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Coinbase Unlocks DeFi Opportunities for XRP and Dogecoin Holders on Base
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Omkar Godbole
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By Omkar Godbole|Edited by Sheldon Reback
Jun 5, 2025, 7:41 a.m.
- Coinbase has listed wrapped versions of XRP and dogecoin (DOGE) on its layer-2 platform, Base, enabling DeFi opportunities.
- The cbXRP and cbDOGE tokens are backed 1:1 by native coins, allowing seamless transfer within the Base ecosystem.
- The market cap for wrapped XRP reached over $5 million in 24 hours, while wrapped dogecoin is nearing $2 million.
Crypto traders holding XRP
and dogecoin
can now tap into yield-generatingdecentralized finance(DeFi) opportunities on Base, the layer-2 blockchain from digital assets exchange Coinbase (COIN).
On Wednesday, the Nasdaq-listed exchange said the wrapped versions of the two tokens, called cbXRP and cbDOGE, were live on Base. These wrapped tokens are backed 1:1 by native coins, meaning that for all cbXRP and cbDOGE in circulation, there is an equivalent amount of XRP or dogecoin held in a secure custody solution by Coinbase.
STORY CONTINUES BELOW
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Wrapped tokens represent the original assets in environments where they are otherwise unavailable, offering compatibility with Base’s protocol and DeFi applications. This facilitates interoperability, allowing for the seamless transfer of coins within the ecosystem while allowing holders to tap into DeFi and generate additional returns on top of their spot market holdings.
The wrapped version of XRP has achieved a market cap of over $5 million within the first 24 hours, according to data source BaseScan. Wrapped DOGE’s market cap is fast nearing the $2 million mark.
XRP is a payments-focused cryptocurrency used by Ripple to facilitate cross-border transactions and has a market cap of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a market value of $28.2 billion, is the world’s leading meme token by market value, CoinDesk data show.
Coinbase debuted a wrapped version of bitcoin
, the largest cryptocurrency, on Base in September last year. That has reached a market cap of over $4.7 billion.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
