Based on reports, Coinbase is launching a new line of wrapped tokens, cbLTC, cbADA, cbDOGE, and cbXRP, bringing legacy cryptocurrencies like Litecoin, Cardano, Dogecoin, and XRP into the DeFi world on Base. These wrapped tokens will be 1:1 backed and integrated into Base native DeFi applications. While not live yet, Coinbase has released the contract addresses and warned users against scams trying to capitalize on the hype.
Wrapped Tokens: What Coinbase Is Building on Base
The wrapped tokens initiative is led by the Base team at Coinbase. Wrapped tokens like cbLTC and cbADA will allow standalone assets like Litecoin and Cardano to participate in the Base DeFi ecosystem. This means Coinbase is deepening its infrastructure offerings and enabling cross-chain interoperability while keeping user exposure to the original assets.
The wrapped versions: cbLTC, cbADA, cbDOGE, and cbXRP, mirror their native counterparts but are deployed on Base, an Ethereum Layer 2 solution. They are 1:1 backed so users holding wrapped tokens will have equivalent value and faster transactions and lower fees.
Coinbase hasn’t announced a launch date yet but the contracts are ready and warned users to avoid fake versions of these tokens on social media and decentralized exchanges. According to Coinbase’s advisory, any current listing of cbLTC or similar tokens is a scam.
Contract Addresses
To promote security and transparency, Coinbase has released the verified contract addresses for each of the wrapped tokens. These will be the only legitimate addresses once the tokens go live. Coinbase says:
cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4afCoinbase’s documentation says these tokens will be usable across DeFi applications on Base and potentially beyond.
Base’s DeFi Vision and Coinbase’s Strategy
By launching these wrapped tokens, Coinbase is creating a bridge between non-EVM compatible tokens (like XRP and LTC) and the Base network.
Jesse Pollak, who leads Base at Coinbase, previously described Base as “the home for Coinbase on-chain” and said “Base is not meant to compete with Ethereum but to grow it”. Integrating wrapped tokens deepens this commitment, bringing more users and assets into Ethereum’s Layer 2 scaling solution without compromising decentralization or user autonomy.
Wrapped tokens are already used across networks like Ethereum, Solana, and Avalanche to bring Bitcoin and other non-native assets into DeFi. Coinbase’s move follows this trend but with greater custodial oversight and brand trust, making the Base rollout especially relevant for institutions entering DeFi.
Institutional Implications: Onboarding Legacy Holders
These wrapped tokens will also appeal to long time holders of Litecoin, Dogecoin, Cardano and XRP who have yet to get into DeFi. They will give these communities access to yield generating protocols, decentralized exchanges and liquidity pools that were previously out of reach.
For example, a Litecoin holder will soon be able to stake cbLTC in a liquidity pool on Base and earn yield while still being exposed to the underlying asset. Similarly, cbXRP could be integrated into lending protocols on Base and users will be able to post collateral or borrow against their holdings.
This increased utility will bring new capital into the Base ecosystem. According to L2Beat, Base now ranks in the top 5 Layer 2 networks by TVL, with over $1.4 billion locked as of May 2025.
The Risk Landscape and Coinbase’s Warning
Coinbase has already warned that scammers are trying to take advantage of the upcoming wrapped token launch. Multiple impersonation tokens with cbLTC and cbDOGE names have popped up on decentralized exchanges and Telegram groups. Coinbase has released official addresses ahead of the launch to help users avoid phishing schemes.
No wrapped token from this series is live yet and users should avoid any token with these names until Coinbase makes an official announcement through their verified channels.
The launch of cbLTC, cbADA, cbDOGE, and cbXRP could have implications beyond Coinbase and Base. If successful, it may influence how other centralized platforms approach token interoperability and DeFi exposure.
Conclusion: A Bet on Token Interoperability
Coinbase’s wrapped tokens on Base is a bet on the future of blockchain finance. By enabling interoperability for popular but siloed assets, Coinbase is expanding the functionality of its DeFi ecosystem and bringing in a wider user base.
If successful, this will set a precedent for future integrations as Coinbase continues to build out Base as well as its role as a gateway between Web2 finance and on-chain networks.
FAQs
What are wrapped tokens?
Wrapped tokens are digital representations of one cryptocurrency on a different blockchain, 1:1 backed by the original asset.
Why is Coinbase launching cbLTC, cbADA, cbDOGE, and cbXRP?
Coinbase is launching these wrapped tokens so major cryptocurrencies like Litecoin and XRP can live in the DeFi world on Base.
Are these tokens live?
No. As of now, none of the wrapped tokens are live. Coinbase is warning users not to interact with fake versions circulating online.
Can I swap or stake cbLTC and the others on Base?
Once live, cbLTC, cbADA, cbDOGE, and cbXRP will be usable across DeFi apps on Base, including swap and stake protocols.
How do I know I’m using the real wrapped tokens?
Use only the official contract addresses provided by Coinbase and wait for their announcement through official channels.
Glossary
Base: Coinbase’s Layer 2 Ethereum scaling solution.
Wrapped Token: A tokenized version of a cryptocurrency for a different blockchain.
DeFi: Short for “decentralized finance”, financial services on public blockchains without intermediaries.
Layer 2: A network on top of a Layer 1 blockchain (like Ethereum) to improve scalability and fees.
TVL: Total Value Locked, the total value of assets in DeFi protocols, the size of the DeFi world.
Sources
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