Coinbase launched the wrapped tokens cbADA and cbLTC for Cardano and Litecoin on Base.

According to Gate News bot, as reported by CryptoSlate, Coinbase exchange announced in a post on June 25 that it has launched wrapped tokens for Cardano and Litecoin on its Base Layer2 (L2) network, namely cbADA and cbLTC.

Each synthetic token is backed by the underlying assets held by Coinbase in a 1:1 ratio, and the reserve proof page lists the on-chain addresses that protect the collateral.

The transparency page has shown that 11,364 LTC and 2,963,259.36 ADA have been issued through Coinbase on Base.

This release is another initiative following the activation of the Dogecoin wrapped token cbDOGE and the XRP wrapped token cbXRP in early June, thus completing the four asset combinations previewed by the exchange on May 13.

Coinbase has issued a synthetic version of Bitcoin, cbBTC, and has also launched a liquid staking Token for Ethereum, cbETH.

The dashboard tracking of Dune Analytics shows that since their launch, the circulating supply and transfer volume of these tokens have steadily increased.

As of June 23, cbBTC accounts for 24% of the synthetic BTC market, while cbETH accounts for 7% of all ETH staked.

In addition, data from L2Beat indicates that Base is the second largest Layer 2 on Ethereum, with over $12 billion in collateral.