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Coinbase has released cbXRP and cbDOGE wrapped tokens on its Layer 2 Base network.
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Tokens are backed 1:1 by XRP and DOGE held in custody.
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The rollout brings XRP and DOGE into Ethereum’s DeFi ecosystem.
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cbLTC and cbADA are next in development.
New Wrapped Tokens Expand Base Ecosystem
Coinbase has launched two new wrapped tokens — cbXRP and cbDOGE — on its Ethereum Layer 2 network, Base. Each is backed 1:1 by the original assets held in Coinbase custody, enabling cross-chain access to XRP and Dogecoin within Base’s DeFi ecosystem.
DeFi Integration and Volume Surge
The tokens were issued to help bridge major non-Ethereum assets into Base. Within a day of launch, Coinbase reported 2.3 million cbXRP ($5M) and 10.4 million cbDOGE ($1.9M) in circulation.
The move follows the earlier success of cbBTC, Coinbase’s wrapped bitcoin token, which now holds a $4.7 billion market cap.
More Wrapped Assets Coming Soon
Coinbase confirmed that wrapped Litecoin (cbLTC) and Cardano (cbADA) are also in the works. The company plans to expand the offerings to make it easier for DeFi users to access familiar tokens from across blockchain networks.
