Coinbase Launches Wrapped XRP and Dogecoin on Base Network

This enhances DeFi capabilities for XRP and Dogecoin, aligning with Coinbase’s objective to integrate mainstream assets.

Introduction

Coinbase, one of the largest crypto exchanges, launched cbXRP and cbDOGE as official ERC-20 tokens. This initiative on its Base Layer 2 aims to expand DeFi utility for XRP and Dogecoin.
Coinbase Assets Twitter Update

The process involves wrapping XRP and Dogecoin for use on Ethereum-compatible rails. Coinbase ensures this aligns with its broader tokenization strategy, bolstering asset utility and access.

The launch quickly generated over 12 million wrapped tokens, signifying increased liquidity and user interest. Markets reacted with elevated trading volumes and TVL figures on the Base network soaring.

This project underscores a growing trend toward interoperability in crypto markets, minimizing barriers between major blockchain assets like XRP, DOGE, and Ethereum.

No backlash from regulators emphasized Coinbase’s strategic approach, drawing on its status as a Nasdaq-listed entity. The institution’s communications echo proactive efforts to prevent scams, encouraging use of verified contracts.

Stablecoin volumes on Base increased significantly, reflecting its dominant position among Layer 2 networks by TVL. “Base has continued to innovate and lead among Layer 2s, evidenced by its dominant position by TVL and total stablecoin transaction volume.” — Coinbase. Experts suggest that similar future projects could further elevate DeFi engagements for mainstream tokens.