Major crypto exchange Coinbase has issued a new announcement that might excite the XRP and Dogecoin communities.
In a recent tweet, Coinbase announced that wrapped versions of Dogecoin and XRP — cbDOGE and cbXRP — are now live on the Base platform. Wrapped assets cbDOGE and cbXRP are ERC-20 tokens backed 1:1 by DOGE and XRP held in custody by Coinbase and joint Bitcoin and Ethereum, whose wrapped assets have already been launched.
cbDOGE and cbXRP are now live on @base. cbDOGE and cbXRP are ERC-20 tokens backed 1:1 by DOGE and XRP held in custody by Coinbase.
Here’s what you need to know ↓ pic.twitter.com/QVrqa96ZZB
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 4, 2025
This follows Coinbase’s announcement a few weeks ago that it would be launching wrapped versions of Cardano, Dogecoin, Litecoin and XRP — cbADA, cbLTC, cbXRP and cbDOGE, respectively. The crypto exchange also issued a warning about fraudulent actors, who may want to take advantage of the prelaunch excitement.
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Coinbase introduced cbBTC (Coinbase Wrapped BTC) in September, an ERC20 token backed 1:1 by Bitcoin (BTC) held by Coinbase. Wrapped Ethereum (cbETH) is also available on the platform and is structured differently than most Coinbase-wrapped assets.
Wrapped assets, like cbBTC, cbXRP and cbDOGE, are transferable tokens that represent ownership of the underlying asset — in this case, Bitcoin, XRP and Dogecoin.
Warning issued
As wrapped XRP and Dogecoin assets that can be used on-chain have now launched, Coinbase warns that there may be fraudulent actors pretending to be cbDOGE and cbXRP and went on to share the Base contract addresses for these assets.
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Bitcoin dropped by about 1% in the early Thursday session, while altcoins were even lower as investors considered broader macroeconomic worries.
XRP and Dogecoin fell, continuing recent sluggishness among top altcoins. XRP fell 2.5% in the last 24 hours to $2.20, while Dogecoin dropped over 3.5% to $0.1896. Crypto markets have slowed in the last two weeks after rising in early May, as macroeconomic uncertainty resurfaced.
