Doppler Finance, institutional-grade yield infrastructure built directly on the $XRP Ledger (XRPL), announced on July 29 the expansion of its infrastructure to Base, starting with Coinbase Wrapped $XRP (cbXRP) and eventually encompassing other tokenized financial products.
The announcement describes the phased deployment as one of the first steps in the protocol's broader multi-chain strategy, allowing tokenized assets to gain utility on-chain at an institutional level through lending, borrowing, staking, and other decentralized finance applications.
Doppler Finance stated:
"In the initial phase, the expansion will focus on supporting cbXRP, with plans to add support for other tokenized assets as the Base ecosystem grows."
Rather than limiting financial activities associated with $XRP to its native blockchain, this integration places a 'wrapped' representation of $XRP into Base's decentralized finance ecosystem. Cryptocurrency exchange Coinbase (Nasdaq: COIN) issues cbXRP as a token backed one-to-one by $XRP, allowing holders to interact with Base applications while retaining exposure to the underlying digital asset.
Data on cbXRP reserves from Coinbase, published on July 29, showed that approximately 105.64 million $XRP back the nearly 105.64 million cbXRP in circulation. A public dashboard updates reserve balances, token supply, and network information, providing market participants with transparent proof that each 'wrapped' token remains fully backed by $XRP held in custody.
Rox Park, Head of Institutional Clients at Doppler Finance, noted: "The next phase of tokenized finance requires infrastructure that goes beyond any single blockchain." Implementation will occur in phases, with future updates planned to add support for additional assets and expand platform capabilities.
Coinbase Expands Blockchain Financial Services Spectrum
The cbXRP integration comes as Coinbase expands its Base platform into an ecosystem supporting payments, lending, borrowing, tokenized investments, and decentralized financial services. Expanding infrastructure around 'wrapped' assets allows users to go beyond simple transfers and access a broader array of financial applications built on Ethereum-compatible networks.
Recently, Coinbase has expanded its financial platform with tokenized equities, perpetual derivatives, AI-powered financial instruments, stablecoin payments, and on-chain infrastructure. These initiatives complement Doppler's infrastructure, creating additional environments where wrapped assets like cbXRP can participate in lending markets, collateral management, and other on-chain financial products.
Institutional adoption has also accelerated through regulated investment offerings. Coinbase Payments and European fintech company Spiko recently introduced the ability to fund regulated funds with stablecoins, allowing investors to subscribe to selected European UCITS money market funds and redeem shares using USDC and EURC with near-instant settlement on the Base platform, including outside traditional banking hours.
Antonio Garcia-Martinez, Head of Base Ecosystem Development, stated: "The next wave of on-chain finance is about making tokenized assets productive in new ways. Once an asset is on-chain, it can be used as collateral, lent, and borrowed." He added:
"We are excited about this new functionality on the Base platform, and cbXRP is a compelling example of early-stage use of this technology."
Coinbase Wrapped $XRP represents one of the earliest examples of extending this model beyond the $XRP Ledger.
$XRP Functionality Continues to Grow
Doppler's expansion occurs amid ongoing development of $XRP-related infrastructure, both within the $XRP Ledger and in related blockchain ecosystems. Native $XRP supports settlements and payments in its original network, while cbXRP extends similar capabilities to Ethereum-compatible decentralized finance applications running on Base.
Recently, the $XRP Ledger surpassed one million transactions executed by $XRP Ledger Agents, reflecting the growing use of autonomous software agents capable of making payments for computational resources, application programming interfaces, and digital services. The Ripple Developer Platform combines $XRP and RLUSD with programmable spending controls, demonstrating how blockchain-based financial infrastructure continues to expand into the realm of automated commercial activity.
Alongside these technical developments, institutional adoption is also advancing. Ripple recently expanded its treasury capabilities by providing enterprises with access to $XRP liquidity, enabling treasury departments to manage digital assets, track valuations in real-time, maintain audit reporting, and oversee both fiat and crypto balances from a single corporate platform.
In future deployment phases, Doppler's Base implementation will introduce support for additional tokenized assets issued on new tokenization platforms, expanding the protocol's multi-chain infrastructure beyond Coinbase Wrapped $XRP as digital capital markets continue to grow.
