Coinbase has launched cbXRP and cbDOGE on Base, its layer-2 blockchain network, giving XRP and dogecoin holders a new route into decentralized finance. The move allows two of the market’s most widely recognized non-EVM assets to be used within Base’s Ethereum-compatible ecosystem through wrapped ERC-20 representations.
According to Coinbase, both wrapped tokens are backed 1:1 by the corresponding native assets held in the exchange’s custody. That means every unit of cbXRP and cbDOGE in circulation is matched by an equivalent amount of XRP or DOGE secured by Coinbase. The structure is intended to let users interact with DeFi applications on Base without giving up the underlying exposure they hold in the original assets.
How the wrapped assets work on Base
Wrapped tokens are commonly used to bring assets from one blockchain environment into another. In this case, XRP and DOGE are not native to Ethereum-compatible networks like Base, which has historically limited their direct use in onchain lending, borrowing, and other DeFi applications built around ERC-20 standards. By issuing cbXRP and cbDOGE, Coinbase is effectively making those assets compatible with the Base ecosystem.
The company said eligible users can convert supported balances automatically. When a user sends XRP or DOGE from a Coinbase account to Base, the platform converts the funds on a 1:1 basis into cbXRP or cbDOGE. When the wrapped assets are returned to a Coinbase account, they convert back into the native XRP or DOGE. This process is designed to simplify access for users who want to move between exchange custody and onchain activity without manually bridging through third-party tools.
Regional availability and custody emphasis
Coinbase said the conversion feature is available to customers in eligible jurisdictions, including the United States (excluding New York), the United Kingdom, the EEA, Singapore, Australia, and Brazil. The exchange also highlighted its custody track record as a central part of the wrapped asset model, emphasizing that the underlying XRP and DOGE reserves are held by Coinbase.
That custody component matters because wrapped assets depend on trust in the entity managing reserves and redemptions. Coinbase framed its launch around its long-standing experience in safeguarding crypto assets and positioned the new products as part of a broader effort to connect offchain liquidity with faster and lower-cost onchain rails.
Initial circulating supply on launch
As of June 5, the circulating supply of wrapped XRP on Base stood at 2,307,100 cbXRP, valued at approximately $5.08 million. Wrapped dogecoin supply reached 10,400,102.5 cbDOGE, worth about $1.96 million. Those early figures suggest there was already measurable demand to bring both assets into the Base environment shortly after launch.
For holders of XRP and DOGE, the practical significance lies in utility expansion. Rather than keeping the assets confined to their native chains or centralized exchange balances, users can potentially deploy them across Base-based DeFi protocols. That includes use cases such as lending and borrowing, and more broadly, participation in onchain financial strategies that were previously less accessible for these assets.
Security warning: verify official contracts
Coinbase also issued a warning for users to verify contract addresses carefully, noting the risk of scams and counterfeit tokens that often emerge around newly launched wrapped assets. The official contract address for cbDOGE is 0xcbD06E5A2B0C65597161de254AA074E489dEb510, while the official contract for cbXRP is 0xcb585250f852C6c6bf90434AB21A00f02833a4af.
That warning reflects a familiar pattern in crypto markets: whenever a major exchange introduces a new tokenized asset, bad actors may attempt to exploit user confusion through spoofed contracts or fake listings. For users entering DeFi for the first time with XRP or DOGE, confirming official token details is especially important before interacting with applications, wallets, or liquidity pools.
Part of a broader Base and Coinbase strategy
The launch of cbXRP and cbDOGE follows Coinbase’s broader wrapped asset strategy, which already includes products such as cbBTC and cbETH. In that context, the addition of XRP and DOGE appears to be another step in expanding the asset menu available inside Base while strengthening the link between Coinbase’s exchange infrastructure and its layer-2 network.
Base has been positioned as a lower-cost, higher-speed environment for onchain activity, and increasing the number of recognizable assets available there could help attract more users and liquidity. Bringing in wrapped versions of XRP and DOGE may also broaden participation by appealing to communities that have historically existed outside the Ethereum-centered DeFi stack.
For Coinbase, the rollout supports a recurring narrative: using wrapped assets to make capital more portable across ecosystems and to deepen what it describes as a more interconnected financial system. For the market, the key question will be whether cbXRP and cbDOGE achieve meaningful adoption across Base protocols and whether users embrace the convenience of exchange-backed wrapping as a practical bridge into DeFi.
At minimum, the launch gives XRP and DOGE holders a clearer path to onchain finance on Base. If liquidity, integrations, and user confidence continue to build, wrapped versions of traditionally non-EVM assets could become a larger part of how centralized exchanges feed capital into decentralized applications.