Doppler Brings Coinbase Wrapped XRP to Base DeFi

Doppler Finance is deploying support for Coinbase Wrapped XRP (cbXRP) on the Base network, enabling cbXRP to be used for lending, borrowing and as collateral. The initial deployment was announced July 29 and will be followed by additional phases.

Doppler, built natively on the XRP Ledger, described the Base rollout as the first phase of a multichain strategy to provide onchain utility for tokenized assets through lending markets, collateral management and other decentralized finance applications. The protocol will prioritize cbXRP before adding other tokenized products.

Coinbase issues cbXRP as a wrapped token backed one-for-one by XRP held in custody. Coinbase’s public reserve dashboard showed about 105.64 million XRP backing nearly the same number of cbXRP in circulation on July 29, equal to more than $113 million in XRP reserves. The dashboard lists reserve balances, token supply and network details for verification.

Rox Park, Head of Institutions at Doppler Finance, commented: “The next phase of tokenized finance requires infrastructure that extends beyond any single blockchain.” He added that placing a wrapped representation of XRP inside Base lets cbXRP holders retain exposure to XRP while accessing Ethereum-compatible DeFi applications.

Base is an Ethereum-compatible network that supports payments, tokenized investments and decentralized financial services. Antonio Garcia-Martinez, Head of Growth at Base, remarked: “The next wave of onchain finance is about making tokenized assets productive in novel ways. Once an asset is onchain, it becomes usable as collateral, lendable, borrowable.” He described Doppler’s cbXRP integration as an early use case to test those capabilities.

Coinbase has expanded its onchain offerings to include tokenized stocks, perpetual derivatives, AI-powered financial tools and stablecoin payment rails. In one example, Coinbase Payments and European fintech Spiko introduced stablecoin funding for certain regulated UCITS money market funds, allowing subscriptions and redemptions in USDC and EURC with near-instant settlement on Base, including outside traditional banking hours.

On the XRP Ledger, agent transactions surpassed one million, reflecting increased use of autonomous software agents for payments and services. Ripple released enterprise tools to help treasury teams access XRP liquidity, monitor valuations, maintain audit records and manage both fiat and crypto balances from a single platform.

Doppler indicated that future deployment phases will add more tokenized assets and platform features, expanding the protocol’s multichain infrastructure beyond cbXRP and broadening the range of assets that can be used for lending, borrowing and collateral on Base.