what's coinbase wrapped btc?
cbBTC is a wrapped Bitcoin token issued by Coinbase, providing a 1:1 representation of BTC on compatible blockchains such as Base. It enables Bitcoin holders to participate in decentralized finance (DeFi) applications, including lending, borrowing, and trading, without the need for traditional bridging mechanisms that can introduce risks or delays. The token is fully backed by actual BTC custodied by Coinbase, ensuring redeemability and transparency through on-chain verification. Users can deposit BTC with Coinbase to mint cbBTC or redeem it back to BTC, facilitating seamless integration of Bitcoin's liquidity into Ethereum-based ecosystems. Built on the Base network (an Ethereum Layer 2), cbBTC leverages optimistic rollups for efficient, low-cost transactions while maintaining Bitcoin's security model through Coinbase's custody infrastructure.
Coinbase Wrapped BTC became the 4th largest Bitcoin derivative by December 2025.
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Became the 4th largest Bitcoin derivative by December 2025, behind WBTC, BTC.b, and cbBTC.
Yieldbasis increases cbBTC caps by $50M following a governance vote, offering 35% APY real yield, with the increased allocation filling within minutes.
cbBTC pool reaches $200M TVL from $100M including crvUSD, as arbitrageurs favor it for no redemption fees and fast redemption times.
Cypher HQ enables cbBTC, cbETH, cbXRP, cbDOGE, cbADA, and cbLTC for everyday spending via payment card on Base network.
Chainlink becomes exclusive bridge partner for Coinbase's $7B in wrapped assets, including cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP.
Chainlink CCIP partnership enables Coinbase to expand cbBTC and cbXRP as cross-chain wrapped assets.
An exclusive partnership between Morpho and Coinbase causes cbBTC users to pay around 7% on loans compared to 4-5% market rates, with potential antitrust law violations cited including exclusive dealing and vertical foreclosure.
New Curve Finance tripool includes cbBTC alongside hemiBTC and WBTC with 1.6% native yield and 160% CRV incentives bonus.
CarbonDeFi on TacBuild offers cbBTC liquidity rewards up to 74% for 4 more weeks via Merkl, with native auto-compounding and no tick constraints for positions within ±2% of market price.
Seamless protocol distributes staking rewards in cbBTC (alongside USDC and WETH) that auto-compound in Seamless cbBTC vaults, with 90% staker retention since the module launched in 2025.
PancakeSwap launches 11 LP reward pools on Base including cbBTC-USDC, backed by 240k OP tokens and ZK-verified through Brevis and Incentra.
Thx App enables instant cbBTC purchases on Base using Apple Pay.
Prime clients can now move Bitcoin on Base network with automatic 1:1 conversion between BTC and cbBTC for trading and settlement.
yoBTC integrates Stake DAO's cbBTC/WBTC Strategy, offering automated rewards boosting for cbBTC and WBTC through Stake DAO's yield infrastructure and Curve ecosystem position.
cbBTC pool rebalances and ybBTC demonstrates 2.05% returns in 12 days.
BTC+ goes live on Solana offering up to 13% APY for cbBTC deposits.
Carbon DeFi on TacBuild offers liquidity pool rewards for cbBTC/USDT and cbBTC/WETH pairs with APRs ranging from 41% to 89% for five more weeks, with rewards distributed via Merkl for positions within ±2% of market price.
CBB issues warning stating GAIB lacks reserve clarity, prompting a response from the GAIB team.
cbBTC available as collateral on Fluid platform earning high APRs.
Coinbase launches ETH-backed loans powered by Ethereum DeFi on Base L2, with cbETH-backed loans planned for the future. Podcast discusses the success of existing BTC-backed loans and utility of cbBTC in Coinbase's lending products.
A single transaction of 58 cbBTC routes through yieldbasis pools.
Aura multipliers available for cbBTC vaults across Gamma Strategies, Steer Protocol, and Ichi Foundation platforms.
cbBTC launches on 0G mainnet, with Jaine DEX offering liquidity provision opportunities with boosted APR.
Carbon DeFi on TacBuild offers APRs ranging from 77% to 177% on cbBTC trading pairs (cbBTC/USDT and cbBTC/WETH), with rewards distributed via Merkl on liquidity within ±2% of market price.
New cbBTC markets go live on yieldbasis platform with VirtualPool contracts for arbitrage trading.
ProdigyFi launches cbBTC/USDC DCI vault on Base offering over 590% APY through structured products powered by options logic.
RiftDEX now enables trading of native BTC to ETH between Bitcoin and Ethereum networks, and BTC to cbBTC conversion on Base.
Over the past 7 days, cbBTC has received more positive flows than any token on Base except AERO.
cbBTC supplied to Spark Protocol increases by approximately 200% over the past three months.
Three new platforms (Gamma Strategies, Steer Protocol, Ichi Foundation) offer cbBTC automated vaults earning Aura rewards and boosted yield, with Ichi supporting single-sided liquidity provision.
Steakhouse USDC vault on Base lends USDC to Morpho vault borrowers with cbBTC collateral, with nearly all vault USDC allocated to cbBTC-backed loans and instant withdrawal functionality confirmed operational.
Yield Basis protocol's cbBTC vaults reach full capacity with no outflows since launch, with BTC vaults accumulating roughly $2M in fees and 80%+ of ybBTC LP tokens staked at 25% APR.
