Nasdaq-listed exchange Coinbase announced Wednesday the launch of two new wrapped assets — cbXRP and cbDOGE — on its Layer 2 blockchain Base. This expansion, following the earlier cbBTC and cbETH, brings XRP and Dogecoin holders into the decentralized finance (DeFi) ecosystem on Base.
1:1 Backing and Secure Custody
Both cbXRP and cbDOGE are ERC-20 tokens fully backed 1:1 by native XRP and DOGE held in Coinbase’s custody. For every cbXRP in circulation, an equivalent amount of native XRP is secured by the exchange; the same applies to cbDOGE. The token wrapping process locks the original cryptocurrency in a smart contract, issuing a representative token on the target blockchain—enabling assets like XRP and DOGE, which are not native to EVM-compatible chains, to interact with DeFi protocols on Base.
Coinbase emphasized that its wrapped assets leverage the company’s decade-long track record of securing crypto assets, providing institutional-grade safety. Eligible users can automatically convert XRP or DOGE from their Coinbase accounts into Base-based cbXRP or cbDOGE at a 1:1 ratio. Conversely, sending wrapped assets back to a Coinbase account reverts them to the native token.
Circulating Supply and DeFi Use Cases
As of June 5, 2025, the circulating supply of cbXRP on Base stands at 2,307,100 (worth approximately $5.08 million), while cbDOGE supply is 10,400,102.5 (worth approximately $1.96 million), totaling over $7 million. These wrapped tokens unlock access to activities such as lending, borrowing, and yield farming across Base’s growing DeFi ecosystem, offering previously unavailable on-chain opportunities for XRP and DOGE holders.
Coinbase described wrapped assets as key to “expanding economic freedom and building a more interconnected financial ecosystem.” By bridging deep off-chain liquidity with low-cost, high-speed on-chain rails, cbXRP and cbDOGE aim to invigorate both communities with new growth vectors.
Regional Availability and Contract Address Security
The service is currently available to Coinbase users in the following regions: United States (excluding New York), United Kingdom, European Economic Area, Singapore, Australia, and Brazil. Coinbase warned users to verify official contract addresses to avoid fraud. The official addresses are:
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
This launch represents a significant milestone in Coinbase’s Layer 2 strategy, opening the door to DeFi for the Ripple and Dogecoin communities. As the Base ecosystem continues to expand, more long-tail assets may follow similar wrapped paths to achieve cross-chain liquidity.