Coinbase Launches Wrapped XRP and Dogecoin on Base Network

·

Coinbase has expanded its suite of wrapped assets on the Base network by introducing two new tokens: CBXRP and CBDOGE. Announced on June 5 via its official X account, these ERC-20 equivalents of XRP and Dogecoin are now available for seamless transfer between Coinbase and Base, enhancing cross-chain interoperability and unlocking new opportunities in decentralized finance (DeFi).

Each wrapped token is backed 1:1 by the underlying asset held in Coinbase custody, ensuring full collateralization. This model not only strengthens trust but also facilitates the movement of assets across blockchain ecosystems—bridging centralized holdings with decentralized applications.

👉 Discover how wrapped tokens are reshaping DeFi access on leading L2 networks.

Seamless Asset Conversion for DeFi Access

Users can now transfer their native XRP and Dogecoin (DOGE) directly from their Coinbase accounts to the Base network. Upon transfer, these assets are automatically converted at a 1:1 ratio into CBXRP and CBDOGE, respectively—both compliant with the ERC-20 standard.

This integration allows holders to participate in Ethereum-based DeFi protocols such as lending, yield farming, and liquidity pools without sacrificing the security of Coinbase’s institutional-grade custody. It also simplifies onboarding for retail and institutional investors seeking exposure to high-demand cryptocurrencies within a scalable Layer 2 environment.

The launch aligns with growing demand for cross-chain liquidity solutions. As more users migrate to lower-cost, high-throughput networks like Base, wrapped versions of non-Ethereum-native tokens become essential infrastructure for broader ecosystem growth.

CBBTC Success Paves the Way for New Wrapped Assets

The introduction of CBDOGE and CBXRP follows the successful rollout of CBBTC, Coinbase’s wrapped Bitcoin token on Base. Launched on September 12, 2024, CBBTC was designed as a direct competitor to WBTC (Wrapped Bitcoin), leveraging BitGo’s proven custodial model while offering deeper integration with Coinbase’s ecosystem.

Since its debut, CBBTC has seen impressive adoption, with over 45,000 BTC minted—representing more than $4 billion in value—across Ethereum and Base. The majority of this supply circulates within DeFi platforms, fueling liquidity and enabling leveraged positions, staking derivatives, and cross-margin trading.

This momentum has encouraged Coinbase to continue expanding its portfolio of wrapped assets. With CBDOGE already showing strong uptake—holding over 10.4 million DOGE in reserves and a circulating supply of approximately 10.4 million CBDOGE—the foundation is set for further innovation.

To protect users from spoofing attempts, Coinbase emphasized caution in a follow-up post:

“_There may be fraudulent actors impersonating CBDOGE and CBXRP. Always verify contract addresses before transacting._”

Users are advised to use only official contract addresses published by Coinbase to avoid interacting with counterfeit tokens.

👉 Learn how to securely interact with wrapped tokens on Ethereum L2s.

Base Network Sees Rapid Growth and Scaling Ambitions

As Coinbase’s Layer 2 solution built on Ethereum, Base has emerged as one of the fastest-growing blockchain ecosystems. With a total value locked (TVL) nearing $14.4 billion, it ranks among the top L2 networks by adoption and developer activity.

According to data from blockchain analytics firm Token Terminal, Base processed over $36 trillion in stablecoin transaction volume during Q1 2025 alone—a staggering figure that underscores its role as a hub for payments, trading, and DeFi interactions.

User engagement has mirrored this growth. The network’s active user base doubled within just three months, driven by low fees, seamless wallet integrations, and strategic partnerships with major Web3 projects.

Looking ahead, Base plans to significantly boost throughput. Starting in Q2 2025, gas capacity will increase from the current 25 million gas per second to 50 million, with a long-term goal of reaching 250 million gas per second by year-end—a 100x improvement over initial levels.

These upgrades aim to support mass-market applications, including gaming, social platforms, and real-world asset tokenization, positioning Base as a primary gateway for mainstream crypto adoption.

Key Core Keywords:

FAQ: Your Questions About CBXRP and CBDOGE Answered

Q: What are CBXRP and CBDOGE?
A: CBXRP and CBDOGE are ERC-20 wrapped tokens representing XRP and Dogecoin on the Base and Ethereum networks. Each token is backed 1:1 by actual reserves held in Coinbase custody.

Q: How do I convert my XRP or DOGE into CBXRP or CBDOGE?
A: Simply transfer your XRP or DOGE from your Coinbase account to an address on the Base network. The conversion happens automatically upon receipt.

Q: Are these tokens safe to use in DeFi protocols?
A: Yes, provided you’re using the official contract addresses verified by Coinbase. Always double-check contracts to avoid scams.

Q: Can I redeem CBXRP or CBDOGE back into native XRP or DOGE?
A: Yes. You can burn the wrapped tokens through Coinbase’s bridging interface to reclaim the original assets on their native chains.

Q: How does this benefit me as a crypto investor?
A: It gives you access to DeFi yields, liquidity mining, and advanced trading strategies using assets that previously had limited utility on Ethereum-compatible networks.

Q: Is there a fee for converting or transferring these tokens?
A: Standard network gas fees apply when moving tokens on Base or Ethereum. Coinbase does not charge additional minting or redemption fees at this time.

👉 Start exploring DeFi opportunities with wrapped assets today.

Institutional Recognition: Virtus ETP Lists on Xetra Tracking Coinbase 50 Index

In another sign of growing institutional acceptance, Virtus Investment Solutions launched the first exchange-traded product (ETP) tracking the Coinbase 50 Europe Index on Deutsche Börse’s Xetra platform—the largest electronic trading venue in Europe.

Listed under the ticker VRTC, this ETP offers regulated exposure to up to 50 leading digital assets, including Bitcoin, Ethereum, XRP, and Solana. At launch, it provided access to 21 cryptocurrencies, with rebalancing managed by MarketVector, a licensed European index administrator.

Coinbase serves as the official custodian, ensuring secure storage of underlying assets. The product is designed for both retail and institutional investors seeking diversified, rules-based exposure to the crypto market through traditional financial infrastructure.

This listing marks a milestone in bridging traditional finance (TradFi) with decentralized ecosystems—validating the maturity of digital assets as an investable class.

Final Thoughts

Coinbase’s expansion into wrapped XRP and Dogecoin reflects a broader strategy: making all major cryptocurrencies programmable and useful within Ethereum’s thriving DeFi landscape. By leveraging the Base network’s scalability and security, Coinbase is lowering barriers to entry while maintaining compliance and trust.

As adoption accelerates and Layer 2 networks evolve, expect more bridges, wrapped assets, and hybrid financial products that blend centralized reliability with decentralized innovation.

Whether you're a long-time DOGE supporter or an XRP believer, CBDOGE and CBXRP open new doors—turning static holdings into dynamic capital ready for the future of finance.