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

Within the first 24 hours of launch, over 2.3 million cbXRP (valued at $5 million) and 10.4 million cbDOGE (valued at $1.9 million) were issued, demonstrating significant initial interest.

Coinbase has also issued a warning about potential scams involving fraudulent cbDOGE and cbXRP offerings. To ensure safety, users are advised to only interact with the official Base contract addresses. Wrapped tokens enable the utilization of cryptocurrencies like XRP and Dogecoin across different blockchains. Coinbase's initiative brings these well-known tokens to Base, potentially offering users reduced fees, enhanced trading opportunities, and access to decentralized finance (DeFi) applications.

This move is expected to strengthen Base's position as a leading Layer 2 network, known for its lower fees and faster DeFi access. Base has become the largest Ethereum Layer 2 network, securing over $15 billion in assets. It has processed over $3.6 trillion in stablecoin transactions in Q1 2025, indicating a substantial increase in network activity.

Litecoin and ADA in Development

Coinbase had previously announced its plans to introduce wrapped tokens for XRP, Cardano, Dogecoin, and Litecoin on Base. While cbXRP and cbDOGE are now available, cbLTC and cbADA are still under development. This follows the success of cbBTC, which currently boasts a market capitalization of $4.7 billion.

How to Acquire Wrapped XRP

cbXRP can be acquired through decentralized exchanges (DEXs) operating on the Base network. These DEXs facilitate the exchange of other cryptocurrencies, such as ETH or USDC, for cbXRP. A compatible crypto wallet, such as Coinbase Wallet, and some ETH to cover transaction fees are required.

Once configured, you can connect your wallet to a DEX on the Base network and execute the swap. Always verify that you are interacting with the correct cbXRP contract address to avoid potential scams. Here's a general outline of the process:

1. Download a reputable web3 wallet, such as Coinbase Wallet.
2. Set up your wallet and securely store your seed phrase in a private location.
3. Acquire the base token required for transactions on the network.
4. Send the base tokens to your web3 wallet address.
5. Connect your wallet to De.Fi and swap your base tokens for Wrapped XRP.
6. Add the Wrapped XRP token to your wallet using its contract address to view your balance.

Remember to prioritize the security of your funds to ensure their safety.