Tokenization platform Midas, in partnership with blockchain interoperability protocol Axelar (AXL), has launched mXRP, a first-of-its-kind tokenized yield product for XRP. According to reports, mXRP offers a base return of 6–8% paid in XRP, with potential for additional yields through DeFi integrations. Users can mint mXRP by depositing XRP collateral into a tokenized structure that tracks performance of market-neutral strategies, such as liquidity provisioning managed by asset managers like Hyperithm.
Midas CEO Dennis Dinkelmeyer emphasized that mXRP aims to activate dormant XRP supply, stating, "mXRP provides a transparent mechanism for users to access on-chain strategies." Axelar co-founder Georgios Vlachos highlighted cross-chain capabilities, noting that Axelar will connect mXRP to over 80 blockchains, enabling DeFi participation globally. Vlachos projected that if assets under management reach $10 billion by June 2026, mXRP could generate $700 million in annual revenue, creating equivalent buying pressure for XRP.
The product, issued on XRP Ledger's EVM sidechain, functions as an ERC-20 token, allowing composability with DeFi protocols. Midas reports over $1.2 billion in assets locked across its offerings, with mXRP restricted in the U.S., U.K., and sanctioned regions for compliance.
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