Midas, in partnership with Interop Labs, has announced the launch of mXRP on Axelar, a first-of-its-kind tokenized exposure product offering meaningful, XRP-denominated yield strategies.

The announcement took place live on stage at XRP Seoul 2025, before an audience of more than 3,000 XRP holders.

"Axelar is the Gateway to Onchain Finance," said Georgios Vlachos, co-founder of Axelar protocol and director at Axelar Foundation."By connecting the XRP Ledger to the world of DeFi for the first time, we are enabling compelling use cases, including tokenization and trading integrations. The mXRP token demonstrates the power of Axelar's platform to deliver real-world applications, with security and configurability built in."

The mXRP token is issued on the new XRPL EVM through audited smart contracts. Midas, an issuer of tokenized certificates, authorized for retail distribution in Europe, with more than $1B TVL, provides the structuring and infrastructure behind mXRP. The XRP asset is bridged into the protocol via Axelar, the Gateway to Onchain Finance and the first (and currently only) DeFi connector for the XRPLedger. Axelar enables tokenization across over 80 blockchains, making it an ideal platform to broaden access to the mXRP product.

"Much of the XRP supply has been dormant for years; mXRP provides a transparent mechanism for users to access onchain strategies," said Dennis Dinkelmeyer, co-founder and CEO of Midas. "With strong community demand and DeFi integrations, we believe mXRP can play a key role in unlocking new use cases for XRP."

By minting mXRP, users deposit XRP collateral into a tokenized certificate structure that tracks the performance of underlying onchain and offchain yield strategies. These strategies, directed by third-party asset managers known as "risk curators," may include market-making, liquidity provisioning and similar approaches. At launch, Hyperithm is providing risk curation services for mXRP. The mXRP token is fully integrated within the XRPL EVM ecosystem and can be deployed across DeFi protocols to access additional opportunities, such as lending markets and native integrations.