Hex Trust Brings 1:1 wXRP to Solana via LayerZero

Hex Trust has launched 1:1-backed wrapped XRP (wXRP) on the Solana network, allowing XRP holders to access Solana decentralized finance applications while preserving the ability to redeem the wrapped token for native XRP.

Solana posted on X that wXRP is live on its network via Hex Trust and LayerZero, which connects the wrapped asset to Solana's ecosystem. The post noted that the token can be used for trading, liquidity and yield products on Solana without selling underlying XRP. Solana wrote: “XRP is a digital asset native to the XRP Ledger, a decentralized public blockchain designed for fast, low-cost transactions.”

Hex Trust, which announced plans in December to issue and custody wXRP across multiple chains, said issuance and burning will occur only when the corresponding native XRP is deposited to or redeemed from segregated custody accounts. The firm indicated wXRP will be supported on Solana, Optimism, Ethereum and HyperEVM, and that compatible DeFi platforms can offer yield on the wrapped token.

wXRP is available on Solana apps and wallets including Titan Exchange, Jupiter, Meteora and Phantom. LayerZero is being used as the cross-chain messaging protocol that links the wrapped token into Solana's DeFi environment.

RippleX senior vice president Markus Infanger commented in December: “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.” He added the effort aligns with work on RLUSD to give people regulated access to DeFi and manage XRP positions across supported chains.

Market data show XRP's market capitalization is above $90 billion, and the token's price rose after the announcement.

Wrapping native assets into 1:1 tokens allows those assets to be traded and deployed in smart-contract environments on other chains while keeping on-chain exposure to the original asset.

Hex Trust emphasized custodial safeguards, stating each wXRP corresponds to one XRP held in segregated custody and that tokens are issued or burned only when the underlying asset moves into or out of custody. The firm presented the offering as a way for institutional and retail holders to access DeFi services while maintaining ownership of native XRP.