Coinbase’s wrapped XRP and DOGE tokens go live on Base

U.S.-based crypto exchange Coinbase officially launched two new wrapped assets, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, after it teased the rollout last month.cbXRP and cbDOGE, wrapped tokens issued on the Base network, each have a 1:1 backing by XRP and DOGE held in Coinbase’s custody. XRP and DOGE serve as the native assets of the XRP Ledger and Dogecoin blockchain, respectively.The creation of the wrapped assets enables cross-chain functionality, which allows cryptocurrencies such as XRP and Dogecoin to integrate into DeFi apps on the Base network."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," a Base spokesperson said.Within a day of release, Coinbase’s data shows that over 2.3 million cbXRP ($5 million) and 10.4 million cbDOGE ($1.9 million) have been issued.The rollout aims to strengthen Base’s position as a competitive Layer 2 chain, with lower transaction costs and faster processes for DeFi users.While cbXRP and cbDOGE are now live, Coinbase stated that cbLTC and cbADA remain in development, with launch dates to be announced later.The launch follows the rollout of Coinbase's wrapped asset, cbBTC, in September last year, which has since reached a market capitalization of $4.7 billion.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.