May 2026
mXRP Transparency Report
By Delta Y
Highlights
mXRP is a XRP-denominated Liquid Yield Token tracking an XRP yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on September 25, 2025, with regular price updates beginning on September 29, 2025.
During May 2026, mXRP's AUM decreased from $6.01M to $5.80M. The inception-to-date return (net of fees) now amounts to 5.30% annualized.
Other relevant indicators can be seen in Table 1 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Avg. NAV | $8.92M | $6.04M (-32.28%) |
Avg. APY | 3.86% | 4.69% (0.83 p.p.) |
Avg. Leverage | 1.20x | 1.12x (-6.50%) |
Net Deposits | -$4.45M | $9.39K (N/A) |
Performance
mXRP reached a price of $1.0368 in its latest oracle update, reflecting a 0.28% return for the month of May. The trailing (7 days minimum) APY peaked at 4.98% during this period, with a minimum of 4.44%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($2.68M or 44.36%), Yield Trading ($1.21M or 20.06%) and Borrowing ($96.62K or 1.60%).
As of the reporting date, the vault's capital is deployed across 8 blockchains and 5 protocols, with exposure over the past month ranging between 2-7 protocols.
More notably, mXRP's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mXRP to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were USDC ($2.36M or 35.04%), Unclassified ($2.04M or 30.25%) and PT-apxUSD-18JUN2026 ($1.21M or 17.94%), which have, on average, collectively represented 83.23%of the vault's total assets. On the liabilities side, the vault's main exposure was to PYUSD ($644.88K or 57.28%) and RLUSD ($480.95K or 42.72%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.00x, which represents a decrease of -11.24% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
30th Apr 2026 | 31st May 2026 | |
|---|---|---|
Assets | ||
USDC | $2.08M 31.15% | $3.94M 67.90% |
USDS | $0.00 0.00% | $0.00 0.00% |
PT-apxUSD-18JUN2026 | $2.01M 30.05% | $0.00 0.00% |
sUSDS | $0.00 0.00% | $0.00 0.00% |
PYUSD | $0.00 0.00% | $0.00 0.00% |
Unclassified | $1.82M 27.20% | $1.86M 31.98% |
Others | $775.99K 11.60% | $7.48K 0.13% |
Total Assets | $6.69M 100.00% | $5.80M 100.00% |
Liabilities & Vault's NAV | ||
PYUSD | $0.00 0.00% | $1.75M 30.19% |
USDT | $0.00 0.00% | $0.00 0.00% |
USDT0 | $0.00 0.00% | $0.00 0.00% |
RLUSD | $761.18K 11.38% | $0.00 0.00% |
GHO | $0.00 0.00% | $0.00 0.00% |
Others | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $761.18K 11.38% | $1.75M 30.19% |
Vault's NAV | $5.93M 88.62% | $4.05M 69.81% |
Total Liabilities & Vault's NAV | $6.69M 100.00% | $5.80M 100.00% |
Activity
During May 2026, the vault processed $11.91K in deposits and $2.52K in withdrawals, resulting in $9.39K of net deposits over a total of 62 transactions.
As of period end, the mXRP vault had 243 holder addresses, representing an increase of 2.10% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Deposits | $2.40K | $11.91K (396.95%) |
Withdrawals | $4.45M | $2.52K (-99.94%) |
Net Deposits | -$4.45M | $9.39K (N/A) |
Avg. Holders NAV | $38.25K | $25.37K (-33.68%) |
Median Holders NAV | $3.87 | $2.89 (-25.32%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mXRP's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mXRP, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.