The XRP ecosystem is entering decentralized finance with mXRP, a yield-bearing, liquid representation of XRP. The project is led by Axelar, a cross-chain protocol, and Midas, a vault and tokenization platform. Together, they are establishing the foundation for XRPFi, a new DeFi environment on the recently launched XRPL EVM sidechain.
mXRP works by letting XRP holders deposit tokens and mint a liquid representation that earns yield. Users keep a composable asset they can deploy across DeFi, while Midas allocates capital to strategies that target returns of 8–10% APY. These strategies are designed for efficiency and risk-adjusted performance, giving everyday holders exposure to advanced tools that were previously limited to hedge funds or institutional players.
This launch aligns XRP with Ethereum’s path, where liquid staking jumpstarted DeFi adoption. By replicating this model, XRPFi aims to capture even a fraction of the $50 billion Ethereum staking market. That alone could transform XRP from a transactional token into a productive, yield-generating asset for millions of holders.
🌅 EXCLUSIVE: mXRP Launch — The Dawn of XRPFi@axelar + @MidasRWA unveil mXRP: a liquid staked yield-bearing token designed to kickstart onchain finance on the XRP Ledger!
— Generation Infinity (@GenfinityIO) September 22, 2025
So it begins. Hosted by @GenfinityIO pic.twitter.com/y3FphzHct6
Yield, Composability, and the Architecture Behind XRPFi
mXRP is not just another wrapped token. It anchors the benchmark rate for yield in the XRPFi ecosystem, setting interest rates for lending, borrowing, and tokenized assets on XRPL EVM.
Midas deploys capital into delta-neutral strategies across blue-chip protocols like Aave and Morpho, while working with institutional custodians such as Fireblocks. For example, if mXRP reaches $10 billion in assets under management, the system could deploy $5 billion in collateralized loans. At 7% returns, that equates to $700 million in yield flowing back into XRP, creating ongoing buy pressure for the ecosystem.
This design ensures transparency and composability. Users will be able to view strategies in real time through public dashboards, a level of clarity rarely seen in either traditional finance or DeFi. The model also allows expansion beyond XRP.
We focus on products that already have adoption in crypto… Bitcoin, stablecoins, XRP. We give existing holders a way to accumulate more of what they already believe in.
Dennis Dinkelmeyer – Co-Founder & CEO Midas
For XRP holders, this marks a change in how digital assets function. Instead of sitting idle, tokens can now become productive assets that earn yield while fueling broader ecosystem growth.
Access, Compliance, and What Comes Next for mXRP
At launch, mXRP will be available to users outside of the U.S., U.K., and other restricted jurisdictions. Eligible participants can bridge XRP into XRPL EVM using Squid, then mint mXRP with an EVM-compatible wallet. While the first flow is multi-step, Axelar and Midas are working on simplified onboarding with a one-click, email-based interface.
Security plays a central role in the rollout. Axelar has operated for over three years without incidents, backed by a validator set larger than many competitors. Midas employs leading custodians and extensive due diligence on strategy managers. Both teams emphasize transparency, with dashboards showing exactly where funds are deployed.
Georgios summarized the goal: “mXRP will be the XRP bond.” Once established, the same framework could expand to other ecosystems, including BTC, ETH, Hedera, and Algorand. By starting with XRP’s $200 billion market, Axelar and Midas aim to prove the model and then replicate it across assets that lack strong DeFi primitives.
For the XRPFi ecosystem, mXRP represents a structural shift. It turns XRP into a yield-bearing, composable token that supports adoption, liquidity, and new financial applications. This is not just about staking; it is about making XRP a central building block in the evolving world of DeFi.
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