Key Takeaways:

• XRP can now be used on Solana via wXRP for trading, lending, and other DeFi uses.
• Each wXRP is backed 1:1 by real XRP held by Hex Trust.
• However, using wXRP introduces risks like third-party reliance, fees, and potential cross-chain security issues.

XRP — one of the world’s largest cryptocurrencies — is now accessible on Solana, a blockchain known for fast, low-cost transactions and a growing ecosystem of financial apps (such as platforms for trading, lending, and earning rewards).

The launch, confirmed on 17 April 2026, introduces a “wrapped” version of the token called wXRP, issued by Hex Trust and powered by the LayerZero platform.

How XRP makes its way onto the Solana blockchain

XRP (XRP) lives natively on the XRP Ledger, its own dedicated blockchain built for fast, low-cost payments and transfers. Since blockchains typically cannot communicate directly, XRP can’t move to Solana on its own. To solve this, Hex Trust created a wrapped version. A wrapped token is a copy of a cryptocurrency, rebuilt to work on a different blockchain.

To get wXRP, approved users deposit native XRP with Hex Trust, a regulated custodian — a company licensed to hold crypto assets securely on behalf of clients. Hex Trust then creates an equal amount of wXRP on Solana with the help of LayerZero, a platform that facilitates the transfer of crypto assets between different blockchains.

Each wXRP is backed 1:1 by real XRP, held in segregated accounts, meaning the funds are kept separate and reserved specifically for backing the token. When users want their XRP back, wXRP is burned (permanently removed from circulation), and the original XRP is returned.

At the time of launch, more than 834,000 wXRP, worth roughly $1.2 million, had already been created on Solana. A further 50 million wXRP, worth approximately $74.5 million, has also been separately created on the Ethereum blockchain.

According to Markus Infanger of RippleX, Ripple’s blockchain developer division, the move reflects rising demand from both users and institutions to use XRP across multiple blockchain ecosystems.

Learn More: What Is Layer-1 Blockchain?

How holders can put wXRP to work

WXRP can be used on several major Solana platforms, including Jupiter (a decentralized exchange, or DEX, for swapping tokens), Phantom (a Solana wallet), Meteora (a platform where users deposit funds to support trading), and Titan DEX.

These form part of Solana’s decentralized finance (DeFi) ecosystem — financial services running on a blockchain without traditional banks or intermediaries.

Data from DefiLlama shows Solana holds about $5.58 billion in total value locked (TVL) in DeFi platforms, second only to Ethereum’s $46.3 billion, at the time of writing. By comparison, the XRP Ledger ranks much lower, at 41st place with around $51.46 million, highlighting XRP’s limited role in DeFi to date.

Related: Arizona Considers Adding XRP to State Digital Asset Reserves

Risks that XRP holders should factor in

WXRP carries risks that native XRP does not. Users rely on Hex Trust to securely manage the underlying XRP reserves, meaning users must trust Hex Trust to manage the funds safely.

Platforms like LayerZero have been targeted by hackers in the past. Most recently, on 18 April, Kelp DAO — another platform using LayerZero — was hacked for $292 million, marking the largest DeFi exploit reported so far in 2026. While LayerZero’s design aims to reduce reliance on unverified intermediaries, risks still exist in the broader DeFi environment.

DeFi participation also involves fees and slippage. Additionally, larger transactions may require identity verification through Hex Trust, creating another layer of compliance.

Hex Trust first announced wXRP in December 2025, revealing plans to make it available across multiple blockchains, including Ethereum, Solana, HyperEVM, and Optimism.