TL;DR
- Expanding DeFi Offerings: Coinbase is launching wrapped versions of XRP, DOGE, ADA, and LTC on Base, joining wrapped Bitcoin to boost liquidity and expand digital asset trading on the layer-2 network.
- Strengthening Market Trust: The use of verified Base contract addresses aims to counter counterfeit token scams, providing users with a secure way to authenticate their wrapped assets.
- Enhanced Functionality and Security: Alongside new wrapped tokens, Coinbase introduces features like encrypted messaging in the Coinbase Wallet, balancing innovation with improved security.
Coinbase is set to expand its digital asset offerings on the Base network by launching wrapped versions of several popular tokens, including XRP and DOGE, along with ADA and LTC. These wrapped assets will join wrapped Bitcoin (cbBTC) on Base, paving the way for enhanced DeFi functionality and deeper market integration on the rapidly growing layer-2 network.
cbADA, cbDOGE, cbLTC, cbXRP coming soon.
These assets are not yet live or available. We will announce their launch at a later date.
— Coinbase Assets 🛡️ (@CoinbaseAssets) May 13, 2025
Boosting DeFi on Base Through Innovative Wrapped Tokens
In a bid to further solidify the Base ecosystem, Coinbase recently announced plans to introduce these new wrapped tokens. The launch is designed not only to supply additional liquidity but also to counter the rising number of scams involving counterfeit tokens.
By providing verified Base contract addresses for each asset, Coinbase is ensuring that users can authenticate any wrapped token they receive, strengthening overall market trust. Once live, these assets will allow Base users to engage in DeFi activities with greater ease and reliability. Coinbase’s move comes at a time when Base is rapidly ascending as a dominant layer-2 solution.
The network has seen exponential growth in stablecoin transactions, with transaction volumes skyrocketing and the active user base nearly doubling over the recent quarters. As Base continues to attract significant amounts of total value locked, the addition of new wrapped tokens is expected to further enrich its functionality and appeal, drawing more participants into the ecosystem.
Addressing Security Amid Exciting Developments
While the new token launches signal a major step forward, Coinbase is also facing ongoing scrutiny over its security practices. Alongside these asset developments, the crypto exchange has introduced an encrypted messaging feature within the Coinbase Wallet.
Although designed to enhance user communication, the new feature has stirred debate among cybersecurity experts who caution that inadequate safeguards could inadvertently create vulnerabilities.
Nevertheless, Coinbase is determined to balance robust innovation with enhanced security protocols as it continues to expand its service offerings. With the promise of more wrapped assets on the horizon and the potential for further improvements in transaction speeds on Base, industry observers are keeping a close eye on how these developments will shape the future of decentralized finance.
