BCGAME - Free 5BTC Daily Bonus!- cbXRP and cbDOGE are backed tokens launched on Base
- Coinbase Network Integrates XRP and DOGE into DeFi
- Wrapped assets allow use of XRP and DOGE on Ethereum
Coinbase has officially launched two new wrapped tokens on its second-layer Ethereum network, called Base. The cbXRP and cbDOGE tokens were launched following a previous announcement last month and are now available for use in decentralized applications. Each unit of these tokens is backed 1:1 by the respective original assets, XRP and Dogecoin, held in custody by Coinbase.
Wrapped tokens are intended to enable interoperability between different blockchains, allowing native cryptocurrencies such as XRP from the XRP Ledger and DOGE from Dogecoin to be used in the Base DeFi ecosystem. This expands the utility of these assets beyond their parent networks.
According to the Base team, “The launch of these assets expands Coinbase’s wrapped asset offerings, and with Base’s open and permissionless platform, it’s easier for anyone to participate in the on-chain economy.” Base’s structure offers lower fees and increased transaction efficiency, attracting users looking for more cost-effective alternatives to interacting with decentralized protocols.
In the first 24 hours after the launch, data from the exchange itself revealed that more than 2,3 million cbXRP, equivalent to US$5 million, and around 10,4 million cbDOGE, with an estimated value of US$1,9 million, were issued. The movement reinforces the market's interest in exploring new possibilities with popular tokens in Ethereum-compatible environments.
In addition to cbXRP and cbDOGE, other wrapped assets such as cbLTC and cbADA are in development, with an unspecified launch date. Coinbase previously launched cbBTC, which currently has a market cap of around $4,7 billion, demonstrating the potential for adoption of these instruments.
