XRP News Today: Coinbase Launches cbXRP and cbDOGE on Base Layer-2 Blockchain

Coinbase has introduced new opportunities for holders of XRP and Dogecoin, allowing them to access decentralized finance (DeFi) on Base, the layer-2 blockchain developed by the digital assets exchange. On Wednesday, Coinbase announced that the wrapped versions of these tokens, cbXRP and cbDOGE, are now live on Base. These wrapped tokens are backed 1:1 by the native coins, ensuring that for every cbXRP and cbDOGE in circulation, there is an equivalent amount of XRP or Dogecoin held securely by Coinbase.

Wrapped tokens serve as representations of the original assets in environments where they are otherwise unavailable, providing compatibility with Base's protocol and DeFi applications. This interoperability allows for the seamless transfer of coins within the ecosystem, enabling holders to tap into DeFi and generate additional returns on top of their spot market holdings.

Within the first 24 hours, the wrapped version of XRP achieved a market cap of over $5 million. Wrapped DOGE's market cap is fast nearing the $2 million mark. XRP, a payments-focused cryptocurrency used by Ripple to facilitate cross-border transactions, has a market cap of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a market value of $28.2 billion, is the world's leading meme token by market value.

Coinbase debuted a wrapped version of Bitcoin, the largest cryptocurrency, on Base in September last year. That has reached a market cap of over $4.7 billion. The addition of cbDOGE and cbXRP follows the successful introduction of cbBTC, which has a total supply surpassing 45,000, equating to more than $4 billion in value. The success of cbBTC has encouraged Coinbase to continue investing in wrapped assets that integrate with Base.

Coinbase has also provided smart contract addresses for cbDOGE and cbXRP on Base to help users identify authentic versions of the assets. The company warned users about potential fraudulent actors pretending to be cbDOGE and cbXRP. The total reserve for cbDOGE is 10,404,409.79 DOGE, while the total circulating supply of cbDOGE is 10,400,102.5 tokens.

The Base network, an Ethereum Layer 2 scaling network developed by Coinbase, is currently the top L2 by total value locked (TVL), which is about $14.4 billion. The network recorded over $3.6 trillion in stablecoin transaction volume in the first quarter of 2025 alone. The user base has doubled over a three-month period, from 450,000 in Q4 2024 to more than 900,000 in Q1 2025, underscoring the network’s growing role in the crypto economy. Plans are also underway to increase gas throughput from the current 25 million gas per second to 50 million in the second quarter of 2025, with a long-term goal of reaching 250 million gas per second by year-end. This would represent a 100-fold increase over the network’s initial capacity.

The introduction of cbDOGE and cbXRP on the Base network is a significant development for DeFi enthusiasts, as it opens up new opportunities for users to leverage their DOGE and XRP holdings in the DeFi ecosystem. By providing a fully collateralized model and institutional-grade custody, Coinbase is positioning itself as a leader in the wrapped token space, offering users a secure and efficient way to access DeFi opportunities. The success of cbBTC and the growing user base of the Base network further validate Coinbase’s strategy of investing in wrapped assets that integrate with its Layer 2 scaling solution. As the network continues to expand its capabilities and user base, it is poised to play an increasingly important role in the crypto economy.