Coinbase Wrapped XRP Expands DeFi Utility Through Doppler Finance on Base
Doppler Finance, an institutional-grade yield infrastructure built on the XRP Ledger (XRPL), announced on July 29 that it is expanding to Base, beginning with Coinbase Wrapped XRP (cbXRP). The phased deployment aims to extend lending, borrowing, and collateral opportunities for tokenized assets, positioning cbXRP for wider institutional use.
Coinbase issues cbXRP as a token backed one-for-one by XRP held in custody. According to Coinbase’s public reserve dashboard, approximately 105.64 million XRP backed nearly 105.64 million cbXRP in circulation as of July 29, giving market participants transparent verification of full backing.
Doppler Finance Head of Institutions Rox Park stated: “The next phase of tokenized finance requires infrastructure that extends beyond any single blockchain.” The rollout will occur in stages, with additional supported assets and platform capabilities scheduled for future releases.
The integration is part of Doppler’s broader multichain strategy, enabling tokenized assets to gain institutional-grade onchain utility through decentralized financial applications. Base Head of Growth Antonio Garcia-Martinez noted: “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 added that cbXRP is a compelling early use case.
Coinbase has been expanding Base into an ecosystem supporting payments, lending, borrowing, tokenized investments, and decentralized financial services. Recent initiatives include tokenized stocks, perpetual derivatives, AI-powered tools, and stablecoin payments. Institutional adoption has also accelerated through regulated investment offerings, such as stablecoin funding for European UCITS money market funds using USDC and EURC on Base.
Future phases of Doppler’s Base deployment will introduce support for additional tokenized assets issued across emerging tokenization platforms, extending the protocol’s multichain infrastructure beyond cbXRP as digital capital markets continue to expand.