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.
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.
Wrapped tokens allow assets from one blockchain to be used on another, improving ecosystem interoperability.
So, Coinbase’s move would offer Base users access to these popular digital currencies while providing lower fees, better liquidity, and broader access to DeFi tools.
Base is the largest Ethereum layer-2 network, with a total value secured of more than $15 billion, according to L2Beats data.
Meanwhile, Coinbase 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:
- cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
cbBTC growth
Coinbase’s expansion into wrapped assets builds on its earlier success with cbBTC, a wrapped Bitcoin version 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 exceed 45,000, equivalent to nearly $4 billion. Most of these tokens were issued on Ethereum and the Base network.
However, despite its growth, cbBTC still trails other competitors in market share.
According to data from Dune Analytics, 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%.
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