The XRP ecosystem is taking a major step forward with the launch of Wrapped XRP (wXRP) on the Solana and Ethereum blockchains. A crypto expert has provided a thorough breakdown of what this new development could mean for XRP, noting that it not only strengthens the cryptocurrency’s credibility among other blockchains but also significantly boosts its utility.  

A Look Into XRP’s Launch On Solana And Ethereum

XRP is expanding its presence beyond its native blockchain with the introduction of Wrapped XRP on Ethereum and Solana. Hex Trust, a regulated institutional digital asset custodian, has issued wXRP, a 1:1 backed representation of the native XRP, on LayerZero’s OFT standard to enable DeFi functionality across multiple blockchains.

This new move marks a significant step in increasing XRP’s utility outside the XRP Ledger (XRPL). According to a press release published on Hex Trust’s official site on December 12, wXRP will launch first on Solana before expanding to other chains, including Optimism, Ethereum, and HyperEVM. The tokenized coin will be available for trade alongside the RLSUD stablecoin on Ethereum and supported chains, further broadening its use cases.

Crypto expert ‘Mr Cauliman’ explained on X that this new development should not be mistaken for a formal partnership between Ripple and Solana. He added that it also does not mean XRP is leaving the XRP Ledger, which continues to operate as intended, or that the wXRP is replacing the native token. He emphasized that wrapped assets are not IOUs but simply a way to access liquidity in other ecosystems. 

Cauliman highlighted that the introduction of wXRP reflects the growing acknowledgment of XRP’s liquidity by other blockchain ecosystems, including Solana. Similar to how Ethereum and Bitcoin have been wrapped for use across multiple networks, XRP is now being made accessible to users outside its native chain. This expansion not only reflects strong demand for XRP in DeFi markets but could also encourage wider adoption across different blockchain networks. 

While wXRP’s launch is a significant milestone, Cauliman has warned that wrapped assets carry considerable risks. These include counterparty, bridge, and custodial risks. He stated that native XRP is free from these risks, remaining a fast, permissionless settlement layer. Despite this, demand for the cryptocurrency in DeFi continues to grow. 

wXRP Unlocks DeFi Rewards With Reliable Pricing

wXRP is set to debut with full support for authorized merchants to mint and redeem the token in a secure and compliant environment. Users will gain access to cross-chain applications, including swaps, liquidity provisioning, and supported DeFi rewards. All of these will be made available while the asset remains redeemable 1:1 for native XRP held in Hex Trust’s custody. 

Hex Trust has revealed that wXRP will launch with over $100 million in Total Value Locked (TVL), providing strong liquidity from day one. This foundation supports smoother trading, reliable pricing, and a healthier market. The wrapped XRP is also designed to serve institutional liquidity providers, DeFi protocols, DAOs, funds, and retail and merchant users.

Crypto expert Crypto Sensei has drawn attention to rumors that Amazon struck a 5 billion XRP deal with Ripple. The expert explained what the deal is really about and what Ripple’s end goal is using the altcoin. 

Expert Clarifies Rumors Of Amazon’s 5 Million XRP Deal With Ripple

In an X post, Crypto Sensei addressed whether rumors that Amazon struck a 5 million XRP deal with Ripple were true. The rumors surfaced as Kendra Hill claimed that Ripple’s endgame is to run the entire derivatives market using the altcoin and that the cross-border transactions are simply a test.  

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However, Crypto Sensei noted that there is no public evidence of Ripple’s 5 million XRP deal with Amazon and that there has been no public announcement from the crypto firm. As such, the expert remarked that this rumored deal remains pure community speculation.  

Meanwhile, he explained that Hill’s core claim was that cross-border payments are just a testing ground and that Ripple ultimately intends to use XRP to process 100% of the transactions on the global derivatives market. Notably, the global derivatives market is said to be a trillion-dollar industry, meaning this move could boost adoption significantly. 

Meanwhile, as to how a rumored Amazon relates to this, Crypto Sensei explained that a screenshot of an old Amazon partnership had resurfaced. Furthermore, Hill had allegedly claimed that another partnership between the two firms has yet to be revealed. Amazon’s AWS had, in 2020, revealed that it was integrating Ripple’s payment system for its rewards program. 

Crypto Sensei also mentioned that Ripple’s CTO, David Schwartz, has stated that there is no evidence that Amazon owns this amount of XRP. There is also no evidence on the XRP Ledger that the company holds this amount in escrow.

Major Adoption News For The Token

In an X post, Hex Trust announced a partnership with LayerZero to launch wrapped XRP (wXRP) across multiple networks, starting with the Solana network. This is expected to boost the altcoin’s adoption as it gains new holders and new liquidity flows into it. Hex Trust noted that the wXRP is designed for DeFi use across these networks. 

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The firm has launched this Wrapped XRP with over $100 million in Total Value Locked (TVL). Hex Trust also explained that the wrapped token’s utility is that it makes it easy to trade XRP alongside Ripple’s RLUSD stablecoin as a trading pair on supported chains. As such, the firm believes this move could expand liquidity and utility between XRP and RLUSD. Notably, there are also plans to launch this wrapped token on Ethereum soon. 

At the time of writing, the XRP price is trading at around $2.03, up in the last 24 hours, according to data from CoinMarketCap.