Coinbase just added a surprising twist to the Ethereum Layer 2 ecosystem. On June 4, the exchange announced the launch of cbDOGE and cbXRP on Base, its own Layer 2 network. These tokens are ERC-20 representations of Dogecoin and XRP, backed 1:1 by the real assets held in custody.
While the crypto world debates scalability and regulations, Coinbase is quietly bridging major ecosystems, and this move could be bigger than it looks.
What Are cbDOGE and cbXRP?
cbDOGE and cbXRP function like wrapped tokens. They are fully backed by DOGE and XRP held in Coinbase custody, and minted directly on Base. This means users can now interact with DOGE and XRP in the Ethereum Layer 2 DeFi space—without needing native support from the original chains.
Coinbase describes them as a “simple bridge” for unlocking functionality like staking, trading, and lending for two of the most iconic tokens in crypto.
This is not just a tech upgrade—it’s a strategic step to bring liquidity and meme appeal into the Base network.
Why This Is a Strategic Move for Coinbase
Base is growing fast, but it still lags behind established L2s like Arbitrum and Optimism in active addresses and daily volume. By introducing memes and utility tokens like DOGE and XRP, Coinbase is tapping into retail energy and cross-chain liquidity.
This also sends a clear message: Coinbase wants Base to be the Layer 2 for everyone, from Ethereum purists to casual meme coin traders.
Moreover, by controlling the issuance of cbDOGE and cbXRP, Coinbase positions itself as a custodial bridge authority, sidestepping the complexities of third-party bridges that are often exploit targets.
Final Thoughts – The Real Play Behind cbDOGE and cbXRP
This launch isn’t about novelty—it’s about network effect and liquidity. Coinbase is betting that by onboarding DOGE and XRP communities onto Base, it can accelerate user adoption, DeFi engagement, and ultimately, TVL growth on its Layer 2.
With DOGE and XRP’s cult followings, this could spark new experimentation across meme DeFi and cross-chain utility.Whether you’re bullish on DOGE or not, this move shows that Base is no longer just another L2—it’s positioning itself as the bridge between retail culture and scalable infrastructure.
