The biggest crypto exchange coinbase in America introduced two new “packed” tokens this week, allowing traders to use XRP And Dogecoin On Defi protocols.
By introducing CBDOGE and CBXRP, Coinbase hopes to tackle the increasing demand for cross-chain functionality in the complex Defi world, the company and the industry observers told Decrypt.
The fair makes the new offer available on its own Ethereum Layer-2-Base Network.
Coinbase contains 1: 1 reserves of the underlying assets that Coinbase returned back tokens.
Proof of reserves ↓ https://t.co/y7dathdheehttps://t.co/WGC9JV2QJH
– Coinbase assets 🛡️ (@coinbasesesets) 4 June 2025
“Bringing CBDOGE and CBXRP to the ecosystem is a smart way to involve more users and unlock new liquidity,” the CEO of Defi App Balancer Labs Hardt told Hardt Decrypt.
A Coinbase spokesperson added: “The launch of CBDOGE and CBXRP enables customers to use the assets they already have in new ways and makes action more accessible to everyone.”
Defi, or decentralized financing, is the Catchall term for apps used in the crypto space that is aimed at automating actions such as borrowing or borrowing, which eliminates intermediaries and centralized authorities.
The launch comes when Defi makes a larger push in the mainstream. Previously a complicated and not -regulated world, now that President Trump has supported a decentralized financing project.
Such apps are often performed on Ethereum and present problems for traders who want to use their bitcoin or other digital tokens in Defi.
Wrap tokens want to solve this, with packed Bitcoin (WBTC) on Ethereum as the most popular example. But more and more packed tokens appear as the blockchain world expands.
XRP and Dogecoin are two leading cryptocurrencies- the fifth and eighth largest cryptocurrencies, with market hoods of $ 128.5 billion and $ 27.9 billion respectively.
Because of their size, both coins are popular, and there is a demand to use them as collateral in the fast -moving and complex world of Defi.
“Coinbase has just shown that the efficiently a meme coin (doge) and cross-border payment coin (XRP) can place in the Defi-Ecosystem without a third-party bridge,” said Sam Mudie, CEO and co-founder of Tokenized Real-World Activa-firm Savea, told, Sava, Decrypt—Deging that he expects more coins to follow with a large cap.
However, because Coinbase pulls the strings of these packaged tokens, some Defi proponents have expressed their concern about the move.
“Coinbase checks the issue, mining, burning and smart contracts, without involvement of independent entities or the wider community,” said Flare -Head of research Max Luck Decrypt.
Published by James Rubin