridges. Notably, wXRP will be usable alongside Ripple’s USD-pegged stablecoin, RLUSD, which launched last December.
RippleX confirmed the launch aligns with increasing institutional demand to utilize XRP and RLUSD across the broader cryptocurrency ecosystem.
“There’s growing demand to use XRP across the wider crypto ecosystem and institutions, and so we are excited to see Hex Trust address this demand,” said Markus Infanger, SVP of Ripple X, in a statement. “It also fits naturally with the work we’re doing with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains.”
While bullish for XRP’s utility in the long term, the announcement did not immediately lead to upside acceleration. XRP was trading hands at $2.00 as of publication time, representing a 1.8% fall over the past 24 hours, according to CoinGecko data.
Source: https://zycrypto.com/xrp-goes-live-on-solana-and-ethereum-in-major-adoption-boost-heres-the-whole-bushel/
