Hex Trust Launches Wrapped XRP (wXRP) to Enhance DeFi on Solana
- Wrapped XRP (wXRP) is issued by Hex Trust and is backed 1:1 by native XRP.
- wXRP will initially launch on Solana, followed by Optimism, Ethereum, and other blockchains.
- The launch is expected to have over $100 million in Total Value Locked (TVL), providing strong initial liquidity.
- Authorized merchants can mint and redeem wXRP in a compliant environment, ensuring secure transactions.
- XRP price increased by over 2% to $2.03, while SOL rebounded more than 6% amid the news.
The introduction of wXRP aims to expand the utility of XRP across DeFi platforms and facilitate cross-chain applications, enhancing trading and liquidity opportunities with RLUSD on supported networks.
With a launch TVL exceeding $100 million, wXRP’s debut on Solana marks a significant step for XRP’s integration into decentralized finance ecosystems. (Source)
