The prominent Ripple-linked cryptocurrency XRP is now live for use on Solana, letting individual users and institutions alike gain access to the token on the layer-1 blockchain via a wrapped token issued by Hex Trust. 

The initiative, first announced in December, will open up the utility of XRP beyond the XRP Ledger, expanding its use in market-making and decentralized finance (DeFi) to Solana. 

More than 834,000 XRP, or around $1.2 million worth of the token, has already been wrapped and activated on Solana. 

To do so, authorized users send native XRP to Hex Trust’s regulated custody services, and the firm then mints wXRP tokens on Solana or supported Ethereum Virtual Machine (EVM) blockchains like the Ethereum mainnet, Optimism, or HyperEVM. Institutions seeking access to the project can register to gain early access to the feature via Hex Trust. 

The 1:1 backed wXRP can then be used in DeFi protocols on those chains, all of which have more robust DeFi ecosystems when compared to the native XRP Ledger. According to data from DeFiLlama, Ethereum and Solana rank first and second in DeFi total-value-locked (TVL) with $57.2 billion and $6.08 billion, respectively. 

Meanwhile, XRP Ledger ranks 41st, with just $51.46 million in DeFi TVL. 

“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,” Ripple X SVP Marcus Infanger said in a statement when the initiative was launched in December. 

With the wrapped token’s launch on Solana, now they can do so.



In addition to the $1.2 million in wXRP on Solana, 50 million tokens or around $74.5 million worth of wXRP has been minted on Ethereum. Almost all of those tokens have been in the same Ethereum wallet—one likely connected to the token issuer—since early November, prior to the wXRP announcement.

Less than 60 total transactions involving the wrapped token have taken place all-time, according to Ethereum block explorer, Etherscan. 

A representative for Hex Trust did not immediately respond to Decrypt’s request for comment. XRP is up around 2% in the last 24 hours, recently changing hands at $1.49. It remains 59% off its all-time high of $3.65 created last July. 

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