Midas, teamed up 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.
The mXRP token is provided on the new XRPL EVM through audited smart contracts.
The company is an issuer of tokenized certificates, authorized for retail distribution in Europe, with more than USD 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 XRP Ledger.
Axelar enables tokenization across over 80 blockchains, making it an ideal platform to broaden access to the mXRP product.
With the minting of mXRP, users deposit XRP collateral into a tokenized certificate structure that tracks the performance of underlying onchain and offchain yield strategies.
This development holds the increasing convergence between traditional financial services and blockchain technology, highlighting the growing influence of the fintech industry in shaping the future of financial products and services.
Executive Statement
According to Georgios Vlachos, co-founder of Axelar protocol and director at Axelar Foundation, Axelar is the Gateway to Onchain Finance. By connecting the XRP Ledger to the world of DeFi for the first time, they 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.
According to Dennis Dinkelmeyer, co-founder and CEO of Midas, much of the XRP supply has been dormant for years; mXRP provides a transparent mechanism for users to access onchain strategies. With strong community demand and DeFi integrations, they believe mXRP can play a key role in unlocking new use cases for XRP.