San Francisco, June 8, 2025 – Coinbase, the top cryptocurrency exchange in the U.S., has made a noteworthy advancement by introducing wrapped versions of Dogecoin (cbDOGE) and XRP (cbXRP) on its Ethereum Layer-2 network, Base. This announcement, made on June 5, 2025, allows holders of these cryptocurrencies to engage in decentralized finance (DeFi) activities, linking two widely-used digital currencies with Ethereum’s dynamic ecosystem.
What Are cbDOGE and cbXRP?
Wrapped tokens such as cbDOGE and cbXRP are ERC-20 tokens that are backed 1:1 by their original versions and securely managed by Coinbase. This advancement facilitates the interaction of Dogecoin, the leading meme coin with a market cap of $28.2 billion, and XRP, Ripple’s payment-oriented cryptocurrency with a $128.8 billion market cap, with Ethereum-based DeFi services, including lending platforms, decentralized exchanges, and yield farms. Coinbase’s Layer-2 solution, Base, provides quicker transactions and reduced fees compared to Ethereum’s main network, enhancing accessibility for DOGE and XRP holders in DeFi.
Why Is This Important?
This integration represents a new application for these assets, which were previously limited to their native blockchains. Already, more than 2.3 million cbXRP tokens ($5 million) and 10.4 million cbDOGE tokens ($1.9 million) have been generated, indicating strong initial interest. This initiative is part of Coinbase’s strategy to broaden DeFi accessibility, following the introduction of wrapped Bitcoin (cbBTC) and Ethereum (cbETH) on Base. However, Coinbase has issued a warning to users about fraudulent entities misrepresenting cbDOGE and cbXRP, advising caution and the confirmation of official contract addresses.
Market Impact
The launch arrives during a tumultuous crypto market period, with Dogecoin priced at $0.18971 and XRP at $2.21 as of June 5, 2025. Analysts believe this could attract speculative trading, particularly for Dogecoin, which has recently experienced a 63% increase in futures open interest, pointing to increased trader engagement. XRP is also looking to potentially break above $3, fueled by optimism regarding a supportive U.S. regulatory shift under the Trump administration.
Future Plans
Coinbase is aiming to expand the offerings on Base, with possible future introductions of wrapped versions of Cardano (cbADA) and Litecoin (cbLTC). For the time being, holders of cbDOGE and cbXRP can delve into DeFi opportunities while enjoying the scalability offered by Base. Keep an eye on updates through Coinbase’s official channels.
ASCII Art Image Description:
Below is a text-based image celebrating the launch of cbDOGE and cbXRP on Base, illustrating a blockchain bridge featuring the Dogecoin Shiba Inu mascot and the XRP logo.
_______
/ cbDOGE \
/ & cbXRP \
/____________\
| *** |
| * * |
|_______|
Base DeFi Bridge
~~~ WOOF! ~~~