Coinbase Wrapped BTC
CBBTCA wrapped token, backed 1 to 1 by Bitcoin.
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About Coinbase Wrapped BTC
Analysis of 5 Feb 2026Coinbase Wrapped BTC (cbBTC) is a tokenized version of Bitcoin launched in September 2024, backed 1:1 by BTC held in Coinbase Custody Trust, a New York chartered digital currency custodian with 10+ year institutional track record. As of February 5, 2026, cbBTC commands $6.1 billion market cap with approximately 84,500 tokens in circulation across Ethereum, Base, Solana, and Arbitrum, trading at $72,234 with 24-hour volume of $613 million amid broader Bitcoin market correction from November 2025 all-time highs.
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The token has grown rapidly since launch, capturing significant market share from WBTC which previously controlled 96.6% dominance before cbBTC's September 2024 debut, though WBTC maintains approximately 120,000 tokens in circulation. In May 2025, Coinbase integrated Chainlink Proof of Reserve to provide verifiable on-chain data for BTC reserves, with individual Bitcoin wallet addresses disclosed for independent verification and automated circuit breaker protection against unbacked asset circulation.
The token leverages NYDFS regulatory oversight, dedicated cold-storage segregation audited by New York Department of Financial Services, and explicit commitment that backing BTC will never be sold, transferred, or utilized for lending or investment. cbBTC enables Bitcoin holders to access DeFi protocols including Aave, Compound, Morpho, Moonwell, Curve, Aerodrome, Spark, and Fluid while maintaining BTC price exposure. Coinbase's direct lending integration via Morpho on Base reached $1 billion in on-chain borrow originations by October 2025, offering institutional users up to $5M USDC borrowing against BTC with no credit checks.
Coinbase utilizes Chainlink CCIP as the exclusive bridging solution for wrapped assets across multiple chains including cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP.