Coinbase Launches Wrapped XRP and Dogecoin on Base Network, Expanding ERC-20 Asset Ecosystem

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Coinbase has taken a significant step forward in expanding the utility of major cryptocurrencies on Ethereum-compatible networks by introducing two new wrapped tokens—cbXRP and cbDOGE—on its Base Layer 2 blockchain. This strategic move enhances the growing ERC-20 asset ecosystem on Base, empowering users to seamlessly access decentralized finance (DeFi) applications using familiar digital assets like XRP and Dogecoin.

The announcement, made via Coinbase’s official X (formerly Twitter) account on June 5, confirms that both tokens are fully backed 1:1 by their native counterparts and secured under Coinbase’s institutional-grade custody. This ensures trust, transparency, and ease of use for retail and institutional investors alike.

Seamless Token Bridging with Full Backing

With the launch of cbXRP and cbDOGE, users can now transfer their existing DOGE and XRP holdings directly from their Coinbase accounts to the Base network. Upon transfer, these assets are automatically converted into ERC-20-compliant wrapped versions at a 1:1 ratio, enabling immediate use across Base’s rapidly expanding DeFi landscape.

These wrapped tokens operate under a fully collateralized model, meaning every cbDOGE and cbXRP in circulation is backed by an equivalent amount of native DOGE or XRP held in reserve by Coinbase. This design minimizes counterparty risk and aligns with best practices for tokenized asset issuance.

👉 Discover how wrapped assets are transforming DeFi access on Ethereum Layer 2 networks.

As ERC-20 tokens, cbXRP and cbDOGE can be used for liquidity provision, staking, lending, and trading on decentralized exchanges (DEXs) such as Uniswap, which are natively supported on Base. This integration removes previous barriers that limited non-ERC-20 assets from participating in Ethereum-based DeFi ecosystems.

To protect users from potential scams, Coinbase has published the official smart contract addresses for both tokens on its social channels. The company issued a warning: "Fraudsters may attempt to impersonate cbDOGE and cbXRP. Always verify contract addresses before transacting."

Building on the Success of cbBTC

This expansion follows the successful rollout of cbBTC, Coinbase’s wrapped version of Bitcoin, launched on September 12, 2024, after BitGo changed the custodial structure of WBTC. Since then, cbBTC has gained strong adoption, with over 45,000 BTC wrapped and more than $4 billion in value locked across Ethereum and Base.

The momentum generated by cbBTC’s success has accelerated Coinbase’s strategy to bring more high-demand cryptocurrencies onto Layer 2 via tokenization. With XRP and Dogecoin ranking among the most traded and recognized digital assets globally, their inclusion reflects a clear effort to meet user demand and increase engagement on the Base network.

Current reserve data shows approximately 10.4 million DOGE backing cbDOGE, with nearly all of it in circulation as ERC-20 tokens. This indicates strong initial uptake and confidence in the product offering.

Base Network Gains Momentum in 2025

Base, developed by Coinbase as an Ethereum Layer 2 scaling solution using optimistic rollup technology, has emerged as one of the leading L2 networks by Total Value Locked (TVL), now reaching around $14.4 billion. Its rapid growth is fueled by low transaction fees, seamless integration with Coinbase’s vast user base, and growing DeFi activity.

According to blockchain analytics firm Token Terminal, Base processed over $3.6 trillion in stablecoin transaction volume during Q1 2025 alone—highlighting its increasing role in global crypto transactions.

User adoption has also surged dramatically. The number of unique users on Base more than doubled within three months, rising from 450,000 in Q4 2024 to over 900,000 in Q1 2025. This growth underscores the network’s appeal to both new entrants and experienced participants in the Web3 space.

Looking ahead, Coinbase has outlined ambitious performance upgrades:

These improvements aim to support large-scale applications, including decentralized social platforms, gaming ecosystems, and enterprise-grade dApps.

👉 See how high-throughput Layer 2 networks are shaping the future of blockchain scalability.

FAQ: Your Questions About cbXRP and cbDOGE Answered

What are cbXRP and cbDOGE?

They are ERC-20 wrapped tokens issued by Coinbase on the Base network, each backed 1:1 by native XRP and Dogecoin held in custody. They allow holders to use these popular assets in Ethereum-compatible DeFi protocols.

How do I get cbXRP or cbDOGE?

You can bridge your existing XRP or DOGE from your Coinbase account directly to the Base network through the Coinbase Wallet interface. The conversion to cbXRP or cbDOGE happens automatically upon transfer.

Are these tokens safe?

Yes. Both tokens are fully backed and managed under Coinbase’s institutional custody framework. However, always verify smart contract addresses before interacting to avoid phishing scams.

Can I use cbXRP and cbDOGE outside of Base?

Currently, these tokens are primarily designed for use within the Base ecosystem. While technically transferable to other chains, their main utility lies in Base-native DeFi applications.

Is there a fee to convert DOGE or XRP to wrapped versions?

Standard network fees apply when bridging assets to Base. These are typically minimal due to Base’s Layer 2 optimization but may vary based on congestion.

How does this benefit the broader crypto ecosystem?

By bringing top-tier assets like XRP and Dogecoin onto an Ethereum-compatible chain, Coinbase increases capital efficiency, promotes interoperability, and expands access to yield-generating opportunities in DeFi.

Virtue Launches First ETP Tracking Coinbase 50 Index on Xetra

In related financial news, Swedish asset manager Virtue announced the listing of a new exchange-traded product (ETP) on Deutsche Börse’s Xetra platform. The product tracks the Coinbase 50 Europe Index, marking the first time this benchmark has been made available through a regulated European exchange.

The index includes up to 50 leading crypto assets, with current exposure spanning 21 major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Solana. Designed as a transparent benchmark for digital asset investment, the ETP offers physically backed holdings and is rebalanced regularly under supervision by MarketVector, a European index administrator.

Trading under ticker VRTC on Xetra and VCOIN50 on Bloomberg, the ETP benefits from Coinbase serving as the official custodian—further reinforcing trust in its underlying assets.

👉 Learn how institutional crypto products are bridging traditional finance and Web3.

Final Thoughts

Coinbase’s introduction of cbXRP and cbDOGE represents more than just new token listings—it signals a broader vision for unified asset utility across blockchains. By leveraging Base as a scalable, secure, and user-friendly Layer 2 environment, Coinbase is lowering barriers to DeFi participation while maintaining regulatory compliance and security standards.

As the lines between centralized custody and decentralized applications continue to blur, initiatives like these pave the way for mass adoption—where familiar assets meet innovative financial tools in one seamless experience.

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