Hex Trust Brings XRP to Solana, Ethereum, and Other Blockchains via wXRP

Core Insights - XRP is expanding its utility beyond its native network through the issuance and custody of wrapped XRP (wXRP) by Hex Trust, allowing it to operate across major blockchains like Ethereum and Solana [1][2] Group 1: Wrapped XRP (wXRP) Overview - Each wXRP will be fully backed by native XRP held in segregated custody at Hex Trust, with minting and redemption available to authorized participants in a compliant environment [2] - wXRP will launch with over $100 million in Total Value Locked, providing immediate liquidity and supporting stable market activity from day one [3] - The wrapped asset utilizes LayerZero's Omnichain Fungible Token standard, enabling multi-chain participation [3] Group 2: DeFi and Cross-Chain Utility - wXRP expands XRP liquidity in DeFi and cross-chain networks, enhancing utility between XRP and RLUSD, built on trusted, compliant infrastructure [4] - The wrapped token allows users and institutions to engage in cross-chain activities, including swaps and liquidity provision within a regulated framework [5] - Each wXRP is fully backed and redeemable for native XRP, facilitating movement between blockchains without reliance on unregulated third-party bridges, thus reducing counterparty exposure [6] Group 3: Market Impact and Demand - There is a growing demand for utilizing XRP across the broader cryptocurrency ecosystem and among institutions, which Hex Trust aims to address [6] - Despite the announcement, the price of XRP saw minimal positive impact, rising just over 1% in the past 24 hours, trading at $2.04 at the time of writing [6]