Coinbase Introduces Wrapped XRP and DOGE on Base, Unlocking DeFi Access

Coinbase is ushering in a new era for two prominent cryptocurrencies with the launch of cbXRP and cbDOGE on Base. This initiative brings XRP and Dogecoin into the decentralized finance (DeFi) landscape, marking more than just a technical advancement; it signifies a broader strategic ambition within the crypto ecosystem.

In brief

• Coinbase introduces cbXRP and cbDOGE on Base, representing wrapped versions of XRP and Dogecoin that are compatible with Ethereum DeFi.
• The Base network demonstrates robust growth, boasting $14.4 billion in Total Value Locked (TVL) and $3.6 trillion in stablecoin volume.
• This integration underscores a strategic move to capture the liquidity of major assets while solidifying control over the entry points to DeFi.

cbXRP and cbDOGE: Crypto Tokens Tailored for DeFi

With cbXRP and cbDOGE, Coinbase presents wrapped iterations of XRP and Dogecoin, designed to be compatible with the Ethereum Virtual Machine (EVM). Each token maintains a 1:1 peg with its original crypto asset, which is held in custody by the exchange. This structure enables the replication of these assets on Base, facilitating their use within smart contracts and decentralized applications.

This initiative clearly aims to integrate cryptocurrencies that have traditionally existed on the periphery of the Ethereum ecosystem into the core DeFi operations. By adopting the ERC-20 standard, XRP and DOGE gain enhanced portability and expanded liquidity. The key question is whether this mechanism will adequately compensate for the lack of native use cases on Base.

Coinbase's introduction of cbXRP and cbDOGE on Base occurs against the backdrop of the network's rapid expansion. Base is envisioned by Coinbase as a strategic tool to reinforce its standing in the DeFi sector. Key metrics include:

• $14.4 billion in Total Value Locked (TVL) in the first quarter of 2025.
• $3.6 trillion in stablecoin volume during the same period.
• Native interoperability with Ethereum ecosystem tools and services.

This dynamism positions Base as a viable platform for hosting assets like XRP and DOGE, which have historically been limited in their applications. The goal is not only to broaden the selection of available tokens but also to attract the user base of these cryptocurrencies, directing them towards integrated DeFi services.

Following Coinbase's launch of cbBTC to penetrate the DeFi market, the arrival of cbXRP and cbDOGE reinforces its intention to capture the liquidity of popular assets. Beneath the surface of apparent openness lies an increasing centralization of crypto flow, where each bridge constructed by Coinbase strengthens its role as a crucial gateway.