Coinbase Bets Big on Altcoins—Wraps XRP, ADA, DOGE, and LTC for Base Network

Coinbase just threw gasoline on the altcoin market—announcing wrapped versions of XRP, Cardano, Dogecoin, and Litecoin for its Ethereum L2, Base. Traders can now speculate on these assets without ever leaving the Coinbase ecosystem. Because why decentralize when you can vertically integrate?

The move signals a strategic pivot toward interoperability—or a naked grab for more trading fees, depending on who you ask. Either way, it’s a win for degens who’ve been begging for more leverage plays.

Just don’t ask how this squares with the SEC’s ongoing crusade against ‘unregistered securities.’ Some bridges are better left uncrossed—until they’re monetized.

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%.