Coinbase to launch wrapped XRP and DOGE on Ethereum layer-2 Base

Publicly listed crypto exchange Coinbase has announced plans to launch a wrapped version of XRP, Dogecoin, Litecoin, and Cardano ADA on the Base network. In a post on X, the Coinbase Assets page confirmed they are coming soon.

According to the post, the launch date will be announced later. With the move, these tokens will join Bitcoin as wrapped assets available on the layer-2 network.

Coinbase-wrapped Bitcoin (cbBTC), which launched in 2024, currently has $4.47 billion in market cap.

The post reads:

“cbADA, cbDOGE, cbLTC, cbXRP coming soon. These assets are not yet live or available. We will announce their launch at a later date.”

Coinbase claims its decision to disclose the new assets is a reaction to scammers who are already promoting fake versions of these tokens. According to the exchange, users must be careful of any information stating that the assets are available to trade.

The exchange included the Base contract addresses for the wrapped tokens so users can verify them. For cbADA, the address is 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c, while the cbDOGE contract address is 0xcbD06E5A2B0C65597161de254AA074E489dEb510.

The cbLTC address is 0xcb17C9Db87B595717C857a08468793f5bAb6445F, and cbXRP has 0xcb585250f852C6c6bf90434AB21A00f02833a4af as its address.

Once the tokens become available, Base users can use them for DeFi activity on the network just as they would ETH, the native token for the L2. Wrapped tokens trade at 1:1 to the original token. Although Coinbase did not disclose the wrapping process, it is expected to be simple, like that of cbBTC.

Base continues to dominate the L2 scene

Meanwhile, the introduction of wrapped versions of several popular altcoins could be beneficial for Base. The network, which has become a top layer-2 in less than two years, looks set to continue its dominance in 2025.

With Base now the number one L2 by total value locked (TVL) according to L2Beat, the network wants to maintain that position. Having wrapped versions of multiple assets available within its ecosystem could help it achieve this.

The network has already seen its stablecoin usage increase significantly over the past three quarters. According to Token Terminal, the network recorded over $3.6 trillion in stablecoin transaction volume for the first quarter of 2025.

The rise in transaction volume matches the increase in stablecoin senders on the network. In Q4 of 2024, Base had only 450,000 users who sent stablecoins. That number has now increased to over 900,000, signaling the surge in activity on the network.

Interestingly, the network is now pushing to increase its transaction speed. Although Base currently processes around 200 transactions per second. However, Base creator Jesse Pollak said the network could soon have a 200-millisecond block time.

Coinbase attracts criticism despite recent milestones

Beyond the planned launch of new wrapped assets, Coinbase has also announced plans for encrypted messaging in the latest version of the Coinbase Wallet and recently joined the S&P 500 as the first crypto company on the list.

However, the company continues to attract criticism from cybersecurity professionals over its lax security standards that allow scammers to steal millions weekly from users’ accounts.

According to blockchain security analyst Tayvano, scammers steal over $50 million weekly through the takeover of Coinbase accounts. She noted that the exchange has not done anything to stop this problem and has now launched an encrypted messaging feature that would even enable the scammers.

She said:

“Kids steal >$50m every weekend via Coinbase CEX account takeovers.Coinbase has failed to understand, detect, or stop these for over a year. Coinbase instead decided to build a feature that gives scammers a direct, encrypted line to all their wallet users.”

She further explained how scammers target Coinbase users by impersonating Coinbase employees. Other security researchers also acknowledged that this is a major issue on Coinbase that has caused many exchange users to lose their funds.

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