Coinbase has taken a significant step in making decentralized finance (DeFi) more accessible by introducing wrapped versions of XRP and Dogecoin—cbXRP and cbDOGE—on its Base network. This move allows users to bring two of the most popular cryptocurrencies into the Ethereum-compatible DeFi ecosystem, unlocking new possibilities for trading, lending, and more.
What Are Wrapped Tokens and Why Do They Matter?
Wrapped tokens like cbXRP and cbDOGE are digital assets that represent XRP and Dogecoin on the Base network, which is built on Ethereum’s technology. Each cbXRP and cbDOGE token is fully backed 1:1 by the original XRP and DOGE, securely held in Coinbase’s custody . This means users can trust that every wrapped token is matched by a real coin, ensuring transparency and security.
By wrapping these assets, Coinbase enables XRP and DOGE holders to use their tokens in DeFi applications that were previously out of reach. This includes activities like yield farming, liquidity provision, and decentralized trading—all within the Base network’s growing ecosystem .
How Does This Benefit Crypto Users?
• Cross-Chain Functionality: Users can now move their XRP and DOGE into the Base network and interact with Ethereum-based DeFi apps, expanding the utility of these coins beyond their native blockchains .
• Increased Liquidity: The addition of cbXRP and cbDOGE brings more liquidity to Base, making it easier for users to trade and participate in DeFi activities.
• Security and Transparency: Coinbase provides the contract addresses for cbXRP and cbDOGE to help users avoid scams and ensure they are interacting with the official tokens .
Base Network’s Rapid Growth
The Base network has seen impressive growth, with $14.4 billion in total value locked (TVL) and $3.6 trillion in stablecoin volume in the first quarter of 2025. This makes it a strong platform for hosting wrapped assets and attracting new users from the XRP and DOGE communities .
What’s Next for Coinbase and Base?
Coinbase isn’t stopping here. The exchange has already launched wrapped versions of Bitcoin (cbBTC) and Ether (cbETH) and plans to introduce wrapped Cardano (cbADA) and Litecoin (cbLTC) soon . This strategy aims to make Base a central hub for DeFi activity, connecting users and assets from across the crypto landscape.
Stay Safe: Watch Out for Scams
Coinbase has warned users to be cautious of fraudulent tokens pretending to be cbXRP or cbDOGE. Always verify the official contract addresses provided by Coinbase before interacting with these assets.
