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Coinbase, a leading cryptocurrency exchange, has made an announcement likely to garner significant attention from the XRP and Dogecoin communities.

In a recent communication on X (formerly Twitter), Coinbase revealed that wrapped versions of Dogecoin and XRP – cbDOGE and cbXRP, respectively – are now operational on the Base platform. These wrapped assets, cbDOGE and cbXRP, are ERC-20 tokens, each backed 1:1 by the corresponding DOGE and XRP held in Coinbase custody. This initiative expands upon Coinbase's existing offerings, which already include wrapped versions of Bitcoin and Ethereum.

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

This launch follows Coinbase's prior announcement regarding the introduction of wrapped versions for Cardano, Dogecoin, Litecoin, and XRP – cbADA, cbLTC, cbXRP, and cbDOGE. In anticipation of potential scams, Coinbase also cautioned users about fraudulent entities that might exploit the pre-launch excitement.

Previously, Coinbase launched cbBTC (Coinbase Wrapped BTC) in September, an ERC20 token also backed 1:1 by Bitcoin (BTC) held in Coinbase's reserves. Wrapped Ethereum (cbETH) is also available, though it is structured differently compared to other Coinbase-wrapped assets.

Wrapped assets, such as cbBTC, cbXRP, and cbDOGE, are transferable tokens that represent ownership of the underlying cryptocurrency – Bitcoin, XRP, and Dogecoin, in these specific instances.

Important Warning Issued

With the launch of on-chain compatible wrapped XRP and Dogecoin assets, Coinbase emphasizes the risk of fraudulent actors impersonating cbDOGE and cbXRP. To mitigate this risk, Coinbase has shared the official Base contract addresses for these assets.

In related market news, Bitcoin experienced a slight dip of approximately 1% during the early Thursday trading session. Altcoins generally performed weaker as investors reacted to broader macroeconomic concerns.

XRP and Dogecoin mirrored this trend, continuing a period of subdued performance among leading altcoins. XRP decreased by 2.5% over the past 24 hours, reaching $2.20, while Dogecoin fell by over 3.5% to $0.1896. The crypto markets have generally cooled off in the last two weeks after a surge in early May, coinciding with the re-emergence of macroeconomic uncertainty. Read original article on U.Today