US-based cryptocurrency exchange Coinbase has launched two new wrapped tokens, cbXRP and cbDOGE, on its Layer-2 network Base.
cbXRP and cbDOGE launch from Coinbase
Holders of XRP and Dogecoin (DOGE) now have access to decentralized finance (DeFi) opportunities on Coinbase's Layer-2 blockchain network Base. This is because Coinbase has launched XRP and DOGE on the Base network. These new assets are fully backed by XRP and Dogecoin (DOGE) and are stored in Coinbase's institutional wallets. With this move, the company aims to offer more cross-chain integration to the DeFi ecosystem on the Base network.
According to Coinbase's official statement, users will now be able to transfer DOGE and XRP assets held in their Coinbase accounts to the Base network, where they will be automatically converted into cbDOGE and cbXRP tokens. This conversion takes place at a 1:1 ratio and can be used as ERC-20 compliant assets on the Base network. This means that users will now be able to utilize their coins, such as XRP and DOGE, which have limited use cases on traditional chains, on Ethereum-compatible DeFi protocols.
“These new assets expand Coinbase's portfolio of wrapped tokens and facilitate participation in the on-chain economy through Base's open and permissionless nature,” Base's development team said in a statement following the launch.
First-day data shows significant interest in the market. According to Coinbase, 2.3 million cbXRP (about $5 million) and 10.4 million cbDOGE (about $1.9 million) entered circulation within 24 hours.
This development is a continuation of Coinbase's wrapped asset strategy launched last year. In September 2024, the company launched cbBTC, a wrapped Bitcoin, which quickly reached a market capitalization of more than $4 billion. cbBTC's success prompted Coinbase to increase its investments in this area.
Following cbXRP and cbDOGE, Coinbase is preparing to launch cbLTC and cbADA. These tokens are expected to be integrated into the Base network in the near future.
Base is a Layer-2 blockchain network built on Ethereum. It aims to leverage the security and decentralization of Ethereum while reducing transaction fees using Optimism's OP Stack technology.
Base network is growing
On the other hand, the Base network has also been showing steady growth recently. The network, which reached a stablecoin transaction volume of $3.6 trillion in the first quarter of 2025, is among the leading Layer-2 platforms in terms of total locked assets (TVL). The number of users increased from 450,000 to 900,000 in just three months.
