Coinbase has officially launched two new wrapped crypto assets, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, expanding the cross-chain utility of major legacy tokens.
The move, first teased last month, marks a significant step in integrating XRP and Dogecoin into decentralized finance (DeFi) ecosystems.
Cross-Chain Integration with 1:1 Backing
The wrapped tokens, issued natively on the Base network, are backed 1:1 by XRP and DOGE held in Coinbase’s custody. By wrapping these assets, Coinbase enables XRP and Dogecoin—originally limited to their own blockchains—to interact seamlessly with Ethereum-based protocols, including lending, trading, and yield farming platforms.
“The launch of these assets expands Coinbase’s wrapped asset offerings, and with Base’s open and permissionless platform, it makes it easier for anyone to participate in the onchain economy,” said a Base spokesperson.
Rapid Adoption Following Launch
Within 24 hours of going live, Coinbase reported that over 2.3 million cbXRP (worth $5 million) and 10.4 million cbDOGE (worth $1.9 million) had been issued. The quick uptake suggests strong user demand for incorporating legacy altcoins into Ethereum’s DeFi infrastructure.
A Boost for Base Network Expansion
Coinbase’s Base network, launched in 2023, aims to offer a low-cost, high-performance Layer 2 solution for Ethereum users. By supporting wrapped tokens like cbXRP and cbDOGE, Base strengthens its position as a competitive hub for cross-chain liquidity and decentralized application development.
The exchange hinted that more wrapped assets could follow as part of its broader strategy to enhance onchain utility for mainstream crypto assets.
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-launches-cbxrp-and-cbdoge-on-base-to-boost-cross-chain-defi-access/