Doppler Finance, an institutional-grade yield infrastructure protocol originally built on the XRP Ledger, has expanded to Base, Coinbase's Ethereum Layer-2 chain. The first supported asset is cbXRP (Coinbase Wrapped XRP), unlocking a regulated, exchange-backed route into lending, borrowing, and collateral strategies for XRP holders.
The integration allows cbXRP holders to deposit tokens into lending markets for interest, use them as collateral to borrow stablecoins or other assets, provide liquidity in DEX pools, and engage in yield farming—all on Base. Doppler’s Head of Institutions, Rox Park, emphasized that the next phase of tokenized finance requires infrastructure extending beyond any single blockchain. Antonio Garcia-Martinez, Head of Growth at Base, noted that onchain assets become usable as collateral, lendable, and borrowable in ways impossible in their native form.
cbXRP, launched by Coinbase in June 2025, is an ERC-20 token on Base fully backed 1:1 by XRP held in Coinbase custody. As of late July 2026, approximately 105.64 million cbXRP are in circulation, representing over $113 million in reserves, with live proof-of-reserves available. Previous DeFi integration via Moonwell reached $1.2M in cbXRP liquidity, proving demand for exchange-backed wrapped assets. Doppler’s move marks the next step toward institutional-grade use cases.
Meanwhile, XRP price dropped -1.2% overnight to $1.08, losing support at $1.10 and marking a -5.4% weekly decline, with daily trading volume rising to $1.16 billion. The expansion aligns with Coinbase’s strategy to make Base a multi-asset financial platform, including tokenized stocks, derivatives, and AI tools.
