The XRP ecosystem has expanded with the introduction of mXRP, a liquid staking token that offers holders annual yields of up to 8%. The token, created by tokenization platform Midas in collaboration with Interop Labs and Axelar, is designed to enhance XRP’s role in decentralized finance (DeFi). This innovation follows closely after the debut of the first XRP-backed stablecoin, further boosting the cryptocurrency’s utility.
In its announcement, Midas described mXRP as a first-of-its-kind product offering “meaningful, XRP-denominated yield strategies.” Issued on the XRPL EVM via Axelar, the token is supported by audited smart contracts and can be bridged across more than 80 blockchains. Axelar plays a critical role in bridging XRP into the ecosystem, while Midas provides the structuring and infrastructure.
To mint mXRP, users deposit XRP collateral into a tokenized certificate that tracks both on-chain and off-chain yield strategies. Risk management for the product will be supported by Hyperithm, ensuring added security at launch. Once issued, the token is fully integrated into the XRPL EVM ecosystem, allowing deployment across DeFi protocols for lending, borrowing, and other use cases.
The net return target for mXRP is currently 6–8% APY, net of fees, though the yield may adjust depending on market conditions. Axelar highlighted that XRP’s $180 billion market capitalization has lacked native yield opportunities, leaving much of the supply idle. By introducing a liquid and scalable product like mXRP, the network aims to provide sustainable yields that are composable with DeFi, potentially setting a benchmark APY for the XRP ecosystem.
Midas CEO Dennis Dinkelmeyer emphasized that mXRP offers a transparent and accessible way for XRP holders to engage in on-chain yield strategies. With strong demand and community interest, he believes the token could unlock significant new use cases and help transform XRP’s role in decentralized finance.
