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Coinbase has officially launched two new wrapped tokens—cbXRP and cbDOGE—on its Ethereum Layer 2 network, Base. The move opens the door for XRP and Dogecoin holders to engage in decentralized finance (DeFi) without sacrificing the coins they trust. Following a soft preview last month, the tokens are now live and ready for use in lending, trading, and yield farming applications on the Base network.
cbDOGE and cbXRP are now live on @base. cbDOGE and cbXRP are ERC-20 tokens backed 1:1 by DOGE and XRP held in custody by Coinbase.
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 4, 2025
Here’s what you need to know ↓ pic.twitter.com/QVrqa96ZZB
Expanding Utility for Legacy Assets
Traditionally, XRP and Dogecoin have existed outside of Ethereum’s DeFi ecosystem. By wrapping these tokens, Coinbase enables users to access a faster and cheaper alternative to Ethereum’s mainnet while unlocking new financial tools. One cbXRP or cbDOGE is minted for every XRP or DOGE held securely by Coinbase, maintaining a 1:1 peg. This allows users to deploy familiar assets across a wide range of Ethereum-compatible dApps, from decentralized exchanges to staking platforms.
Strong Early Adoption Highlights Demand
The launch has seen immediate interest. Over 2.3 million cbXRP—valued at approximately $5 million—have already been minted. cbDOGE has seen even greater activity, with more than 10.4 million tokens minted, totaling about $1.9 million in value. These figures point to a growing appetite among users to bring popular assets like Dogecoin and XRP into the DeFi space without compromising on performance or costs.
Also Read: Coinbase Hack Exposes Customer Data: Insider Leak and Delay Spark Backlash
More Wrapped Tokens on the Horizon
Coinbase’s strategy appears far from complete. The company has confirmed that wrapped versions of Litecoin (cbLTC) and Cardano (cbADA) are currently under development. These efforts build on the success of cbBTC, Coinbase’s wrapped Bitcoin token, which has grown to a market cap of $4.7 billion. A Base representative noted that the initiative is part of a broader push to make the on-chain economy more inclusive and accessible for all types of asset holders.
By steadily expanding its wrapped token lineup, Coinbase is positioning Base as a versatile and user-friendly platform that bridges the gap between traditional crypto holdings and the fast-evolving DeFi world.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
