Coinbase has officially launched wrapped versions of XRP and Dogecoin, cbXRP and cbDOGE, on its rapidly growing Base Layer 2 network. The expansion enables holders of Ripple’s XRP and DOGE to access a diverse range of decentralized finance (DeFi) opportunities.
Coinbase’s institutional-grade custody fully backs cbXRP and cbDOGE. Users can deposit XRP or DOGE into Coinbase and receive their wrapped equivalents on Base. There, they function as ERC-20 tokens compatible with Ethereum’s vast DeFi ecosystem.
The move is particularly significant for XRP and Dogecoin, whose native chains currently lack robust DeFi infrastructure. By wrapping these assets, the Coinbase exchange enables its holders to participate in lending, yield farming, decentralized exchanges (DEXs), and more activities that were previously out of reach for these communities.
Why Base Chain?
The Base Layer 2 chain has quickly established itself as a leading destination for DeFi users. This is thanks to its lower transaction fees and faster processing compared to Ethereum’s mainnet. By launching cbXRP and cbDOGE on Base, Coinbase is not only expanding its ecosystem but also making DeFi more accessible and affordable for millions of users.
The launch also enhances cross-chain functionality, letting assets like XRP and Dogecoin interact seamlessly with other tokens and protocols within the Base ecosystem. This interoperability is a key step toward a more integrated on-chain economy.
Coinbase has also emphasized that both cbXRP and cbDOGE are fully collateralized and that users can verify the smart contract addresses to avoid scams. The company has published the official contract addresses for both tokens and warned users to be vigilant against fraudulent imitations.
Wrapped Assets—What’s Ahead on Coinbase?
With a market valuation of over $4.7 billion across Ethereum and Base, Coinbase’s wrapped Bitcoin, cbBTC, was successfully launched before cbXRP and cbDOGE were added.
Additionally, Coinbase has already stated that it would introduce more wrapped tokens, such as cbLTC (Litecoin) and cbADA (Cardano), expanding the assets that DeFi on Base may access.
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