Hex Trust plans to issue and custody a wrapped version of XRP called "wXRP" to expand DeFi applications across multiple chains

According to The Block, Hex Trust plans to issue and custody a wrapped version of XRP ------ wXRP. wXRP is a token pegged to XRP at a 1:1 ratio, 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 trading pair alongside Ripple's stablecoin RLUSD on chains like Ethereum, where RLUSD has already launched. At the time of wXRP's launch, its total locked value will exceed $100 million. wXRP will initially be available on blockchains including Solana, Optimism, Ethereum, and HyperEVM, with plans to integrate additional blockchains in the future.

Hex Trust emphasizes that each wXRP corresponds to one XRP held in a segregated custody account, and will only be issued or burned when the underlying asset is deposited or redeemed. The company stated that its institutional-grade custody services include Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance, insurance coverage, and comprehensive auditability.