Coinbase has launched new wrapped tokens for Cardano (cbADA) and Litecoin (cbLTC) on its Base layer-2 network, completing a four-token rollout previewed earlier this year.
The announcement came via a June 25 update from the exchange.
Each synthetic token is backed 1:1 by the underlying asset held in Coinbase custody, with proof-of-reserves pages publicly displaying the collateral held on-chain. As of launch, Coinbase’s transparency dashboards show:
- 11,364 LTC backing cbLTC
- 2,963,259.36 ADA backing cbADA
Full Suite of Wrapped Assets Now Live on Base
The launch of cbADA and cbLTC follows earlier June activations of cbDOGE and cbXRP, rounding out the four-asset bundle originally introduced by Coinbase on May 13. These tokens offer users a way to interact with popular non-Ethereum assets on Base’s faster, lower-cost L2 infrastructure.
Coinbase also supports:
- cbBTC — its wrapped version of Bitcoin
- cbETH — a liquid staking token representing staked Ethereum
According to Dune Analytics, both tokens have shown steady growth in circulating supply and transfer activity. As of June 23, cbBTC controls 24% of the synthetic BTC market, while cbETH accounts for 7% of all staked ETH.
Base Grows as a Major Layer-2 Platform
Data from L2Beat ranks Base as the second-largest Ethereum layer-2, with more than $12 billion in total value secured. The addition of multi-asset synthetic tokens enhances its role as a growing hub for cross-chain liquidity and on-chain utility.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/coinbase-expands-wrapped-token-lineup-with-cardano-and-litecoin-on-base/