mXRP — a yield-bearing tokenized XRP product issued by Midas in partnership with Axelar developer Interop Labs — is expanding to BNB Chain through an integration with Lista DAO, a lending protocol on the network.
The integration allows mXRP to be used as collateral within Lista’s lending markets, letting holders combine mXRP’s base yield with additional DeFi returns across liquidity pools and borrowing markets. The expansion brings mXRP beyond its existing availability on the XRP Ledger and the XRP Ledger’s Ethereum Virtual Machine (EVM) sidechain.
“Lista is our first integration partner on BNB Chain,” Dennis Dinkelmeyer, co-founder and CEO of Midas, told The Block. “mXRP is now available as collateral on Lista DAO, with liquidity provided by the Hyperithm XRP vault. When launching on a new chain, it’s important to have live use cases from day one, allowing users to immediately put their mXRP to work.”
Launched in September, mXRP allows users to stake XRP through Midas and receive mXRP — an ERC-20 token — representing their claim on underlying XRP plus returns generated by predefined, “market-neutral” strategies executed by counterparties such as Hyperithm. These strategies include trading and lending across centralized exchanges and DeFi protocols. Redemption delivers XRP based on strategy performance and available collateral.
mXRP is built on infrastructure provided by Axelar, which powers interoperability for XRPL EVM and bridges the gas token (Axelar-bridged XRP) used to mint mXRP. Although Axelar already supports BNB Chain, Dinkelmeyer said Midas-issued tokens are not yet bridgeable, which is why mXRP is being issued natively on BNB Chain via Lista.
“We’re currently working on enabling cross-chain functionality through Axelar, and this feature is expected to go live soon,” he said.
Georgios Vlachos, co-founder of Axelar and director at the Axelar Foundation, said mXRP is launching natively on Binance Chain for user-experience reasons, given that many users already hold Binance-Peg XRP there. A native contract will let them mint mXRP directly from wrapped XRP without first converting to native XRP.
“In the future, the goal is to allow seamless transfers between mXRP on XRPL EVM and mXRP on Binance Chain,” he said. Vlachos added that Lista’s integration will help mXRP reach a large base of BNB Chain users.
There are roughly 480,000 XRP holders on BNB Chain collectively holding about $800 million in wrapped XRP, according to Midas, citing BscScan data. The integration gives those users a new path to earning yield on their XRP positions, it said.
mXRP currently has about $25 million in total value locked, according to Midas’ website. “Typically, growth in Midas products is driven by their availability for reuse on DeFi protocols like Lista DAO,” Dinkelmeyer said. “We expect to see growing traction as adoption increases.”
Midas-issued tokens, including mXRP, are not available to users in the U.S., U.K., or sanctioned jurisdictions. Midas reports over $1.2 billion in total value locked across its tokenized products.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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