Coinbase Launches Wrapped XRP (cbXRP) and Dogecoin (cbDOGE) on Base

Crypto exchange Coinbase has officially launched cbDOGE and cbXRP on its Ethereum Layer 2 network, Base. These two products are the wrapped versions of Dogecoin (DOGE) and XRP.

They are ERC-20 tokens backed 1:1 by DOGE and XRP respectively. Held in custody by Coinbase, they enable users to engage with decentralized finance (DeFi) applications within the Ethereum ecosystem. 

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

Coinbase Enhances Utility for DOGE and XRP

According to Coinbase, users can transfer DOGE and XRP from their Coinbase accounts to the Base network. Here, they are automatically converted into cbDOGE and cbXRP on a 1:1 basis. 

The creation of wrapped assets enables cross-chain functionality. This allows cryptocurrencies such as XRP and Dogecoin to be integrated into DeFi apps on the Base network. They will also benefit from the backing of Coinbase’s institutional-grade custody.

Historically, DOGE and XRP have operated outside the Ethereum network, limiting their participation in Ethereum-based DeFi applications. With the introduction of cbDOGE and cbXRP, holders can now utilize these assets on Base. This allows them to perform activities such as lending, trading, and yield farming. Additionally, Base’s open and permissionless platform will make it easier for anyone to participate in the on-chain economy.

Additionally, the exchange warned of fraudulent actors pretending to be cbDOGE and cbXRP. To tackle this issue, Coinbase provided smart contract addresses to help users identify authentic versions of the assets.

A look at Coinbase data shows that these products have gained significant market attention. Currently, over 2.3 million cbXRP ($5 million) and 10.4 million cbDOGE ($1.9 million) have been issued.

More Wrapped Assets on the Way

Coinbase’s tokenized assets launch across blockchain ecosystems began with cbBTC, a wrapped version of Bitcoin. It was launched last year on Ethereum and Base and has since grown to a market capitalization of $4.7 billion.

While cbXRP and cbDOGE are now live, Coinbase stated that cbLTC and cbADA, are already in development. These are wrapped versions of Litecoin and Cardano will launch at a later date. 

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