Hex Trust Wrapped XRP
WXRP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WXRP (Hex Trust Wrapped XRP) is a centralized, 1:1 XRP-backed asset issued across EVM chains and Solana via LayerZero's Omnichain Fungible Token (OFT) standard. The project demonstrates strong institutional fundamentals, underpinned by regulated qualified custody under Hex Trust, third-party smart contract audits by OtterSec and Zellic (December 2025), and a clean security incident record with no exploits, hacks, or depeg events. However, the token's profile is constrained by extreme centralization, low public codebase activity, an absence of grassroots community engagement (governance is entirely permissioned with institutional mint/burn access), and thin secondary market trading liquidity (~$39,037). No qualifying red-flag events were identified, and no section scores lacked data. The final score directly reflects the weighted average across all six evaluation dimensions.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Hex Trust Wrapped XRP (WXRP)
Hex Trust Wrapped XRP (WXRP) is a wrapped asset backed 1:1 by native XRP, issued and custodied by Hong Kong-based qualified custodian Hex Trust. Launched in December 2025, the token is implemented using LayerZero's Omnichain Fungible Token (OFT) standard to enable cross-chain interoperability across multiple blockchains, including Ethereum, Solana, Optimism, and HyperEVM. Hex Trust's public leadership team includes CEO Alessio Quaglini, Chief Product Officer and Head of Custody Giorgia Pellizzari, and Chief Revenue Officer Marty Jetton.
The token's primary function is to introduce XRP liquidity and exposure into decentralized finance (DeFi) applications across EVM networks and Solana, supporting use cases such as trading, lending, and liquidity pairing. Supply adjustments operate through a 1:1 mint-and-burn mechanism where authorized institutional merchants deposit native XRP into segregated custodial accounts. The underlying smart contract codebase underwent independent third-party audits by Zellic and OtterSec in December 2025.
WXRP operates under a centralized custodial architecture, meaning token holders face direct single-custodian counterparty risk and rely on Hex Trust's operational security. Minting and direct redemption are restricted to verified institutional participants rather than retail users, and the project does not feature decentralized community governance or dedicated community channels. Furthermore, the token exhibits a short operational history, concentrated token distribution, and low secondary-market trading volumes. There have been no reported smart contract exploits, depeg events, or regulatory actions involving WXRP since its launch.