Key Highlights:
- Midas, Axelar, and Hyperithm’s mXRP vault has gained major traction lately.
- Within just two days of launch, the vault is already 95% full.
- During the launch, the executives revealed that the mXRP token could offer a yield of up to 10%.
The recently introduced mXRP vault, a tokenized XRP yield product by Midas in collaboration with Axelar and Hyperithm, has quickly garnered deposits. In less than two days, the vault was already above 95% full. It has received 6.19 million XRP out of 6.50 million XRP allowed by the on-chain data, which equates to $17.8 million total value locked (TVL). The annual percentage yield (APY) is pegged at 10%, and every token is valued at 1 XRP.
Midas’ Axelar-Backed Tokenized XRP Product Shines
Bill Morgan, a pro-XRP attorney, posted the update on X, saying: “Not even 2 days and already the vault is 95% full.” For context, the mXRP token has been launched as a liquid yield investment, which tracks a yield strategy that is operated by Hyperithm, a digital asset investment company serving as the initial “risk curator.”
Users can mint mXRP by posting XRP collateral into a tokenized framework replicating the performance of multiple yield-generating approaches, including market-making and liquidity provision. The project by Midas co-founder and chief executive Dennis Dinkelmeyer is expected to open up new activity of XRP, much of which has been inactive in the past. “Much of the XRP supply has been dormant for years; mXRP provides a transparent mechanism for users to access on-chain strategies,” he stated in a message.
Not even 2 days and already the vault is 95% full. https://t.co/X0bZs8HpAf pic.twitter.com/GWHdvHVQRR
— bill morgan (@Belisarius2020) September 24, 2025
He added, “With strong community demand and DeFi integrations, we believe mXRP can play a key role in unlocking new use cases for XRP.” The product was released on the Ethereum Virtual Machine (EVM) sidechain of the XRP Ledger (XRPL), the interoperability of which is made possible by Axelar. XRP bridged via the Axelar infrastructure pays gas fees to mint coins.
The cross-chain nature of the token was highlighted by the co-founder and foundation director of Axelar, Georgios Vlachos. “Axelar will bridge mXRP to every major ecosystem where there will be DeFi opportunities for users to deposit mXRP and earn additional yield, on top of mXRP’s base yield,” he explained. He further mentioned that the design of mXRP can be seen as a continuous source of demand for an underlying asset.
How mXRP Could Create Major Buying Pressure
“The yield structure makes mXRP a ‘perpetual buyer’ of XRP,” Vlachos said. Here, he pointed out that the revenue produced by strategies will be reinvested into buying XRP and disbursed to the owners of the tokens.
This may cause a huge purchasing pressure, in case the token scales incredibly high. Vlachos calculated that with an asset under management of about $10 billion at mid-2026, mXRP can yield $700 million a year at 7% and thus obtain the same amount of annual XRP purchases.
Although the base yield will be between 6-8%, those who use mXRP in the DeFi space may receive higher amounts. Vlachos was quoted as saying that a combination of strategies would enable the returns to exceed 10%, which would be 7% core operations and 3% integrations.
XRP yield products have recently been launched on other platforms, such as Flare, MoreMarkets, Bitrue, and Doppler Finance. Nonetheless, Dinkelmeyer claimed that mXRP is different since it is a transferable ERC-20 token, which can be supported by many decentralized finance protocols. “Earn products function like savings or lending accounts, whereas mXRP is a transferable ERC-20 token. That composability gives mXRP real utility beyond just holding it,” he said.
Vlachos also maintained that the launch would give energy to the DeFi ecosystem on the XRPL, where returns have been very low historically. “Right now, DeFi apps on XRPL (like Strobe Finance) provide extremely low yields for lending out XRP (<1%). Post mXRP launch, the APY for providing XRP liquidity on Strobe will surpass 5%. The same will happen across all of XRPL DeFi,” he said.
The United States, the United Kingdom, and approved jurisdictions are among the few places where Midas has limited access to its tokenized products, such as mXRP. The company also claims to have more than $1.2 billion TVL in its tokenized products.
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