Crypto exchange Coinbase has launched two additional wrapped tokens on its Base Ethereum Layer 2 network for Cardano’s and Litecoin’s native cryptocurrencies, following an earlier announcement.
The ERC-20 tokens, cbADA and cbLTC, are each backed 1:1 by ADA and LTC held in custody by Coinbase, the crypto exchange said in a Wednesday announcement, providing proof of reserves for both assets. The rollout enables users to send their ADA and LTC from Coinbase to their onchain addresses on Base, with the funds automatically converted. Conversely, when users send onchain cbADA and cbLTC to their Coinbase accounts, it is converted back at a 1:1 ratio.
Wrapping crypto assets in this way, by locking the underlying assets with Coinbase and minting the respective tokens on Base, enables interoperability, allowing cryptocurrencies like ADA and LTC to be used in DeFi apps on the Layer 2 network, such as DEXs Aerodrome and Uniswap as well as lending protocols Aave, Compound and Morpho.
Coinbase has now launched five wrapped tokens on Base, with cbADA and cbLTC following the rollout of cbXRP and cbDOGE earlier this month and cbBTC in September. Within the first 24 hours, cbADA has a supply of approximately $1.7 million and cbLTC has nearly $1 million, according to Coinbase’s POR data.
In comparison, the supply of cbXRP and cbDOGE currently stands at $9.8 million and $2.3 million, respectively, with cbBTC reaching $4.9 billion. Wrapped Bitcoin remains the largest tokenized BTC product with a market cap of $13.9 billion, according to The Block’s WBTC price page.
Base is the dominant Ethereum Layer 2 network by daily average transaction count (9.4 million) and active addresses (2 million), according to The Block’s data dashboard.
© 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.
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