🚀 Coinbase Unlocks DeFi Opportunities for XRP and Dogecoin Holders on Base

Coinbase has introduced wrapped versions of XRP and Dogecoin—cbXRP and cbDOGE—on its Ethereum Layer 2 network, Base. These ERC-20 tokens are fully backed 1:1 by the original assets held in Coinbase custody, enabling users to utilize XRP and Dogecoin within the Ethereum ecosystem.

This move aims to enhance the utility of these popular assets, allowing holders to participate in decentralized finance (DeFi) applications such as lending platforms, decentralized exchanges, and yield farming on Base.

Since the launch, over 2.3 million cbXRP tokens (valued at approximately $5 million) and more than 10.4 million cbDOGE tokens (valued at about $1.9 million) have been issued, indicating strong demand from the community.

Looking ahead, Coinbase plans to introduce wrapped versions of Litecoin (cbLTC) and Cardano (cbADA) on Base, further expanding the range of assets available for DeFi activities.

This initiative underscores Coinbase’s commitment to making the on-chain economy more accessible and inclusive for all crypto holders, regardless of the assets they hold.