Coinbase Issues Important Announcement for XRP and DOGE Traders

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has officially launched wrapped versions of XRP and Dogecoin—cbXRP and cbDOGE—on its Base network, further integrating major altcoins into the Ethereum-compatible decentralized finance (DeFi) ecosystem.

Announced via the company’s official X account, the new wrapped tokens are ERC-20 representations of native XRP and Dogecoin, backed 1:1 by the original assets held securely in Coinbase’s custodial infrastructure.

This move follows Coinbase’s earlier rollout of cbBTC and cbETH, designed to bring liquidity from Bitcoin and Ethereum into Base-based protocols.

DeFi Utility for Legacy Tokens

The introduction of cbXRP and cbDOGE marks a strategic expansion of Coinbase’s Base network, an Ethereum Layer 2 chain built on Optimism’s OP Stack.

By wrapping traditionally non-EVM-compatible tokens like XRP and Dogecoin, Coinbase is effectively bridging legacy crypto assets into the world of smart contracts, yield farming, and tokenized finance.

Also Read: Coinbase CEO Warns Bitcoin Could Replace U.S. Dollar Amid Debt Crisis

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.

Here’s what you need to know ↓ pic.twitter.com/QVrqa96ZZB

— Coinbase Assets (@CoinbaseAssets) June 4, 2025

The Base contract addresses for both wrapped tokens have been publicly shared to prevent confusion amid growing concerns over counterfeit tokens posing as official assets. Coinbase reiterated its cautionary stance, warning users to verify sources and contract addresses before interacting with newly listed tokens.

This launch aligns with Coinbase’s broader strategy to empower interoperability across chains. A few weeks earlier, the exchange previewed plans to wrap four major assets: Cardano (cbADA), Litecoin (cbLTC), Dogecoin (cbDOGE), and XRP (cbXRP). With the latter two now live, the roadmap appears to be progressing as scheduled.

Market Reaction and Broader Trends

While the technological milestone was well-received by developers and DeFi builders, broader market conditions muted investor enthusiasm. At the time of writing, Bitcoin experienced a modest 0.45% increase to $105,465.

XRP was down 0.97% to $2.21, and Dogecoin dropped 0.94% to $0.1911, reflecting a wider pullback driven by macroeconomic uncertainty and slowing trading volumes.

The crypto market has faced headwinds in recent weeks, including renewed inflation concerns, hawkish Federal Reserve signals, and reduced liquidity in risk-on assets. These factors have temporarily cooled momentum after a bullish start to May.

What This Means for XRP and Dogecoin Holders

For holders of XRP and Dogecoin, the launch of cbXRP and cbDOGE offers new utility, especially for those seeking access to DeFi platforms that were previously inaccessible due to network incompatibility.

Users can now lend, stake, or provide liquidity using these wrapped tokens on Base, tapping into decentralized applications with significantly lower gas fees.

The move also positions Coinbase’s Base network as a growing hub for cross-chain activity, at a time when DeFi is being reshaped by scalable Layer 2 solutions. With new wrapped assets now live, Coinbase continues to assert its role as a critical infrastructure provider in the next phase of blockchain adoption.

As the ecosystem evolves, XRP and Dogecoin may see renewed interest, not just as speculative assets, but as functional components in the emerging tokenized economy.

Also Read: Coinbase Hit by $400M Hack Scandal After Outsourcing Support to India

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