XRP Wrapped Tokens Set to Launch on Coinbase’s Base

XRP continues to gain traction in the crypto ecosystem, with Coinbase announcing plans to launch wrapped versions of XRP and three other popular cryptocurrencies—Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC)—on its Layer 2 Base network. This bold move is poised to significantly enhance cross-chain interoperability and expand decentralized finance (DeFi) access for broader user participation.

On May 13, Coinbase used its official Coinbase Assets X account to reveal these forthcoming tokens: cbXRP, cbADA, cbDOGE, and cbLTC. Although the assets are not live yet, Coinbase confirmed that a detailed launch timeline will be shared in the near future.

Wrapped tokens allow users to utilize digital assets from one blockchain within a different network, bridging ecosystems in a seamless manner. In the case of XRP, this development will enable its use on Ethereum’s Layer 2 Base chain, aligning with Coinbase’s broader vision of improving blockchain interoperability and DeFi inclusivity.

Base has grown into one of the dominant Ethereum L2 platforms, now securing over $15 billion in total value, according to L2Beat. Coinbase’s planned addition of wrapped XRP and other tokens will enrich this robust network further by lowering transaction costs and deepening available liquidity pools.

Coinbase has also cautioned users to remain vigilant. The exchange stressed that only the following smart contract addresses should be considered official once these tokens go live:

• cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
• cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
• cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
• cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af

This step also builds upon the successful rollout of cbBTC, a Coinbase-native wrapped Bitcoin introduced last year after custodian BitGo made adjustments to its custody framework for Wrapped Bitcoin (WBTC). Coinbase stepped in by issuing cbBTC as an alternative for Bitcoin users interested in transacting on the Base network.

Since its release, cbBTC adoption has surged, extending even to networks like Solana. Currently, more than 45,000 cbBTC tokens have been minted, reflecting nearly $4 billion in value. However, Coinbase’s wrapped Bitcoin still ranks behind major players in the market. Data from Dune Analytics shows that WBTC holds a 52.6% market share, followed by BTCB with 26.7%, while cbBTC maintains a smaller 16% share.

Bringing XRP into this framework represents a major strategic gain for Coinbase and the XRP community. Wrapped XRP on Base will offer DeFi users faster transaction settlement, reduced network fees, and the ability to integrate Ripple-based assets directly into Ethereum-based applications.

Related: Expert Advice: Sell XRP If You’re Confused

As blockchain networks continue their march toward greater scalability and interconnectivity, the convergence of Layer 1 tokens like XRP with Layer 2 platforms such as Base marks a pivotal evolution in crypto infrastructure. Investors and developers alike should keep a close eye on this rollout, which could redefine how users interact with some of the most widely held assets in the space.