Doppler Finance, a yield infrastructure project built on the XRP Ledger, has started expanding to Base. The first asset in that rollout is Coinbase Wrapped XRP, or cbXRP. The protocol announced the phased move on July 29, describing it as an early step in a broader multichain strategy. The goal, as Doppler stated, is to give tokenized assets more onchain use cases through lending, borrowing, collateral placement, and other decentralized finance tools.
cbXRP is issued by Coinbase, with each token backed one-for-one by XRP. That means a holder can interact with Base applications while still keeping exposure to XRP. On July 29, Coinbase’s reserve dashboard showed roughly 105.64 million XRP backing about 105.64 million cbXRP in circulation. The public data updates reserve balances and token supply, which gives users a way to verify that the wrapped tokens are fully collateralized.
Why wrapped XRP matters on Base
Doppler built its initial infrastructure on the XRP Ledger, but this move makes clear it does not plan to stay tied to one network. Putting cbXRP inside Base opens the door to using XRP-backed value in lending markets, borrowing protocols, and collateral management without leaving the Ethereum-compatible environment. Doppler’s head of institutions, Rox Park, said the next phase of tokenized finance needs infrastructure that extends beyond any single blockchain. The rollout will happen in stages, with more assets and features expected later.
Coinbase keeps building out onchain finance
The cbXRP integration is part of a bigger pattern at Coinbase. The company has been expanding Base into a place for payments, tokenized investments, and decentralized financial services. It has also pushed into tokenized stocks, perpetual derivatives, stablecoin payments, and AI-related financial tools. Those efforts complement Doppler’s infrastructure because they create more settings where wrapped assets can be used productively.
Institutional interest is showing up too. Coinbase Payments and Spiko recently introduced stablecoin funding for regulated European money market funds. Investors can subscribe or redeem using USDC and EURC on Base, with settlement that works outside traditional banking hours. Base’s head of growth, Antonio Garcia-Martinez, said the next wave of onchain finance is about making tokenized assets productive in new ways. Once an asset is onchain, he noted, it becomes usable as collateral and can be lent or borrowed against.
XRP infrastructure keeps moving forward
Beyond Base, the XRP Ledger itself has been showing more activity. It recently passed one million agent transactions, a sign that autonomous software agents are being used for payments and digital services. Ripple has also expanded treasury capabilities, giving enterprise teams access to XRP liquidity and a unified view of digital and fiat balances. Its development framework, meanwhile, combines XRP and RLUSD with programmable spending controls.
Doppler’s Base deployment is still in its early phase. Future releases are expected to add support for other tokenized assets as the protocol extends its multichain reach. For now, cbXRP is the first piece. The bigger question is how quickly the rest of the tokenized finance stack follows.
