HexTrust brings XRP to Solana, Ethereum and other blockchains via wXRP

XRP is set to expand into new networks after Hex Trust announced its plans to issue and incubate a 1:1 version of XRP (wXRP). This form of XRP will be traded on major blockchains, including Ethereum and Solana.

This initiative provides a path for one of the five largest digital assets by market size to access DeFi applications across multiple networks. It also expands the uses of XRP beyond the XRP ledger to include broader on-chain financial activities.

XRP is coming to Solana, Ethereum and more

According to the press release, each wXRP token is fully supported by The original XRP coin held In separate custody in Hicks Trust. Authorized entities can mint and redeem in a complete system environment.

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wXRP launches with a total frozen value of over $100 million, providing immediate liquidity and supporting market stability from day one. This packaged asset uses LayerZero’s Omnichain Fungible Token standard to enable sharing across multiple chains.

With wXRP they are expanding XRP liquidity in DeFi and cross-networks, including wider interest between XRP and RLUSD, said Giorgia Pellizzari, COO and Head of Custody at HexTrust. Users of wXRP and RLUSD benefit from two assets built on a reliable and regulatory-compliant infrastructure, enabling wider utility for xrp and RLUSD on supported blockchains. She said that.

wXRP extends the access of XRP to DeFi, where it allows to be the asset Usable on major blockchains Starting from Solana, and Optimism, Ethereum, andHyperEVM. More networks will follow later, Hicks Trust revealed.

Through this packaged token, users and institutions are able to engage in cross-network activities, including exchanging and providing liquidity through a regulatory framework.

Each wXRP fully supports native XRP recoverability, allowing users to move between chains without relying on unregulated third-party bridges. This in turn reduces exposure to the counterparty.

Markus Infanger, Executive Vice President of RippleEx, said that there is a growing demand for the use of XRP in the broader cryptocurrency ecosystem and among institutions, and HexTrust meets this demand. He added

He stated that this naturally aligns with the work done on RLUSD, which offers people a regulated way to access DeFi and manage their positions in xrp on supported chains.

However, the announcement did not materialize No positive effect At the price of XRP. Markets data from BeInCrypto showed the altcoin rose more than 1% in the past 24 hours, in line with the broader market’s recovery. At the time of writing, XRP is trading at $2.04.

The weak price reaction is not limited to this development alone. XRP has also struggled To profit The success of spot exchange-traded funds (ETFs).) o Ripple’s wider expansion efforts.