Coinbase has expanded its ecosystem by introducing two new wrapped tokens—CBDOGE and CBXRP—on the Base network, officially announced via its X account on June 5. These ERC-20 compatible assets are part of Coinbase’s growing suite of tokenized digital assets, designed to enhance cross-chain interoperability and unlock new opportunities in decentralized finance (DeFi).
The newly launched tokens represent a 1:1 peg to native Dogecoin (DOGE) and XRP, with reserves held securely by Coinbase. According to the exchange, this fully collateralized model ensures transparency and trust, enabling seamless movement of assets across blockchains while maintaining parity with the underlying cryptocurrencies.
👉 Discover how wrapped tokens are reshaping DeFi access across chains.
Seamless Asset Transfer Between Chains
Users can now transfer their existing DOGE and XRP holdings directly from their Coinbase accounts to the Base network. Upon transfer, these assets are automatically converted at a 1:1 ratio into CBDOGE and CBXRP, respectively. The wrapped versions function as standard ERC-20 tokens, making them compatible with Ethereum-based decentralized applications (dApps), lending platforms, and liquidity pools.
This integration allows investors to leverage the robust security and institutional-grade custody provided by Coinbase while participating in the vibrant DeFi ecosystem built on Ethereum and its Layer-2 solutions like Base. By bridging popular cryptocurrencies into the ERC-20 framework, Coinbase is lowering barriers to entry for users seeking yield-generating opportunities without compromising asset integrity.
Building on the Success of CBBTC
The launch of CBDOGE and CBXRP follows the successful debut of CBBTC, Coinbase’s wrapped Bitcoin token, which paved the way for further expansion of wrapped assets on Base. CBBTC was introduced on September 12, 2024, as a competitive alternative to WBTC (Wrapped Bitcoin), leveraging Bitgo’s proven infrastructure for issuance and custody.
Since its release, CBBTC has seen significant adoption, with over 45,000 BTC minted—representing more than $4 billion in value—across Ethereum and the Base network. This traction demonstrates strong market demand for trusted, institutionally backed wrapped assets that facilitate liquidity across Layer-1 and Layer-2 ecosystems.
With CBDOGE and CBXRP, Coinbase continues to build on this momentum. As of the latest data, the total reserve for CBDOGE stands at 10,404,409.79 DOGE, while the circulating supply is 10,400,102.5 CBDOGE tokens, reflecting near-full backing and active user engagement.
To protect users from potential scams, Coinbase has published verification addresses for both CBDOGE and CBXRP on its official X channel. The company warns:
“_There may be fraudulent actors impersonating CBDOGE and CBXRP. Always verify contract addresses before transacting._”
This proactive approach underscores Coinbase’s commitment to security and transparency in an environment where counterfeit tokens remain a persistent threat.
Base Network: Rapid Growth and Scalability Roadmap
Base, Coinbase’s Ethereum Layer-2 scaling solution, has emerged as one of the fastest-growing blockchain ecosystems, currently managing over $14.4 billion** in total value locked (TVL). According to blockchain analytics firm Token Terminal, Base processed more than **$36 trillion in stablecoin transaction volume during Q1 2025 alone—a clear indicator of its rising prominence in global crypto infrastructure.
User activity has surged dramatically, with the network’s active user base doubling within just three months. This rapid adoption is driven by low transaction fees, fast settlement times, and deep integration with Coinbase’s vast customer base of over 100 million users.
Looking ahead, Base plans to significantly boost its gas throughput. From a current capacity of 25 million gas per second, the network aims to scale up to 50 million gas per second by Q2 2025, with a long-term goal of reaching 250 million gas per second by year-end—a 100x increase from its initial launch capacity.
Such scalability improvements will support increasingly complex dApps, high-frequency trading platforms, and broader institutional participation in on-chain markets.
👉 Explore how Layer-2 networks are powering the next wave of blockchain innovation.
Virtuals Launches First ETP Tracking Coinbase 50 Index on Xetra
In a landmark move for regulated crypto access in Europe, Virtuals has listed the first exchange-traded product (ETP) tracking the Coinbase 50 Europe Index on Deutsche Börse’s Xetra platform. This marks the debut of a crypto-linked ETP tied to the index on a major European exchange.
The Coinbase 50 Europe Index tracks up to 50 leading digital assets, offering investors a diversified benchmark for exposure to the crypto market. At launch, the ETP provides access to 21 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL).
Traded under the ticker VCOIN50 on both Xetra and Bloomberg, the product features institutional-grade custody managed directly by Coinbase. The index itself is administered by MarketVector, a regulated European index provider, ensuring compliance and transparency.
This development bridges traditional finance with digital assets, enabling retail and institutional investors alike to gain regulated exposure to a broad basket of cryptocurrencies through familiar stock market channels.
Frequently Asked Questions (FAQ)
Q: What are wrapped tokens like CBXRP and CBDOGE?
A: Wrapped tokens are blockchain-compatible versions of native cryptocurrencies. For example, CBXRP is an ERC-20 version of XRP that operates on Ethereum-compatible networks like Base, allowing it to be used in DeFi applications.
Q: Are CBDOGE and CBXRP backed 1:1?
A: Yes. Each CBDOGE and CBXRP token is fully backed by an equivalent amount of native DOGE or XRP held in reserve by Coinbase, ensuring full collateralization and redeemability.
Q: How do I convert my DOGE or XRP into CBDOGE or CBXRP?
A: Simply transfer your DOGE or XRP from your Coinbase account to an address on the Base network. The conversion happens automatically at a 1:1 ratio upon receipt.
Q: Is there a risk of fraud with these tokens?
A: While Coinbase maintains secure reserves and verified contracts, third-party scammers may create fake versions. Always confirm official contract addresses before transacting.
Q: Can I use CBDOGE and CBXRP in DeFi protocols?
A: Absolutely. As ERC-20 tokens, they are compatible with most DeFi platforms on Ethereum and Base, including lending markets, DEXs, and yield farms.
Q: What is the long-term vision for Base network?
A: Base aims to become a mainstream platform for consumer crypto applications by combining Coinbase’s scale with Ethereum’s security, scaling performance 100x to support mass adoption.
👉 Learn how you can start earning passive income through DeFi in 2025.