A Hong Kong-based company has made a highly anticipated move regarding Ripple (XRP)! It also concerns Ethereum and Solana!

Digital asset service provider Hex Trust has launched Wrapped XRP (wXRP) issuance and custody services.

According to The Block, Hex Trust will issue and store wrapped XRP (wXRP), backed at a 1:1 ratio of the native XRP asset, designed to support DeFi activities and cross-chain use.

Accordingly, the wXRP token, which is pegged to XRP at a 1:1 ratio, is designed to support DeFi and cross-chain use cases.

However, as wXRP's use case expands beyond the XRP Ledger, it can be bought and sold with RLUSD on other supported chains, including Ethereum (ETH), Solana (SOL), Optimism, and HyperEVM, where RLUSD is traded.

Hex Trust stated that authorized resellers can mint and redeem wXRP in a “secure, automated, and fully compliant environment.” According to the company, wXRP will remain fully redeemable with held native XRP, and users will also have access to yield opportunities through supported DeFi platforms.

Wrapped XRP will be launched with over $100 million in locked value in total, providing a strong initial liquidity base for smoother transactions and more reliable pricing.

Giorgia Pellizzari, Product Director and Head of Custody at Hex Trust, said, “With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks, including the broader use case between XRP and RLUSD.”

Markus Infanger, RippleX's senior vice president, stated the following:

“There is a growing demand for the use of XRP across the cryptocurrency ecosystem and institutions.”

That's why we're excited that Hex Trust is meeting this demand.