Coinbase has rolled out cbXRP and cbDOGE on its layer-2 network Base, extending decentralized finance access to holders of XRP and dogecoin. The new tokens are issued as ERC-20 assets and are backed 1:1 by the corresponding native cryptocurrencies held in Coinbase custody, according to the company.
The launch gives two of the market’s most widely recognized non-Ethereum-native assets a clearer route into the DeFi ecosystem built on Base. By wrapping XRP and DOGE into Ethereum-compatible tokens, Coinbase is making it possible for users to deploy these holdings in onchain applications that would otherwise not support the native assets directly.
How cbXRP and cbDOGE Work on Base
Wrapped tokens are designed to represent an asset from one blockchain on another blockchain. In this case, Coinbase locks the underlying XRP or DOGE and issues a corresponding token on Base. That mechanism allows the wrapped version to function across DeFi protocols built for the Ethereum virtual machine, while maintaining a redeemable link to the original asset.
Coinbase said that every cbXRP and cbDOGE in circulation is matched by an equivalent amount of native XRP or DOGE held by the exchange. The company framed this custody-based structure as a way to provide a familiar bridge for users who want exposure to onchain financial tools without losing a direct claim on the underlying crypto asset.
For eligible users, moving XRP or DOGE from a Coinbase account onto Base converts the holdings 1:1 into cbXRP or cbDOGE. When those wrapped tokens are sent back into a Coinbase account, they are converted back into the native versions of XRP or DOGE. Coinbase said this conversion flow is available in selected jurisdictions, including the U.S. excluding New York, the U.K., the EEA, Singapore, Australia, and Brazil.
Why the Launch Matters for DeFi
The practical significance of the move lies in interoperability. XRP and DOGE are major crypto assets with deep liquidity and large user bases, but they have historically had limited direct access to Ethereum-compatible DeFi environments. With wrapped versions now live on Base, holders can potentially use the assets in lending, borrowing, and other onchain strategies supported by DeFi protocols on the network.
That creates new utility for assets that were previously harder to mobilize in these ecosystems. Rather than leaving XRP or DOGE idle on centralized platforms or in self-custody wallets tied to their native networks, users can now position them inside Base’s growing application layer. For Coinbase, the product also reinforces Base’s role as a gateway between exchange liquidity and onchain finance.
The exchange described wrapped assets as an important building block for a more connected financial system. In that framing, tokenized representations of established crypto assets help reduce fragmentation across chains and make it easier for users to move capital into lower-cost, higher-speed onchain environments.
Early Circulation and Market Footprint
As of June 5, the circulating supply of cbXRP on Base stood at 2,307,100 tokens, with an estimated value of about $5.08 million. Meanwhile, cbDOGE had reached 10,400,102.5 tokens in circulation, worth approximately $1.96 million. These figures provide an early indication of user uptake and show that Coinbase has already begun bringing meaningful amounts of both assets into the Base ecosystem.
While the initial scale is still modest compared with the total market capitalization of XRP and DOGE, the launch could serve as a foundation for wider adoption if Base-based protocols integrate the assets more broadly. The degree of future growth will likely depend on whether lending markets, liquidity pools, and other DeFi applications actively support cbXRP and cbDOGE as collateral or trading assets.
Security and Official Contract Addresses
Coinbase also issued a warning to users about the risk of fraud and imitation tokens, a common concern whenever a new wrapped asset is introduced. The company urged users to verify official contract addresses before interacting with cbXRP or cbDOGE onchain.
According to Coinbase, the official contract address for cbDOGE is 0xcbD06E5A2B0C65597161de254AA074E489dEb510. The official contract address for cbXRP is 0xcb585250f852C6c6bf90434AB21A00f02833a4af. For users navigating Base-based wallets and applications, confirming these addresses is a basic but essential safeguard against counterfeit tokens and phishing attempts.
Part of a Broader Wrapped-Asset Strategy
The release of cbXRP and cbDOGE follows Coinbase’s earlier wrapped products, including cbBTC and cbETH, which are already available across multiple networks. This suggests the company is building a larger wrapped-asset suite intended to connect exchange-held liquidity with decentralized applications.
From a strategic perspective, the expansion supports Coinbase on two fronts. First, it increases the utility of assets already custodied on the exchange by giving users additional reasons to move them onchain. Second, it strengthens Base’s competitive position in the layer-2 market by broadening the range of recognizable crypto assets available within its DeFi environment.
If adoption continues, the launch could help Base attract both users and developers looking for access to large offchain crypto balances through lower-cost onchain rails. At the same time, the success of these products will depend on trust in Coinbase custody, protocol-level integrations, and users’ willingness to bring XRP and DOGE into the DeFi stack.
For now, the debut of cbXRP and cbDOGE marks another step in Coinbase’s effort to link centralized exchange infrastructure with decentralized financial applications. By turning two popular assets into Base-compatible tokens, the company is betting that easier interoperability can unlock new activity, liquidity, and yield opportunities across its broader crypto ecosystem.