Coinbase Enhances DeFi Accessibility with Wrapped XRP and Dogecoin on Base Network
Coinbase has taken a significant step in expanding decentralized finance (DeFi) accessibility by introducing wrapped versions of XRP (cbXRP) and Dogecoin (cbDOGE) on its layer-2 blockchain, Base. These new tokens are backed 1:1 by their native assets, which are securely held in Coinbase custody, ensuring trust and seamless integration into Base's growing DeFi ecosystem. Within just 24 hours of their launch, wrapped XRP achieved a market capitalization exceeding $5 million, demonstrating strong initial demand and investor confidence. This move not only broadens the utility of XRP and Dogecoin but also strengthens Coinbase's position as a key player in the DeFi space. By enabling these popular cryptocurrencies to participate in decentralized applications (dApps), lending, and trading on Base, Coinbase is fostering greater innovation and liquidity in the blockchain ecosystem. The introduction of cbXRP and cbDOGE marks a pivotal moment for both assets, as they transition from primarily speculative instruments to functional components within the DeFi landscape. As of June 2025, this development underscores Coinbase's commitment to driving mainstream adoption of cryptocurrencies and decentralized finance.
Coinbase Expands DeFi Access for XRP and Dogecoin on Base Network
Coinbase has introduced wrapped versions of XRP and dogecoin on its layer-2 blockchain, Base, unlocking decentralized finance (DeFi) opportunities for holders of the two popular cryptocurrencies. The cbXRP and cbDOGE tokens are backed 1:1 by their native assets, held securely in Coinbase custody, enabling seamless integration with Base's DeFi ecosystem.
Within 24 hours of launch, wrapped XRP surpassed a $5 million market cap, while Dogecoin's representation neared $2 million. The MOVE signals growing institutional recognition of meme coins and payment-focused assets as viable components of DeFi infrastructure.
Ripple's XRP, with its $128.8 billion market valuation, gains new utility beyond cross-border payments. Dogecoin's $28.2 billion market cap now supports yield generation—a significant evolution for the meme token originally created as satire.
Ethena Price Tests Critical Support Amid Coinbase Listing and Token Unlock
Ethena's ENA token faces a pivotal moment as its price hovers NEAR the $0.30 support level, a zone that previously catalyzed a 100% rally in November 2023. The current test comes alongside a seven-day token unlock worth $52.97 million, raising questions about whether buying interest can counterbalance the impending supply influx.
Coinbase's upcoming listing of ENA and Ethena Labs' partnership with Securitize for the Converge initiative provide fundamental tailwinds. Market participants are watching for either a stabilization above $0.30 or a potential breakdown toward $0.25 if selling pressure overwhelms demand.
Trading volume has increased 15% to $245 million as the asset retraces from its recent $0.35 rebound high. The $0.30 level now serves as a technical litmus test—holding could confirm accumulation, while failure may trigger stop-loss cascades toward lower supports.
