Coinbase Launches Wrapped XRP, DOGE on Base Network

Coinbase has launched wrapped versions of XRP and Dogecoin, named cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, enabling these cryptocurrencies to be used within decentralized finance (DeFi) applications on the platform. Both wrapped tokens are backed 1:1 by the native coins held in Coinbase's custody, ensuring security and transparency, and facilitating cross-chain compatibility with low fees and higher transaction speeds. Within the first 24 hours, cbXRP and cbDOGE achieved market caps of approximately $5 million and nearly $2 million respectively, reflecting strong initial adoption. This move is part of Coinbase's broader strategy to expand the Base network's appeal by integrating popular altcoins, with wrapped versions of Litecoin (cbLTC) and Cardano (cbADA) expected to launch soon. The introduction of these tokens allows holders to participate in yield-generating DeFi opportunities such as liquidity mining, lending, and trading without leaving the Base network. Coinbase previously launched cbBTC on Base, which has grown to a $4.7 billion market cap, highlighting the potential for these new wrapped assets to similarly enhance liquidity and DeFi engagement.