XRP, the cryptocurrency linked to Ripple, is now accessible for trading and use in decentralized finance (DeFi) on the Solana blockchain. This integration is facilitated by Hex Trust, which has issued a wrapped token, wXRP, that is 1:1 backed by native XRP.
Around $1.2 million worth of wXRP has already been minted and activated on Solana. The initiative allows individual users and institutions to leverage XRP's utility beyond its native XRP Ledger, opening up possibilities for market-making and DeFi participation on Solana.
To create wXRP, authorized users deposit native XRP into Hex Trust’s regulated custody services. Hex Trust then mints wXRP tokens on Solana or other supported EVM-compatible blockchains. These wrapped tokens can be utilized within DeFi protocols on networks like Ethereum and Solana, which boast significantly larger DeFi ecosystems compared to the XRP Ledger.
Ripple X SVP Marcus Infanger stated that there is growing demand to use XRP across the wider crypto ecosystem and among institutions, a demand Hex Trust's offering aims to meet.
In addition to Solana, approximately $74.5 million worth of wXRP has been minted on Ethereum. XRP itself saw a recent price increase of around 2% in the last 24 hours, trading at $1.49.