XRP Live on Solana via Hex Trust’s 1:1 wXRP

Hex Trust has launched a 1:1 wrapped XRP token (wXRP) on the Solana blockchain, minting roughly 834,000 XRP, about $1.2 million at current prices. The wrapped token is backed by native XRP held in Hex Trust’s regulated custody and is available to individual and institutional users on Solana.

Under the program, authorized users send native XRP to Hex Trust’s custody and receive an equal amount of wXRP minted on Solana or on supported Ethereum Virtual Machine chains, including the Ethereum mainnet, Optimism and HyperEVM. Institutions can register with Hex Trust to request early access to the offering.

Separately, about 50 million wXRP, roughly $74.5 million, has been minted on Ethereum. Most of those Ethereum-based tokens have remained in a single wallet since early November. Blockchain records show fewer than 60 transactions involving the wrapped token to date. Hex Trust did not immediately respond to a request for comment.

DeFi total-value-locked figures show different ecosystem sizes: Ethereum has about $57.2 billion in TVL, Solana about $6.08 billion, and the XRP Ledger about $51.46 million, placing the XRP Ledger around 41st by TVL. The wrapped token can be moved into DeFi protocols on Solana and EVM-compatible chains for trading, lending and liquidity provision.

In a December statement, Marcus Infanger, senior vice president at Ripple X, stated: “There’s growing demand to use XRP across the wider crypto ecosystem and institutions, and so we are excited to see Hex Trust address this demand.” The wXRP launch on Solana allows XRP to be used on chains with larger DeFi activity than the native XRP Ledger.