Coinbase Expands Its Wrapped Token Footprint by Adding cbXRP, cbADA, cbDOGE, and cbLTC

Coinbase is expanding its footprint in the wrapped token space by preparing to release wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base.

Coinbase is expanding its footprint in the wrapped token space by preparing to release versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base.

In a post published on May 13 via its Coinbase Assets X account, the exchange confirmed the upcoming availability of cbXRP, cbADA, cbDOGE, and cbLTC tokens on Base.

However, these assets are not live yet, and Coinbase stated that a launch timeline will be revealed later.

"We're working on making these tokens available on Base, but they aren't live yet. Keep an eye out for a launch timeline," the exchange added.

Coinbase also warned users to be cautious of fake claims about these tokens being available. The exchange stated that the only official Base contract addresses for these assets will be:

cbBTC growth

Coinbase’s expansion into wrapped assets builds on its earlier success with cbBTC, a wrapped Bitcoin token launched on Base last year.

The token was introduced after BitGo, issuer of the widely used WBTC, announced changes to its custody model. This prompted Coinbase to offer a separate option for Bitcoin exposure on Base via its cbBTC product.

Since then, cbBTC’s adoption has gone parabolic and expanded to other blockchain networks like Solana. This has helped the token’s total supply increase to over 45,000, which is now valued at over $3.9 billion. Most of these tokens were issued on Ethereum and the Base network.

However, despite its growth, cbBTC still trails other competitors in terms of market share.

According to data from Dune Analytics, as of May 12, WBTC currently controls over half the wrapped Bitcoin market with a 52.6% share. BTCB, issued on BNB Chain, follows at 26.7%, while cbBTC accounts for around 16%.