Coinbase Launches Wrapped Dogecoin (cbDOGE) and XRP (cbXRP) on its Base Layer 2 Network

Coinbase has officially launched cbDOGE and cbXRP, the wrapped versions of Dogecoin and XRP, on its Ethereum Layer 2 network, Base. These are ERC-20 tokens backed 1:1 by real DOGE and XRP held by Coinbase.

“We're excited to announce that DOGE and XRP are now on Base!,” Coinbase announced.

Base is for everyone https://t.co/YTDqK3xgcH

Over 2.3 million cbXRP ($5M) and 10.4 million cbDOGE ($1.9M) were issued in the first 24 hours of the launch, showing strong demand for the new tokens.

Coinbase has also warned against scammers who may pretend to offer cbDOGE and cbXRP. To stay safe, users should only trust the official Base contract addresses.

Wrapped tokens allow users to use coins like XRP and Dogecoin on different blockchains. Coinbase's move brings these popular tokens to Base, providing users with lower fees, better trading options, and access to DeFi apps.

This move further boosts Base's position as a top L-2 network with lower fees and faster DeFi access.

Base is now the biggest Ethereum Layer 2 network, securing over $15 billion in assets. It has also processed over $3.6 trillion in stablecoin transactions in Q1 2025, which shows a huge increase in network activity.

Earlier this year, Coinbase disclosed plans to introduce wrapped tokens for XRP, Cardano, Dogecoin, and Litecoin on its Base Layer 2 network. While cbXRP and cbDOGE are now live, cbLTC and cbADA are still in development.

This follows the success of cbBTC, which now has a $4.7B market cap.

How to buy Wrapped XRP?

You can buy cbXRP through decentralized exchanges (DEXs) on the Base network. These DEXs allow you to swap other cryptocurrencies, such as ETH or USDC, for cbXRP.

You will need a compatible crypto wallet like Coinbase Wallet, and some ETH to cover transaction fees. Once set up, you can connect your wallet to a DEX that operates on the Base network and perform the swap. Always ensure you are interacting with the correct cbXRP contract address to avoid scams.

Here is a step-by-step guide: