cbBTC Supply Surpasses 30 K, Captures Over 25 % of Wrapped BTC Market

Coinbase’s cbBTC continues rapid ascent in synthetic Bitcoin, gaining market share as wBTC declines amid custody and governance concerns.

BTC

SOL

WBTC

210d ago

Summary

Coin Metrics reports cbBTC now has ~43 K of tokenized BTC supply—making up over 25 % of the wrapped Bitcoin market—while WBTC maintains dominance with ~129 K tokens.

Terms & Concepts

cbBTC: Coinbase’s wrapped Bitcoin token—centrally issued and backed 1:1 by Bitcoin custody held by Coinbase, enabling BTC’s use on Ethereum, Base, Solana, Arbitrum, and other EVM-compatible chains.
Wrapped Bitcoin (WBTC): The largest wrapped BTC token, issued via a federated custody model (BitGo multisig), representing Bitcoin on Ethereum DeFi protocols.
Synthetic Bitcoin Market Share: The proportion of tokenized Bitcoin supply (e.g. cbBTC, wBTC) circulating across DeFi platforms, reflecting user preference and liquidity distribution.