Coinbase Launches Two New Wrapped Tokens, cbXRP and cbDOGE, on Its Base Ethereum Layer 2 Network

Coinbase has launched two new wrapped tokens, cbXRP and cbDOGE, on its Ethereum Layer 2 network called Base. The release follows a quiet preview last month and now gives popular assets like XRP and Dogecoin access to the fast-growing world of decentralized finance.

The tokens are now live on Base. Both cbDOGE and cbXRP are ERC-20 tokens that are directly backed 1:1 by DOGE and XRP held in a Coinbase custody account.

What is cbXRP and cbDOGE?

The tokens run on Base, which is compatible with Ethereum but offers faster and cheaper transactions than Ethereum’s main network. The initiative is part of a broader plan to make the onchain economy more accessible.

Base aims to be a place where anyone can participate, regardless of the assets they hold. The goal aligns with Coinbase’s mission to create an open financial system for all.

On the first day of launch, over 2.3 million cbXRP tokens, with a combined value of over $5 million, and more than 10.4 million cbDOGE tokens, amounting to approximately $1.9 million, were released.

This early demand clearly indicates interest in using familiar coins like XRP and Dogecoin in new DeFi use cases.

Coinbase seeks to differentiate Base from other Layer 2 networks by expanding the availability of more tokens on its platform.

This move will render the platform more appealing to users who prioritize swift and cost-effective transactions without the need to abandon their preferred coins.

More Wrapped Assets on the Way

Coinbase has also confirmed that cbLTC and cbADA, the wrapped versions of Litecoin and Cardano, are currently under development and set to launch later this year.

These new launches build upon the success of cbBTC, Coinbase’s wrapped Bitcoin product, which launched last year and has since grown to a market capitalization of $4.7 billion.

By incrementally expanding its offerings of wrapped assets, Coinbase is introducing some of the most recognized and widely used cryptocurrencies into Ethereum’s DeFi ecosystem.

This integration will provide users with the ability to perform more sophisticated transactions and generate additional value from the assets they already hold, while also rendering Base a more versatile and inclusive platform.