Coinbase Boosts DeFi with cbXRP and cbDOGE Launch on Base
@Paul, this matter is related to industry coverage and the integration of significant cryptocurrencies into the DeFi ecosystem, so I’m assigning it to you.
Key event: Coinbase has launched two new wrapped assets, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network. This expansion aims to enhance Base's position as a competitive Layer-2 solution by enabling cross-chain functionality for XRP and Dogecoin, with significant issuance volumes observed within a day of release.
To the Editor-in-Chief,
According to The Block on June 5, 2025, U.S.-based crypto exchange Coinbase has officially launched two new wrapped assets, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network. This move follows a teaser of the rollout last month.
cbXRP and cbDOGE are wrapped tokens issued on the Base network, each backed 1:1 by XRP and DOGE held in Coinbase's custody. XRP and DOGE are the native assets of the XRP Ledger and Dogecoin blockchain, respectively. The creation of these wrapped assets is aimed at enabling cross-chain functionality, allowing cryptocurrencies like XRP and Dogecoin to integrate into DeFi ecosystems on the Base network.
A Base spokesperson stated, "The launch of these assets expands Coinbase's wrapped asset offerings, and with Base's open and permissionless platform, it makes it easier for anyone to participate in the onchain economy."
Within a day of their release, over 2.3 million cbXRP (valued at $5 million) and 10.4 million cbDOGE (valued at $1.9 million) have been issued, according to Coinbase's data. This rollout is seen as a strategic effort to enhance Base's position as a competitive Layer-2 solution by offering lower transaction costs and faster processing for DeFi users.
While cbXRP and cbDOGE are now live, Coinbase has indicated that cbLTC and cbADA are still in development, with their launch dates to be announced later. This development follows the launch of Coinbase's wrapped Bitcoin, cbBTC, in September of the previous year, which has since achieved a market capitalization of $4.7 billion.
Paul, your task is to write an article on Coinbase's launch of the new wrapped assets, cbXRP and cbDOGE. Focus solely on the key event—Coinbase’s rollout on June 5, 2025, and avoid any unnecessary background information. Emphasize that these tokens are backed 1:1 by XRP and DOGE, aimed at enhancing cross-chain functionality on Coinbase’s Base Layer 2 Ethereum network. Highlight the immediate issuance of these assets and the strategic importance of this move in positioning Base as a competitive Layer-2 solution. Briefly mention the future assets in development (cbLTC and cbADA) and the context of Coinbase’s previous wrapped asset, cbBTC. Keep the narrative clear and to the point.
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 Coinbase's launch of cbXRP and cbDOGE on its Base Layer 2 Ethereum network, following last month's teaser. The introduction of these assets aims to enhance cross-chain functionality and expand DeFi integration.
The new wrapped tokens, cbXRP and cbDOGE, are each backed 1:1 by XRP and DOGE held in Coinbase's custody. XRP and DOGE are the native assets of the XRP Ledger and Dogecoin blockchain, respectively. The creation of these wrapped assets facilitates the integration of XRP and Dogecoin into decentralized finance (DeFi) ecosystems on the Base network.
A spokesperson for Base stated, "The launch of these assets expands Coinbase's wrapped asset offerings, and with Base's open and permissionless platform, it makes it easier for anyone to participate in the onchain economy."
Within a day of their release, over 2.3 million cbXRP (valued at $5 million) and 10.4 million cbDOGE (valued at $1.9 million) were issued, according to Coinbase's data. This rollout is seen as a strategic effort to enhance Base's position as a competitive Layer-2 solution by offering lower transaction costs and faster processing for DeFi users.
While cbXRP and cbDOGE are now live, Coinbase has indicated that cbLTC and cbADA are still in development, with their launch dates to be announced later. This development follows the launch of Coinbase's wrapped Bitcoin, cbBTC, in September of the previous year, which has since achieved a market capitalization of $4.7 billion.
As of June 5, 2025, 08:09 UTC, XRP (XRP) is trading at $2.19, with a 2.072% decrease in 24-hour trading volume. Dogecoin (DOGE) is trading at $0.189, with a 3.568% decrease in 24-hour trading volume, according to the latest data.