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Ripple-linked cryptocurrency XRP is now live for use on the Solana layer-1 blockchain through a wrapped token issued by Hex Trust, enabling both individual users and institutions to access XRP utility on Solana.
The initiative, first announced in December, is designed to broaden XRP’s use beyond the XRP Ledger, including applications in market-making and decentralized finance (DeFi) on Solana.
More than 834,000 XRP—about $1.2 million worth—has already been wrapped and activated on Solana.
Authorized users send native XRP to Hex Trust’s regulated custody services. Hex Trust then mints wXRP tokens on Solana or on supported EVM blockchains, including Ethereum mainnet, Optimism, and HyperEVM.
The wXRP tokens are described as 1:1 backed, and can be used in DeFi protocols on those chains.
DeFiLlama data cited in the article shows Ethereum and Solana rank first and second in DeFi total-value-locked (TVL), with $57.2 billion and $6.08 billion, respectively.
By comparison, the XRP Ledger ranks 41st, with $51.46 million in DeFi TVL.
In addition to the $1.2 million in wXRP on Solana, 50 million wXRP tokens—about $74.5 million worth—have been minted on Ethereum.
The article states that almost all of those tokens have been held in the same Ethereum wallet—likely connected to the token issuer—since early November, before the wXRP announcement.
According to Etherscan, fewer than 60 total transactions involving the wrapped token have taken place all-time.
Ripple X SVP Marcus Infanger said at launch in December that there is “growing demand to use XRP across the wider crypto ecosystem and institutions,” adding that Hex Trust is addressing that demand.
A representative for Hex Trust did not immediately respond to Decrypt’s request for comment.
On the market, XRP is up around 2% over the last 24 hours and is trading at about $1.49, remaining 59% below its all-time high of $3.65 set last July.
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