Coinbase Launches Wrapped ADA and LTC on Base Network

Coinbase has launched wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Base Layer 2 network, expanding access to decentralized finance (DeFi) through Ethereum-based assets. The new ERC-20 tokens, cbADA and cbLTC, are backed 1:1 by ADA and LTC reserves held by Coinbase.

cbADA and cbLTC are now live on @base. cbADA and cbLTC are ERC-20 tokens backed 1:1 by ADA and LTC held in custody by Coinbase.

Here’s what you need to know ↓ pic.twitter.com/iEUMPOrZYi

— Coinbase Assets 🛡️ (@CoinbaseAssets) June 25, 2025

In its announcement, the exchange confirmed that users can transfer ADA and LTC from their exchange accounts to on-chain Base addresses. These deposits are automatically converted into cbADA and cbLTC, enabling immediate access to Ethereum-based DeFi platforms. When sent back to Coinbase, the tokens are redeemed at the same 1:1 rate.

Expanding DeFi Reach

Coinbase’s new wrapped tokens aim to bridge the gap between native blockchain assets and the Ethereum ecosystem. By wrapping assets like Cardano (ADA) and Litecoin (LTC), the exchange enables their use in Ethereum-based DeFi platforms such as Aerodrome, Uniswap, Aave, Compound, and Morpho.

Reflecting early adoption, cbADA reached a supply of roughly $1.7 million within 24 hours of launch, while cbLTC recorded about $1 million in circulating value, according to Coinbase’s proof-of-reserves data.

The rollout of cbADA and cbLTC brings the total number of Coinbase-wrapped assets on the Base network to five. These additions follow previous releases of cbBTC in September and cbXRP and cbDOGE earlier this month.

Wrapped Bitcoin Expands Across Solana

Coinbase is also pursuing wrapped asset integrations beyond the Ethereum ecosystem. On the Solana network, the exchange recently introduced WBTC, its wrapped version of Bitcoin, providing BTC exposure for Solana-based DeFi users. Complementing this are tBTC and cbBTC, two other Bitcoin-wrapped tokens rolled out by the firm to strengthen liquidity and accessibility on Solana.

To enhance the adoption of cbBTC, Coinbase has partnered with key Solana-native platforms, including Jupiter, Kamino, and Raydium. These integrations enable seamless DeFi participation using wrapped Bitcoin assets across the Solana ecosystem.

Meanwhile, crypto exchange Kraken has also entered the wrapped token market. In October, the platform launched Kraken Wrapped Bitcoin (kBTC), an ERC-20 token backed 1:1 by BTC held in its custody. The token is live on Ethereum and OP Mainnet, granting BTC holders access to DApps across multiple Layer 2 environments.

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