U.S.-based crypto exchange Coinbase has officially launched two new wrapped assets, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, following a teaser of the rollout last month.
cbXRP and cbDOGE are wrapped tokens issued on the Base network, each backed 1:1 by XRP and DOGE held in Coinbase’s custody. XRP and DOGE are the native assets of the XRP Ledger and Dogecoin blockchain, respectively.
The wrapped assets were created to enable cross-chain functionality, allowing cryptocurrencies such as XRP and Dogecoin to integrate into DeFi ecosystems 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, over 2.3 million cbXRP ($5 million) and 10.4 million cbDOGE ($1.9 million) have been issued, according to Coinbase’s data.
The rollout is seen as a move to strengthen Base’s position as a competitive Layer-2 solution, offering lower transaction costs and faster processing for DeFi users.
While cbXRP and cbDOGE are now live, Coinbase said that cbLTC and cbADA are still 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.
© 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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