Doppler Finance has begun rolling out its yield infrastructure on Base, opening up new lending and collateral options for Coinbase Wrapped XRP (cbXRP), which is backed by more than $113m in XRP reserves.
The move takes XRP-related activity beyond its native XRP Ledger (XRPL) and into Base’s Ethereum-compatible decentralised finance (DeFi) ecosystem, allowing cbXRP holders to use their tokens in borrowing, lending and other onchain financial applications while retaining exposure to XRP.
Doppler Finance, which describes itself as an institutional-grade yield platform built directly on XRPL, confirmed on 29 July that it is extending its infrastructure to Base in phases. The first stage focuses on cbXRP, with plans to add other tokenised financial instruments at later stages as part of a broader multichain strategy.
Wrapped XRP moves into Base DeFi
Instead of limiting XRP to payment and settlement use cases on XRPL, the integration sees a wrapped version of the asset deployed on Base, a network developed in partnership with crypto exchange Coinbase.
Coinbase, listed on Nasdaq under the ticker COIN, issues cbXRP as a wrapped token backed one-for-one by XRP. That structure is intended to provide onchain flexibility without altering the underlying exposure: users interact with DeFi applications on Base while the reserves remain in XRP.
Public reserve data from Coinbase on 29 July showed around 105.64 million XRP held in custody against roughly 105.64 million cbXRP in circulation. A dedicated dashboard tracks reserves, token supply and network details, giving market participants a way to verify that each wrapped token is fully backed.
Rox Park, Doppler Finance’s Head of Institutions, said: “The next phase of tokenized finance requires infrastructure that extends beyond any single blockchain.” The project’s expansion to Base will be staged, with more supported assets and features expected over time.
Base positioned as wider DeFi hub
The cbXRP deployment comes as Coinbase seeks to develop Base into a broader ecosystem covering payments, lending, borrowing, tokenised investments and other DeFi services.
By building out infrastructure around wrapped assets such as cbXRP, Coinbase aims to push beyond simple token transfers and enable a wider range of financial uses across Ethereum-compatible networks.
Coinbase has been extending its financial platform with products including tokenised stocks, perpetual derivatives, AI-driven financial tools, stablecoin-based payments and additional onchain infrastructure. Those efforts are designed to sit alongside Doppler’s stack, creating more venues where wrapped assets can be used in lending markets, collateral management and other onchain financial products.
Institutional interest is also being targeted through regulated offerings. Coinbase Payments and European fintech firm Spiko have recently introduced stablecoin funding for regulated funds, allowing investors to subscribe to and redeem selected European UCITS money market funds using USDC and EURC on Base, with near-instant settlement even outside traditional banking hours.
‘Next wave’ of onchain finance
Antonio Garcia-Martinez, Base’s Head of Growth, said: “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 Coinbase Wrapped XRP is one of the earliest examples of that model being extended beyond the XRP Ledger.
Doppler’s appearance on Base coincides with wider development around XRP infrastructure across XRPL and connected blockchains. Native XRP continues to underpin settlement and payment activity on its original network, while cbXRP carries equivalent value into DeFi protocols operating on Base.
The XRP Ledger itself recently passed one million XRP Ledger agent transactions. That milestone highlights growing use of autonomous software agents capable of handling payments for computing power, application programming interfaces and digital services.
Ripple’s development framework combines XRP and RLUSD with programmable spending controls, signalling how blockchain-based financial infrastructure is being adapted for automated commercial use.
Institutional tools are evolving in parallel. Ripple has expanded its treasury offering to give enterprises access to XRP liquidity, enabling finance departments to manage digital assets, view real-time valuations, maintain audit trails and oversee both fiat and cryptocurrency positions from a single platform.
Doppler’s future phases on Base are expected to introduce support for additional tokenised assets issued across emerging tokenisation platforms. That would extend the protocol’s multichain infrastructure beyond Coinbase Wrapped XRP as digital capital markets continue to build out onchain.
