Back on May 13
Coinbase stirred up excitement across the crypto community when it announced plans to launch wrapped versions of Dogecoin and XRP. Now, the wait is finally over. The San Francisco-based exchange has officially released cbDOGE and cbXRP on its Ethereum Layer-2 network, Base. These wrapped tokens are backed 1:1 by the original Dogecoin and Ripple (XRP).
So far, over 2.3 million cbXRP tokens, worth about $5 million, have been issued, along with more than 10.4 million cbDOGE tokens, valued at roughly $1.9 million. Coinbase’s goal? To make Base a standout platform among Layer-2 networks by offering more utility and DeFi access for mainstream tokens like DOGE and XRP.
However, with popularity comes risk.
Coinbase has warned users to watch out for fake tokens pretending to be cbDOGE or cbXRP. Coinbase shared the official contract addresses on X:
There may be fraudulent actors pretending to be cbDOGE and cbXRP. The Base contract addresses for these assets are: cbDOGE:
0xcbD06E5A2B0C65597161de254AA074E489dEb510
cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af.
Why This Is Important
For context, wrapped tokens are essentially digital passports for cryptocurrencies like DOGE and XRP. They allow these coins to “travel” to other blockchains where they wouldn’t usually work, such as Coinbase’s Base. Each wrapped token is backed 1:1 by the original coin. This means that it holds the same value but can now be used in other places. In turn, DOGE and XRP holders have a chance to tap into DeFi services that were previously off-limits. The result? More ways to use your crypto, better access to liquidity, and a whole new level of flexibility across the growing decentralized finance space.
Once you hold cbDOGE or cbXRP, you can start exploring DeFi platforms that support these tokens. For instance, Aerodrome serves as the Base’s liquidity hub, enabling users to trade and earn with ease. Curve is ideal if you’re dealing with stablecoins, offering efficient and low-cost trading. Oku provides a seamless way to trade and bridge assets across networks, while Aave lets you lend or borrow crypto and earn interest. Together, these platforms represent a growing toolkit for crypto holders to maximize the utility of their wrapped assets.
By making DOGE and XRP available on Base through wrapping, Coinbase is opening the door to a wider world of financial tools for holders of these popular tokens. It’s a step in bringing everyday crypto users into the DeFi fold while helping Base stand out as a hub for innovation and interoperability.
Coinbase isn’t stopping here. Wrapped versions of Litecoin (cbLTC) and Cardano (cbADA) are already being developed. This is following the rollout of cbBTC, wrapped Bitcoin, which is available across multiple chains like Ethereum (ETH), Solana (SOL), Arbitrum (ARB), and Base.
However, the market hasn’t responded with much excitement, at least not yet.
DOGE is currently down 13.3% in the past 24 hours, trading at about $0.1892, and has seen a 16.79% drop over the past week.
XRP isn’t faring much better either, hovering around $2.20 after a 19.24% drop in trading volume. Even so, Coinbase’s wrapped token initiative could play a role in revitalizing interest in these assets as the DeFi ecosystem continues to grow.