The Nasdaq-listed exchange Coinbase announced Wednesday that its cbXRP and cbDOGE tokens are live on the L2 blockchain network Base. These ERC20 tokens are backed 1:1 by native XRP and DOGE held securely in custody by Coinbase. For every cbXRP and cbDOGE in circulation, an equivalent amount of the underlying asset is held by the exchange.

Token wrapping involves locking the original cryptocurrency in a smart contract and issuing a new token on a different blockchain to represent it. This process grants assets like XRP and DOGE, which are not native to Ethereum-compatible chains like Base, compatibility with the DeFi applications built there.

Coinbase emphasized that its wrapped assets are backed 1:1 by the underlying asset held in its custody, leveraging its decade-long record of securing crypto assets. Coinbase customers in eligible regions, including the U.S. (excluding New York), UK, EEA, Singapore, Australia, and Brazil, can automatically convert eligible assets. Converting XRP or DOGE from a Coinbase account to the L2 Base converts funds 1:1 to cbXRP or cbDOGE.

Receiving the wrapped assets back into a Coinbase account converts them back to the native asset. The company warned users to verify the official contract addresses due to potential fraud According to the team, the cbDOGE contract address is 0xcbD06E5A2B0C65597161de254AA074E489dEb510 and the cbXRP token address is 0xcb585250f852C6c6bf90434AB21A00f02833a4af.

As of June 5, the circulating supply of wrapped XRP on Base stands at 2,307,100 cbXRP (worth approximately $5.08 million) and 10,400,102.5 cbDOGE (worth approximately $1.96 million). These wrapped assets allow holders to utilize their XRP and DOGE across DeFi protocols on Base for activities like lending and borrowing, unlocking new yield potential previously unavailable onchain for these specific assets.

Coinbase said it has positioned wrapped assets as key to expanding economic freedom and building a more interconnected financial ecosystem. The launch of cbXRP and cbDOGE on Base follows existing wrapped assets like Coinbase wrapped BTC (cbBTC) and Coinbase wrapped ETH (cbETH), which are available on multiple networks. The move aims to bridge deep off-chain liquidity with lower-cost, high-speed onchain financial rails.

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