tl;dr
Coinbase has launched wrapped tokens for Cardano (cbADA) and Litecoin (cbLTC) on its Base layer-2 network, each backed 1:1 by assets held in Coinbase custody with transparent proof-of-reserves. This follows earlier releases of wrapped Dogecoin and XRP tokens, completing a four-asset bundle. Coinbase...
Coinbase has launched wrapped tokens for Cardano (cbADA) and Litecoin (cbLTC) on its Base layer-2 network, each backed 1:1 by assets held in Coinbase custody with transparent proof-of-reserves. This move follows the earlier release of wrapped Dogecoin (cbDOGE) and XRP (cbXRP), completing a four-asset bundle on the platform. Coinbase already provides wrapped Bitcoin (cbBTC) and a liquid staking token for Ethereum (cbETH), both demonstrating steady growth in circulating supply and transaction volume.
Base is currently the second-largest Ethereum layer-2 network, securing over $12 billion in assets. ADA and LTC deposits are securely stored in segregated cold wallets, with tokens minted only after confirming on-chain deposits and burned upon redemption to ensure token stability and backing. Coinbase plans to introduce liquidity incentives on Base decentralized exchanges similar to those for cbETH, although no timetable has been disclosed yet.
In a commitment to transparency and security, Coinbase will publish quarterly attestations covering all synthetic assets issued under the Coinbase Wrapped label. During an introductory period aimed at seeding supply, conversion fees will be waived. These new additions mean Base users can now access ERC-20 versions of six out of the ten largest non-stablecoins by market capitalization, broadening trading and staking options within the network.
Overall, the launch strengthens Coinbase’s offering on Base, combining robust custody practices with transparent reserves and incentives designed to promote liquidity and user adoption in the expanding ecosystem of wrapped synthetic assets.