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

Coinbase opens a new era for two iconic cryptocurrencies. By launching cbXRP and cbDOGE on Base, the exchange brings XRP and Dogecoin into the realm of DeFi. This operation is not just a technical feat: it reveals a much broader strategic ambition within the crypto ecosystem.

cbXRP and cbDOGE: crypto tokens suited for DeFi

With cbXRP and cbDOGE, Coinbase offers wrapped versions of XRP and Dogecoin compatible with the EVM. Each token is pegged at a 1:1 ratio with the original crypto assets, held in custody by the exchange. This architecture allows replicating the assets on Base while facilitating their use in smart contracts and decentralized applications.

The initiative reflects a clear intent: to integrate cryptocurrencies historically on the margins of the Ethereum ecosystem into native DeFi flows. By adopting the ERC-20 standard, XRP and DOGE benefit from increased portability as well as expanded liquidity. The question remains whether this mechanism suffices to compensate for the absence of native use cases on Base.

Coinbase: the Base network grows stronger in the ecosystem

Coinbase’s introduction of wrapped tokens cbXRP and cbDOGE on Base comes in a context of accelerated growth of the Base network, designed by Coinbase as a strategic lever to consolidate its position in the DeFi universe. In figures:

• $14.4 billion in total value locked (TVL) in the first quarter of 2025;
• $3.6 trillion in stablecoin volume over the same period;
• Native interoperability with tools and services of the Ethereum ecosystem.

This dynamism makes Base a credible infrastructure to host assets that, like XRP and DOGE, were historically confined to limited uses. The interest is not only in expanding the catalog of available tokens but also in capturing the user community of these cryptos to channel it towards integrated DeFi services.

After Coinbase launched cbBTC to conquer DeFi, the arrival of cbXRP and cbDOGE confirms its intention to absorb the liquidity of popular assets. Behind the apparent openness lies a growing centralization of crypto flow, where each bridge built by Coinbase strengthens its position as an essential gateway.