Coinbase Boosts DeFi with cbXRP and cbDOGE Launch on Base

- Coinbase adds cbXRP and cbDOGE to Base Layer 2. - Move aims to boost cross-chain DeFi integration. On June 5, 2025, The Block reported that Coinbase launched cbXRP and cbDOGE on its Base Layer 2 Ethereum network. This launch, which followed a teaser last month, introduces new assets aimed at enhancing cross-chain functionality and expanding DeFi integration. Coinbase holds XRP and DOGE in its custody, backing the new wrapped tokens, cbXRP and cbDOGE, on a 1:1 basis. Since XRP and DOGE serve as the native assets of the XRP Ledger and Dogecoin blockchain, respectively, these wrapped assets help integrate them into decentralized finance (DeFi) ecosystems on the Base network. On June 5, a spokesperson for Base commented that the launch of these assets expands Coinbase's wrapped asset offerings. They further noted that with Base's open and permissionless platform, it becomes easier for anyone to participate in the onchain economy. According to data from Coinbase on June 5, the company issued over 2.3 million cbXRP (valued at $5 million) and 10.4 million cbDOGE (valued at $1.9 million) within a day of their release. This rollout is a strategic move by Coinbase, aiming to enhance Base's position as a competitive Layer-2 solution by offering DeFi users lower transaction costs and faster processing. While cbXRP and cbDOGE are now live, Coinbase indicated that it is still developing cbLTC and cbADA, with launch dates to be announced later. This development follows Coinbase's launch of its wrapped Bitcoin, cbBTC, in September 2024, which has since achieved a market capitalization of $4.7 billion. As of June 5, at 08:09 UTC, XRP (XRP) was trading at $2.19, and its 24-hour trading volume had decreased by 2.072%. Meanwhile, Dogecoin (DOGE) was trading at $0.189, with its 24-hour trading volume having decreased by 3.568%.