Coinbase, one of the biggest crypto exchanges, is making it easier for people who own XRP and Dogecoin (DOGE) to use their coins in decentralized finance (DeFi). They created new versions of these coins called cbXRP and cbDOGE on their Base network. These new tokens let XRP and DOGE be used in Ethereum-based DeFi apps, opening up new ways for people to use their favorite cryptocurrencies.

What Are Wrapped Tokens?

Wrapped tokens are like copies of real coins, but they work on different blockchains. Here, cbXRP and cbDOGE are versions of XRP and DOGE that work on Ethereum’s system. Coinbase keeps the real XRP and DOGE safe, and for every wrapped token, there’s a real coin backing it up 1-to-1.

This setup lets XRP and DOGE owners use their tokens on Ethereum apps, which wasn’t possible before because their original blockchains don’t support Ethereum’s smart contracts. Wrapped tokens act like bridges between blockchains, letting coins move around and be used in new ways.

Why This Is Important

XRP and Dogecoin usually couldn’t be used in many DeFi apps because their blockchains don’t have the right technology. By making these wrapped versions on Base, Coinbase gives XRP and DOGE holders new chances to lend, borrow, stake, and trade in decentralized ways.

This fits with Coinbase’s bigger plan to grow Base — a faster and cheaper Ethereum Layer 2 network that keeps things safe and decentralized. Base is becoming a great place to support these wrapped tokens and get more people involved in DeFi.

Base Network Is Growing Fast

Base has been growing quickly with:

• $14.4 billion locked in DeFi apps in early 2025

• $3.6 trillion worth of stablecoins traded recently

• Full compatibility with Ethereum tools and apps

Because of this growth, Base is becoming a strong platform for tokens like cbXRP and cbDOGE, helping expand the number of tokens that work well with Ethereum.

Coinbase’s Bigger Plan

By adding wrapped XRP and DOGE, Coinbase is making these coins more useful and also bringing in the big communities of XRP and DOGE users to Base. This is similar to what they did with wrapped Bitcoin (cbBTC), which helped Bitcoin holders join Ethereum DeFi.

This helps Coinbase become an important gateway between popular cryptocurrencies and DeFi services, bringing more people and money into the Base network.

What It Means for XRP and DOGE Holders

People who own XRP and DOGE now have more ways to use their coins than just holding or selling:

• They can borrow or lend money using DeFi apps

• They can stake their coins to earn rewards

• They can trade on decentralized exchanges without middlemen

• They can try out new ways to earn interest (yield farming)

These new options could make XRP and DOGE more popular and give holders more control over their money.

Centralization: A Trade-Off

One downside is that these wrapped tokens depend on Coinbase holding the real coins safely. This means users need to trust Coinbase to keep their XRP and DOGE secure and to make sure the wrapped tokens always have real coins behind them.

But Coinbase is a regulated exchange, so it’s seen as safer and more trustworthy. Also, Base works with many DeFi apps and wallets, which helps reduce worries about centralization.

What’s Coming Next in DeFi

Adding wrapped XRP and DOGE is part of a bigger trend to make DeFi work better across different blockchains. As more wrapped tokens appear, people will be able to move their coins more easily and use more financial services.

This will help more people join DeFi and will make the crypto world more connected and user-friendly, with lots of new options for managing and growing their money.