Coinbase launches its wrapped XRP and Dogecoin on Base

Coinbase has added two new wrapped tokens to its Base network, expanding its lineup of ERC-20 assets with cbDOGE and cbXRP, the exchange announced via its official X account on June 5. 

The tokens are backed 1:1 by Dogecoin (DOGE) and XRP, respectively, and are held in custody by Coinbase. In its announcement post, the crypto exchange reiterated that these wrapped tokens operate under a fully collateralized model and are intended to improve onchain and offchain asset movement.

According to Coinbase, users can transfer DOGE and XRP from their Coinbase accounts to the Base network, where they are automatically converted into cbDOGE and cbXRP on a 1:1 basis. The assets are then available on Base as ERC-20 tokens. 

These conversions could help customers benefit from Ethereum-compatible decentralized finance (DeFi) opportunities with the backing of Coinbase’s institutional-grade custody.

cbBTC adoption opens the door for more wrapped assets

Coinbase’s website places the total reserve for cbDOGE at 10,404,409.79 DOGE, while the total circulating supply of cbDOGE is 10,400,102.5 tokens. 

In a follow-up X post, the company provided smart contract addresses for cbDOGE and cbXRP on Base to help users identify authentic versions of the assets. “There may be fraudulent actors pretending to be cbDOGE and cbXRP,” it warned users.

Coinbase’s tokenized assets launch across blockchain ecosystems began with cbBTC, a wrapped version of Bitcoin, launched on Base following custody model changes by BitGo, the issuer of the widely-used WBTC. In response, Coinbase introduced cbBTC on September 12, 2024, to give users an alternative way to gain BTC exposure on-chain.

Since its release, cbBTC token’s total supply has surpassed 45,000, equating to more than $4 billion in value, with most of that circulating on Ethereum and the Base network. The token’s success encouraged Coinbase to continue investing in wrapped assets that integrate with Base.

Base network sees surge in users and stablecoin volume

Base, the Ethereum Layer 2 scaling network developed by Coinbase, is currently the top L2 by total value locked (TVL), which is about $14.4 billion. According to blockchain analytics firm Token Terminal, Base 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.

Virtune lists first ETP tracking Coinbase 50 Index on Xetra

In other news, Swedish asset manager Virtune announced the launch of a new exchange-traded product (ETP) on Deutsche Börse’s Xetra platform, tracking the Coinbase 50 Europe Index. It is the first time an ETP linked to the index is listed on a major European exchange.

The Coinbase 50 Europe Index tracks up to 50 leading crypto assets and is designed to provide a benchmark for digital asset exposure. At launch, the ETP provides access to 21 cryptos, including Bitcoin, Ethereum, XRP, and Solana. Trading under the tickers VRTC on Xetra and VCOIN50 on Bloomberg, the physically backed ETP offers a rebalanced portfolio with institutional-grade custodial arrangements.

Coinbase is the official custodian for the ETP, while MarketVector, a European index administrator, oversees the index. 

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