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Base launches cbHYPE and cbZEC tokens backed by Coinbase custody
Coinbase's layer-2 network continues its wrapped asset strategy with 1:1 backed versions of Hyperliquid and Zcash tokens
Base just added two more tokens to its growing roster of Coinbase-custodied wrapped assets. cbHYPE and cbZEC, representing Hyperliquid’s HYPE token and Zcash’s ZEC respectively, are now live on the network as B20-standard tokens backed 1:1 by the underlying assets sitting in Coinbase’s custody.
The move extends a playbook Coinbase has been running since it launched cbBTC back in September 2024. Wrap the asset, hold it in custody, deploy it on Base, and let DeFi do the rest.
How the tokens work
The mechanics are straightforward. For every cbHYPE or cbZEC token circulating on Base, there’s a corresponding HYPE or ZEC token locked in Coinbase’s custody infrastructure.
Holders can use cbHYPE and cbZEC across Base’s DeFi ecosystem. That means trading on decentralized exchanges, supplying liquidity to lending platforms, and participating in whatever yield strategies the ecosystem supports. The tokens can also be bridged or transferred through Coinbase for automatic 1:1 conversion back to their native counterparts.
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The bigger wrapped asset strategy
Coinbase has been methodically building out a library of wrapped assets on Base. cbBTC was the first, launching in September 2024 and establishing the template. Additional wrapped tokens followed in mid-2025, including cbADA for Cardano’s ADA and cbLTC for Litecoin. Each follows the same formula: Coinbase custody backs a 1:1 representation on Base, giving the asset a second life inside DeFi protocols.
Why this matters for Base’s competitive position
Wrapped assets deepen Base’s advantage from its direct pipeline to Coinbase’s user base. Every cbToken is essentially an onramp that keeps users within the Coinbase ecosystem while giving them access to DeFi yields and trading opportunities. The 24/7 trading availability that comes with onchain markets is a genuine selling point compared to the limitations of centralized exchange hours for certain asset pairs.
The missing piece right now is data. No supply figures, trading volumes, or specific protocol integration details accompanied the initial rollout, suggesting this rollout is still early-stage.