Coinbase Brings XRP and Dogecoin Into DeFi on Base via Wrapped Tokens
Crypto exchange Coinbase (COIN) has expanded access to decentralized finance (DeFi) for holders of XRP and Dogecoin (DOGE), announcing on Wednesday that wrapped versions of both assets—cbXRP and cbDOGE—are now live on Base, the exchange’s Ethereum layer-2 blockchain.
Wrapped tokens such as cbXRP and cbDOGE are pegged 1:1 with their underlying assets, held in secure custody by Coinbase. These versions allow users to interact with decentralized applications and yield-generating protocols on Base, even though the original tokens do not natively operate on that network.
“Wrapped assets unlock DeFi utility for major tokens outside the Ethereum ecosystem,” said a Coinbase representative. “Users can now earn, lend, and swap using XRP and DOGE in DeFi environments.”
The addition enables new functionality for these tokens, including borrowing, staking, and liquidity provision—effectively bridging traditionally siloed assets into Base’s growing ecosystem.
Early Growth Shows Strong Demand
In the first 24 hours of launch, cbXRP surpassed $5 million in market capitalization, while cbDOGE quickly approached $2 million, according to data from BaseScan. The move reflects rising demand for broader utility and cross-chain access to capital-efficient DeFi strategies.
A Broader Trend in Token Bridging
XRP, with a total market cap of $128.8 billion, is used primarily in cross-border payments via the Ripple network. Dogecoin, the leading meme cryptocurrency with a market cap of $28.2 billion, remains popular for its wide community support and growing use cases.
The new listings follow Coinbase’s earlier rollout of cbETH and cbBTC, with the wrapped Bitcoin version (cbBTC) now boasting a market cap of over $4.7 billion since its debut in September 2024.
By enabling wrapped XRP and DOGE, Coinbase is further positioning Base as a competitive layer-2 hub for asset interoperability and DeFi innovation.
