Coinbase Brings DeFi Access to XRP and Dogecoin Holders on Base

Coinbase has introduced wrapped versions of XRP and Dogecoin (DOGE) on its layer-2 blockchain, Base, unlocking new decentralized finance (DeFi) opportunities for holders of these popular tokens. The wrapped tokens, named cbXRP and cbDOGE, are backed 1:1 by the original assets and allow seamless integration with Base’s DeFi ecosystem.

Wrapped tokens like cbXRP and cbDOGE enable users to utilize assets in environments where they are not natively supported. These versions are fully collateralized, with Coinbase holding the equivalent amount of XRP and DOGE in secure custody. This ensures that the wrapped assets maintain their value and can be redeemed for the original coins.

Since launch, cbXRP’s market cap has surpassed $5 million within the first 24 hours, while cbDOGE is approaching the $2 million mark, according to BaseScan data. This highlights growing interest from crypto traders in using these assets for yield generation and other DeFi utilities.

XRP is commonly used for cross-border payments and ranks as the fourth-largest cryptocurrency by market capitalization at $128.8 billion. Dogecoin, the most prominent meme coin, holds a market value of $28.2 billion.

This move follows Coinbase’s earlier success with wrapped Bitcoin (cbETH and cbBTC) on Base. The wrapped Bitcoin token has already grown to a market cap of $4.7 billion since its debut in September last year.

By enabling XRP and DOGE holders to access DeFi on Base, Coinbase is expanding the utility of these major cryptocurrencies beyond simple trading, offering users more ways to earn and participate in decentralized finance.