Coinbase Just Made XRP and Dogecoin Actually Useful for DeFi – Here’s Why You Should Care

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For all the crypto enthusiasts who have been holding onto their XRP and Dogecoin (DOGE) like they’re rare Pokémon cards, Coinbase has just dropped a bombshell. Now, you can use your beloved meme coins for decentralized finance (DeFi) on Base, Coinbase’s shiny new layer two (L2) blockchain. Grab your wallets—it’s time to get wrapped up in the future of finance.

Coinbase Launches Base-Centric Wrapped XRP and Dogecoin

Yes, you read that right. Coinbase, the Nasdaq-listed platform that probably has more traffic than your local coffee shop on Monday mornings, has just announced that its cbXRP and cbDOGE tokens are now live on Base, the platform’s L2 network. These shiny new ERC20 tokens are backed 1:1 by the real-deal XRP and DOGE, which Coinbase is holding safely in custody. Basically, for every cbXRP or cbDOGE token out there, there’s an equal amount of the actual asset being hoarded by Coinbase. Don’t worry, they’re not just hiding it under their mattress.

So, what’s the deal with token wrapping? Well, it’s not as complicated as it sounds. Token wrapping is simply locking up your original cryptocurrency in a smart contract, and then issuing a new token on another blockchain to represent it. This lets non-Ethereum-native assets like XRP and DOGE do the DeFi tango on Base. No more exclusion for these meme legends!

Coinbase also reassures its users that these wrapped tokens are as secure as their grandmother’s secret cookie recipe—backed 1:1 by the original asset. So, if you’re lucky enough to live in a supported region (U.S. minus New York, UK, EEA, Singapore, Australia, and Brazil), you can easily convert your XRP or DOGE into cbXRP or cbDOGE without breaking a sweat. It’s crypto convenience at its finest!

However, here’s the kicker: Coinbase also warns users to double-check those official contract addresses. Because, let’s face it, crypto fraud is always lurking around the corner like a shady guy selling “authentic” Rolex watches on a street corner. The cbDOGE address is 0xcbD06E5A2B0C65597161de254AA074E489dEb510, and cbXRP’s address is 0xcb585250f852C6c6bf90434AB21A00f02833a4af. Write it down, folks.

As of June 5, a little over 2.3 million cbXRP tokens are circulating (worth around $5.08 million), and roughly 10.4 million cbDOGE tokens are floating around (around $1.96 million). This is your ticket to using your beloved XRP and DOGE across the DeFi world for lending, borrowing, and all sorts of yield-boosting activities that were previously out of reach for these two crypto underdogs. Get ready to unlock financial wizardry like never before!

Coinbase is all about spreading economic freedom and building a more interconnected financial system. The launch of cbXRP and cbDOGE on Base is just the latest in a series of wrapped assets from the company, joining the ranks of wrapped BTC (cbBTC) and wrapped ETH (cbETH). Coinbase’s goal? To bring liquidity from the off-chain world onto the blockchain, but without the insane fees and wait times. Now that’s a win-win in the world of crypto.

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2025-06-05 16:01