The mXRP vault, a collaboration between Axelar and Midas, has seen a surge in popularity, accumulating over $22 million in deposits within just a few days of its debut. This significant capital injection indicates that XRP holders are actively seeking and benefiting from the platform’s attractive yield opportunities.
mXRP Experiences Rapid Growth Following Launch
The newly introduced liquid staking token, mXRP, has quickly drawn in more than $22 million from investors in its first week. This token is the product of a partnership between Midas, a tokenization platform, and Interop Labs and Axelar.
Operating on the XRPL EVM sidechain, this ERC-20 token symbolizes XRP that has been transferred through Axelar and incorporated into carefully selected yield-generating strategies. Unlike conventional staking methods, this liquid staking token does not rely on rebasing or inflate its supply.
Instead, its value increases in relation to XRP, enabling holders to profit directly from positive performance. Axelar celebrated this significant milestone in a recent X post.
20 MILLION AMERICAN DOLLARS
and climbinghttps://t.co/Uve5XgkoVp pic.twitter.com/SGbRuAlxBf— Axelar Network (@axelar) September 26, 2025
The mXRP vault was introduced on Monday, aiming to enhance the utility of XRP. According to Midas, the token is designed to provide “significant yield strategies,” with potential returns reaching as high as 10%.
Users deposit XRP, which is then bridged to the XRPL EVM network. In return, they receive mXRP tokens which are compatible with various decentralized finance platforms. This interoperability lets them be integrated in liquidity pools. They are also compatible with lending markets or even can be staked in further products for layered return.
Behind the scenes, the collateral is professionally managed by curated partners such as Hyperithm, a digital asset firm based in Asia, which is overseeing risk management. When investors wish to redeem their holdings, the tokens are burned, and the equivalent value of XRP is returned.
Notably, the XRP price showed a mild positive response to the launch, trading close to $2.80. As the staking rewards attract more participants, analysts anticipate that this token could drive increased demand.
Expanding XRP’s Functionality Through New Developments
The launch of the liquid staking token follows a series of initiatives aimed at broadening XRP’s applications. Flare Network introduced its XRP-backed stablecoin through its Enosys Liquity V2 platform. This initiative is especially expected to improve liquidity within the chain.
Additionally, Ripple has collaborated with Securitize to offer its Ripple USD (RLUSD) stablecoin to tokenized funds managed by firms like BlackRock and VanEck. This move effectively provides institutional investors with new redemption options.
Furthermore, Bybit has listed RLUSD for spot trading with pairs against major assets like Bitcoin, Ethereum, and XRP. This expansion further establishes Ripple’s presence in the stablecoin market. These developments highlight the increasing network of financial products related to XRP.
It’s also worth noting that the design of mXRP offers dual avenues for earning: passive appreciation of the token as yield strategies generate value, as well as extra returns when deploying mXRP within the DeFi space.