Axelar Network has introduced mXRP, a new liquid staking token built to give XRP holders a way to earn steady returns.
In a recent commentary, Axelar pointed out that for years, XRP has ranked among the largest cryptocurrencies by market cap but offered no built-in yield. With mXRP, the team wants to change that by bringing DeFi opportunities to the XRP Ledger and targeting up to 10% yearly returns.
Axelar Provides an Overview of mXRP
Axelar explained that most of XRP’s $180 billion market cap currently sits unused. The team pointed out that existing yield products don’t scale well, struggle to provide sustainable returns, and don’t integrate smoothly with DeFi platforms. Unveiled during the XRP Seoul 2025 event, mXRP seeks to fix those issues.
📢 Introducing $mXRP
A new yield-bearing liquid staked token that kickstarts DeFi on XRPL and unlocks up to 10% APY for $XRP holders.
Powered by @Axelar + @MidasRWA 🧵 👇 pic.twitter.com/mBupcXaRqm
— Axelar Network (@axelar) September 22, 2025
Specifically, it works as a yield-bearing version of XRP, issued by Midas under an EU-approved framework. Notably, well-known firms like Hyperithm manage the capital through delta-neutral strategies that adjust to market conditions.
Because mXRP functions as a liquid token, users can put it to work across DeFi apps on XRPL. Platforms such as Anodos Finance, XPmarket, and Strobe Finance already allow easy swaps between XRP and mXRP.
Axelar also noted that the design of mXRP makes it more flexible than current yield products, with the goal of setting a standard return rate for the XRPL ecosystem. Overall, Axelar and Midas want to provide XRP holders with a safe, scalable way to earn yield while expanding DeFi on XRPL.
How to Get mXRP
According to the disclosure, getting mXRP takes just a few steps. Specifically, investors can either swap directly on XRPL through platforms like Anodos Finance or mint the token via the XRPL EVM.
Those who choose to mint would first bridge XRP through Squid Router, deposit on Midas, and instantly receive mXRP. Moreover, custody providers like Fordefi and Fireblocks keep the assets safe while managers deploy the strategies behind the scenes.
Anodos Co-founder Discusses mXRP
Interestingly, Panos Mekras, co-founder of Anodos Finance, took to X to highlight how mXRP works in simple terms. He described it as a yield-bearing version of XRP whose value grows over time.
According to him, holders don’t receive extra tokens. Instead, the token’s price gradually rises against XRP as yield builds up. For instance, if someone holds 100 mXRP for a year, they could redeem it for 110 XRP if the 10% yield stays on track.
Mekras said investors can either mint mXRP directly through Midas, which requires bridging and multiple wallets, or take the easier route of swapping XRP for mXRP on Anodos Finance’s decentralized exchange.
He explained that the yield comes from strategies like lending, market making, and depositing on DeFi platforms. Notably, asset managers first lock the XRP, borrow stablecoins against it, and then put that capital to work in different markets. All of this activity remains transparent on Midas’ platform.
On safety, Mekras admitted no product can be risk-free. He noted that there is the possibility of smart contract bugs, technical issues, or market swings.
Nonetheless, he highlighted that Axelar and Midas both operate under regulation, undergo audits, and bring credibility to the table. He advised users to research carefully and only commit amounts they feel comfortable holding.
Does mXRP Benefit XRP?
Mekras also pointed out that mXRP benefits XRP itself. Every XRP used to mint mXRP is locked, removing it from circulation and adding steady buying pressure.
He explained that Anodos plays a central role by offering the most straightforward access point for swaps and liquidity pools. Meanwhile, Axelar’s bridge allows mXRP to move seamlessly between the XRPL mainnet and its EVM sidechain.
Afterward, he compared mXRP with FXRP, another XRP-based product on the Flare Network. FXRP is a trustless version backed by collateral but doesn’t generate yield on its own. Investors must manage their strategies to earn returns. Meanwhile, mXRP handles the strategies for users and builds the yield directly into the token’s value.
Shortly after the launch, Vet, an XRPL dUNL validator, shared early numbers showing how quickly mXRP gained traction. He noted that about $6.5 million worth of mXRP sits on the XRPL EVM sidechain, where the token originates.
A few mXRP on chain stats so far.
$6.5M on the XRPL EVM Sidechain total supply, where it originates (left).
On the XRP Ledger (right):
🔹Already $2.85M bridged via Axelar and issued here as an IOU.
🔹99 holders and 188 Trustlines set https://t.co/m7x8gcOO0C pic.twitter.com/mFxLLyWyBB— Vet 🏴☠️ (@Vet_X0) September 22, 2025
However, on the XRP Ledger itself, roughly $2.85 million has already been bridged through Axelar and issued as an IOU. He also pointed out that 99 wallets now hold mXRP, with 188 trustlines.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
