Coinbase's cbBTC Becomes Third Largest Wrapped Bitcoin in Just One Week
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September 20, 2024
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PANews reported on September 20 that Coinbase's cbBTC has become the third largest wrapped Bitcoin (wBTC) token in just a week, with a circulating supply of nearly 2,000 tokens, surpassing tokens like HBTC and renBTC launched in 2020. In comparison, BitGo's wBTC has remained the market leader since its launch in 2019 with a circulating supply of 153,000 tokens.
The rapid growth of cbBTC is related to the over 1 million Bitcoin reserves on the Coinbase platform. 64% of cbBTC is based on the Ethereum network and is used on decentralized exchanges like Uniswap, boosting Coinbase's revenue.
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