Coinbase launches its wrapped XRP and Dogecoin on Base

Coinbase has expanded its offerings on the Base network with the addition of two new wrapped tokens, cbDOGE and cbXRP, as announced on their official X account on June 5.

These tokens represent wrapped versions of Dogecoin (DOGE) and XRP, respectively, and are backed 1:1, with Coinbase acting as the custodian. The exchange highlighted that these wrapped tokens operate under a fully collateralized model, aiming to streamline both onchain and offchain asset transfers.

Coinbase facilitates the conversion of DOGE and XRP held in user accounts into cbDOGE and cbXRP on the Base network at a 1:1 ratio. These assets then become available as ERC-20 tokens within the Base ecosystem.

This conversion process allows users to leverage Ethereum-compatible decentralized finance (DeFi) opportunities, backed by Coinbase’s institutional-grade custody solutions.

The introduction of cbBTC paved the way for further wrapped asset integrations.

According to Coinbase's website, the total reserve for cbDOGE stands at 10,404,409.79 DOGE, while the total circulating supply is 10,400,102.5 tokens.

In a subsequent X post, Coinbase shared the smart contract addresses for both cbDOGE and cbXRP on Base, emphasizing the importance of verifying the authenticity of these assets. "There may be fraudulent actors pretending to be cbDOGE and cbXRP," they cautioned.

Coinbase initiated its foray into tokenized assets across blockchain ecosystems with cbBTC, a wrapped version of Bitcoin. This launch on Base followed custody model adjustments by BitGo, the issuer of WBTC. Coinbase introduced cbBTC on September 12, 2024, offering users an alternative method to gain on-chain BTC exposure.

Since its inception, cbBTC's total supply has exceeded 45,000, translating to over $4 billion in value, with a significant portion circulating on Ethereum and the Base network. The success of cbBTC prompted Coinbase to further invest in wrapped assets compatible with Base.

The Base network, an Ethereum Layer 2 scaling solution developed by Coinbase, currently leads all L2s in total value locked (TVL), with approximately $14.4 billion. Blockchain analytics firm Token Terminal reports that Base recorded over $3.6 trillion in stablecoin transaction volume in the first quarter of 2025 alone.

The network's user base has doubled in a three-month period, increasing from 450,000 in Q4 2024 to over 900,000 in Q1 2025, demonstrating its growing significance within the crypto economy.

Plans are in progress to increase gas throughput from the current 25 million gas per second to 50 million in the second quarter of 2025, with a long-term objective of reaching 250 million gas per second by the end of the year. This would represent a 100-fold increase from the network's initial capacity.

In related news, Virtune, a Swedish asset manager, has announced the launch of a new exchange-traded product (ETP) on Deutsche Börse’s Xetra platform, tracking the Coinbase 50 Europe Index. This marks the first listing of an ETP linked to this index on a major European exchange.

The Coinbase 50 Europe Index tracks up to 50 leading crypto assets and serves as a benchmark for digital asset exposure. At launch, the ETP provides access to 21 cryptocurrencies, including Bitcoin, Ethereum, XRP, and Solana. Trading under the tickers VRTC on Xetra and VCOIN50 on Bloomberg, the physically backed ETP offers a rebalanced portfolio with institutional-grade custodial arrangements.

Coinbase serves as the official custodian for the ETP, while MarketVector, a European index administrator, oversees the index.