Coinbase has introduced wrapped versions of XRP and Dogecoin, named cbXRP and cbDOGE respectively, on its Base Layer 2 Ethereum network. These tokens are fully backed 1:1 by the original assets held in Coinbase's custody, facilitating cross-chain interoperability and DeFi functionality for holders.
Within the first 24 hours of launch, over $7 million worth of these wrapped tokens were minted — approximately 2.3 million cbXRP (~$5 million) and 10.4 million cbDOGE (~$1.9 million). This rapid adoption highlights strong market interest and the potential for these assets to gain traction within decentralized finance applications on Base.
The move is part of Coinbase’s strategy to expand Base’s ecosystem as a low-fee, fast Layer 2 chain attractive to DeFi users and developers. Coinbase also announced wrapped cbLTC and cbADA are in development for future release, building on the success of cbBTC launched in September 2024, which now has a market cap exceeding $4.7 billion.
Meanwhile, XRP remains range-bound between $2.17 and $2.28 amid over six months of consolidation. Traders and analysts anticipate a potential breakout soon, with technical indicators showing signs of weakening momentum but also potential for near-term bullish moves if key support holds. Dogecoin may similarly benefit from increased DeFi access and utility via its wrapped token.