Base launches cbHYPE and cbZEC tokens backed by Coinbase custody

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. 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 establis...