XRP Gains DeFi Access on Coinbase’s Base Blockchain

XRP holders now have a new way to participate in decentralized finance (DeFi), thanks to Coinbase’s latest innovation on its Base layer-2 blockchain. The U.S.-based crypto exchange has introduced cbXRP, a wrapped version of XRP, enabling users to engage with DeFi protocols and earn yield directly through the Base ecosystem.

Coinbase announced on Wednesday that both cbXRP and cbDOGE — wrapped versions of XRP and Dogecoin respectively — are officially live on Base. According to the Coinbase Assets team, these tokens are backed 1:1 by their corresponding native cryptocurrencies. This means that every cbXRP issued on Base is secured by the same amount of XRP, held in Coinbase’s custody solution.

Wrapped tokens serve as replicas of native assets, allowing them to exist and operate within blockchain environments where the original assets aren’t natively supported. In this case, users can now access a variety of DeFi applications on Base with cbXRP, something previously unavailable due to XRP’s absence from that ecosystem.

The launch of cbXRP has already seen early success. Data from BaseScan shows that within just 24 hours of its release, cbXRP crossed $5 million in market capitalization. Similarly, cbDOGE — the wrapped form of Dogecoin — is approaching the $2 million mark in market cap, reflecting growing interest in DeFi integration for mainstream cryptocurrencies.

XRP, best known for its utility in facilitating international payments via Ripple’s cross-border payment network, currently holds a market capitalization of $128.8 billion. It ranks as the fourth-largest cryptocurrency globally. Dogecoin, born as a meme-themed asset but now widely used across communities, stands at a market cap of $28.2 billion based on the latest CoinDesk data.

This move is part of a broader strategy by Coinbase to bridge popular cryptocurrencies into the DeFi space through wrapped token technology. The company previously rolled out a wrapped version of Bitcoin (BTC) on Base in September of last year, and that token has already amassed a market value surpassing $4.7 billion.

Enabling cbXRP on Base significantly enhances XRP’s utility by opening up access to DeFi tools such as liquidity pools, lending platforms, and yield-generating smart contracts. This interoperability means XRP investors can now deploy their assets in roles beyond simple transactions or long-term holding, optimizing returns directly within a secure, decentralized framework powered by Coinbase’s infrastructure.

The introduction of cbXRP not only diversifies the use cases for XRP but also signals Coinbase’s deepening commitment to expanding the DeFi economy by incorporating widely held assets. As the Base blockchain continues to mature, more wrapped tokens and applications could follow, further establishing its role within the Ethereum ecosystem.

Related: Expert Advice: Sell XRP If You’re Confused

With the crypto market evolving rapidly in 2025, this initiative marks a major milestone for XRP adoption and use. Investors, especially those holding XRP and Dogecoin, now have streamlined access to DeFi strategies without needing to liquidate their holdings or migrate to unfamiliar chains. This makes Base one of the more attractive DeFi platforms for mainstream cryptocurrency users looking for yield opportunities in today’s blockchain landscape.