Coinbase Wrapped XRP

cbXRP operates as an ERC-20 token that maintains equivalent value with native XRP through a minting and burning mechanism:

• Minting: When a user withdraws XRP from Coinbase to an address on the Base network, an equivalent amount of cbXRP is minted and sent to the user's Base address.
• Burning: When cbXRP is deposited into a Coinbase account, it is burned, and the corresponding amount of XRP is credited to the user's account.

This process ensures that cbXRP maintains a 1:1 value with XRP. The utility of cbXRP includes participation in DeFi activities on Base, such as trading on decentralized exchanges, providing liquidity, and using it as collateral for loans. 

cbXRP was officially launched on June 4, 2025, as announced by Coinbase.

cbXRP is developed and managed by Coinbase, a publicly traded cryptocurrency exchange based in the United States. The project is part of Coinbase's initiative to expand the utility of popular cryptocurrencies by integrating them into the DeFi ecosystem through wrapped tokens on the Base network.