Midas, Axelar-Backed Tokenized XRP Cap Increased on Strobe Finance

By
Kritika Mehta
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Midas, Axelar-Backed Tokenized XRP Cap Increased on Strobe Finance

What to Know

  • Midas and Axelar recently launched mXRP, a yield-bearing token tied to XRP.
  • The token was thereafter made available on Strobe Finance’s platform.
  • The initial cap of $500,000 was maxed out on Strobe Finance, and the team later announced that they are increasing the cap.

Strobe Finance has raised the deposit limit on the mXRP token after its launch was oversubscribed. It launched mXRP, which is a tokenized XRP product by Midas and Axelar, on Thursday. The token had a temporary security limit of $500,000 on the platform.

Strobe Finance Upscales Deposit Cap for Midas, Axelar’s mXRP

Strobe Finance hit the deposit limit for mXRP within an hour after the launch, so new deposits were put on hold. The platform has used security as the cause of the freeze, and it explained that the team needed to verify that all the systems were functioning properly before receiving more money.

After the verification was done and the platform had validated that the operations were going on well, Strobe Finance increased the limit to 882,000 mXRP and started accepting deposits again. The higher limit was pegged to the existing XRP limit so as to sustain the demand by users.

The mXRP token is the product of a partnership with Midas, a tokenized issuer of certificates with a total value locked of more than $1 billion, and Axelar, which bridges XRP to the decentralized finance ecosystem. The executives announced its iconic launch live at the XRP Seoul 2025 in front of a crowd of over 3,000 XRP holders.

The mXRP token is an unprecedented project that provides XRP-based yield strategies in tokenized exposure. It was first presented on stage at the XRP Seoul 2025 event before more than 3,000 XRP holders. The release emphasized the growing inclusion of XRP into the larger system of decentralized finance, which was made possible with the help of Axelar.

What Executives Have to Say About the Project?

“Axelar is the Gateway to Onchain Finance,” said Georgios Vlachos, co-founder of Axelar protocol and director at Axelar Foundation. “By connecting the XRP Ledger to the world of DeFi for the first time, we 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.”

The reward is minted on the XRPL EVM as audited smart contracts, which provide users with transparency and security. Midas, the company that can issue tokenized certificates to retail distribution in Europe under the authorization of managing more than $1 billion of total value locked (TVL), and manages the structuring and operational framework of the mXRP.

The collaboration with Axelar will mean that XRP will be flawlessly mediated into the DeFi ecosystem, increasing access to on-chain yield opportunities. At the moment, Axelar enables connecting to over 80 blockchains, which makes it a flexible tokenized assets platform.

Midas co-founder and CEO Dennis Dinkelmeyer underlined the expanded meaning of the product. He said, “Much of the XRP supply has been dormant for years; mXRP provides a transparent mechanism for users to access on-chain strategies. With strong community demand and DeFi integrations, we believe mXRP can play a key role in unlocking new use cases for XRP.”

The launch served as evidence of the demand to tokenize XRP products, as well as the ability of Strobe Finance to process high inflows. In the initial hour, the deposits had hit the initial limit of $500,000, which indicates how urgent and enthusiastic the XRP community was. After testing it internally, the team raised the limit to 882,000 mXRP, which shows the confidence in the security of the platform and the soundness of the integration with Axelar.

This partnership has seen Strobe Finance, Midas, and Axelar jointly advance the edge of the XRP-based decentralized finance. The product will give investors the option of interacting with XRP in a yield-generating capacity and taking advantage of the security measures entrenched in the XRPL EVM smart contracts.

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