Goldmoney reports that Hex Trust plans to issue and custody wXRP, a token anchored 1:1 with XRP, aimed at expanding the asset’s use cases in decentralized finance (DeFi) and cross-chain applications.
As a regulated institutional custodian, the company states that this move will break the limitation of XRP only circulating on the XRP Ledger; on public blockchains like Ethereum that have Ripple stablecoin RLUSD already launched, wXRP can form trading pairs with RLUSD to provide market liquidity.
In a statement released to blockchain media The Block, Hex Trust pointed out that authorized merchants can mint and redeem wXRP in a secure, automated, and fully compliant environment. The company emphasizes that wXRP is fully pegged to the native XRP it custody complies with and supports full redemption; users can also earn yields through partnered DeFi platforms.
The total locked value (TVL) at the launch of wXRP will exceed $100 million. Hex Trust states that this scale will provide a solid initial liquidity foundation for the token, ensuring smooth trading and price stability.
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