Nasdaq-listed cryptocurrency exchange Coinbase announced Wednesday, June 5, 2025, the launch of wrapped XRP (cbXRP) and wrapped Dogecoin (cbDOGE) on its Ethereum Layer-2 blockchain, Base. The move enables holders of XRP and DOGE to access decentralized finance (DeFi) protocols on Base, bridging these assets into the Ethereum-compatible ecosystem for the first time via Coinbase's official channel.
How the Wrapped Tokens Work
cbXRP and cbDOGE are ERC-20 tokens fully backed 1:1 by native XRP and DOGE held in custody by Coinbase. Users can convert XRP or DOGE from their Coinbase accounts to Base at a 1:1 ratio, and reverse the process when depositing back. This token wrapping mechanism locks the original asset in a smart contract and issues a representative token on the target blockchain, allowing assets not native to Ethereum to interact with DeFi applications.
Coinbase emphasized its decade-long track record of secure custody and stated that all wrapped assets are audited regularly. The exchange also warned users to verify official contract addresses to avoid scams: cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510; cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af.
Initial Supply and Supported Regions
As of launch day, the circulating supply on Base stands at 2,307,100 cbXRP (worth approximately $5.08 million) and 10,400,102.5 cbDOGE (worth approximately $1.96 million), totaling over $7 million in combined market value. Eligible regions include the U.S. (excluding New York), UK, EEA, Singapore, Australia, and Brazil, with more jurisdictions expected to follow.
Strategic Importance: Bridging Off-Chain Liquidity with On-Chain Rails
Coinbase already offers wrapped Bitcoin (cbBTC) and wrapped Ether (cbETH) on multiple networks. Adding cbXRP and cbDOGE expands Base's asset diversity, allowing holders to lend, borrow, trade, and provide liquidity in DeFi protocols on Base. This unlocks yield opportunities previously unavailable for XRP and DOGE on their native chains.
The company positioned wrapped assets as a key component of expanding economic freedom and building a more interconnected financial ecosystem. By lowering cross-chain barriers, Coinbase aims to bridge deep off-chain liquidity with the low-cost, high-speed on-chain rails of Layer-2 networks, driving broader DeFi adoption.