Coinbase Expands Wrapped Tokens and DeFi Access

Coinbase has launched wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) on its Ethereum Layer 2 network, Base, enabling ADA and LTC holders to participate in DeFi protocols without selling their original tokens. These ERC-20 tokens are fully backed 1:1 by assets held in Coinbase custody, with transparency ensured through regular proof-of-reserves attestations. Over 2.9 million cbADA and 11,300 cbLTC have been minted and are circulating on Base, which now has over $3 billion in total value locked. The rollout follows earlier launches of wrapped Dogecoin (cbDOGE), XRP (cbXRP), and Bitcoin (cbBTC), solidifying Base’s status as a leading Layer 2 for transactions and ecosystem growth. Analysts suggest these developments could strengthen Cardano’s role in DeFi and support potential price gains. Coinbase also plans to introduce liquidity incentives for these new wrapped tokens, as previously seen with cbETH.