Morpho Labs launches new markets on DFS including LBTC/cbBTC pair on Ethereum mainnet with 1-transaction looping functionality for Boost and Repay.
cbBTC earns 4-6% yield in Solv Protocol's BTC+ Vault with zero performance fees and $100k SOLV rewards, vault capacity expanded to 1000 BTC and 50% filled.
CarbonDeFi launches TAC Rewards Round 4 from October 24 to January 1 with rewards distributed via Merkl across cbBTC/WETH and cbBTC/USDT liquidity pairs.
1230 transactions totaling $1.65 billion (15,000 cbBTC) move between Morpho Labs wallet and two other addresses over 48 hours.
Whale 0x65b4 accumulates 91.5 cbBTC worth $10 million USDC on October 20 at price of $109,207 per token.
cbBTC earns yield and Aura rewards in vaults across Gamma, ICHI, and Steer platforms on Nibiru.
OpenSea distributes cbBTC through treasure chest reward system with Season 2 mentioned as an upcoming phase.
YB allocation from Legion goes live offering 35% APR on WBTC/cbBTC liquidity pool.
Carbon DeFi launches liquidity mining program through October 23rd featuring cbBTC with rewards exceeding 100% APR, distributed via Merkl for liquidity within ±2% of market price.
cbBTC liquidity pool data shows 60% of LPs selecting YB token emissions over BTC yields, the lowest rate among wrapped BTC options (wBTC 74%, tBTC 92%), with veYB holders now receiving majority of BTC yield through dynamic admin fees.
Deposit caps for pools increase from $10M to $50M per pool (total $150M across cbBTC, wBTC, tBTC), with cbBTC pool reaching full capacity shortly after opening.
Solv protocol goes live on Base network with native cbBTC integration through BTC+ Vault for yield generation, with Epoch 1 capped at 1000 BTC capacity.
Supply increases dramatically across networks with +253.68% growth on Base and +166.65% on Ethereum year-to-date.
Coinbase integrates DEXs directly into exchange app while leveraging Base for faster USDC settlements and cbBTC adoption, indicating enhanced accessibility and utility within the ecosystem.
New passive earning mechanism launches allowing BREAD holders to earn cbBTC rewards, with $2000 initial distribution through Betrmint platform.
New yield farming opportunities for token now available through Moonwell and Morpho protocols.
TVL surpasses $5M with Wave Zero incentives providing up to 50% APR on key trading pairs through September.
Legal dispute between Coinbase and BiT Global over wBTC delisting settles, removing uncertainty in wrapped BTC market competition.
Total wrapped BTC supply on Solana grows 74% in 2025, reaching 7,315 tokens, with monthly trading volume hitting $1.4B in March.
Protocol launches native issuance capability on Solana blockchain.
Panoptic launches options trading platform on Base with enhanced liquidity compared to Uniswap.
Supply reaches 43k tokens ($4.5B) with 64.1% on Ethereum and 30.3% on Base.
New multi-collateral integration launches on Polynomial platform, enabling margin trading and yield farming with OP token rewards.
Ekubo DEX launches liquidity mining program with EKUBO token rewards for WBTC/cbBTC pair, distributing 18,750 EKUBO tokens over three months to liquidity providers.
Users migrate from WBTC to cbBTC citing trust concerns with competitor and preference for Coinbase's compliance standards.
New Solana integration enables swapping of any Solana token for cbBTC on Lemondrop.
New projects actively choosing cbBTC as primary trading pair for stability, with EDGE being latest addition.
SparkLend introduces real-time RED token rewards for cbBTC suppliers through new RedStone partnership.
Superseed offers 366% APR for WETH-cbBTC LP, leading all Bitcoin pair yields across the ecosystem.
A whale trader with 83.69% win rate and $50M volume has cbBTC as their biggest winning trade.
Project secures $85M in funding and Base endorsement, with 0.75% token supply allocated to Kaito participants and clear entry requirements via agent launching mechanism.
$5M USDG borrowing capacity opened with $120K rewards available for borrowers.
New $150K offering at 5.75% yield launches after previous round sold out same day.
New weekly rewards program offers 15,000 USDG for borrowing against SOL and cbBTC assets.
New liquidity mining rewards live on Velodrome with 114% APR for USDC-cbBTC and 37% APR for WETH-cbBTC pairs.
Lending pool for cbBTC is sold out, indicating high demand, while offering 5.75% APY on loans.
Major whale activity: $2B transferred between Uniswap V3 Pool and institutional wallets.
Instantly available supply doubles while 2%+ APR yield opportunity remains active.
Token enables Bitcoin exposure on Solana with near-zero fees and Coinbase compatibility.
Tokenized BTC supply reaches all-time high of $3.4 billion, indicating growing institutional adoption.
New PSM implementation enables native minting from Ethereum with WBTC and cbBTC pairs, featuring zero slippage and zero fees.
New merchant partnership launches with 50% cbBTC cashback at SF restaurant through Coinbase Wallet.
Token shows strong 24h capital inflow, ranking among top 5 assets by netflow
Yield opportunity available with 2.37% APR on WBTC-cbBTC collateral against 3.9% USDC borrowing rate on 0xfluid.
Token integrates into Tulipa Capital's tacBTC vault on March 31st, enabling rewards with no lock-in period.
New lending facility allows cbBTC to be used as collateral for USA.d with user-defined interest rates, launching soon.
Smart money traders show significant net inflow, ranking 3rd highest in 24-hour period.
452% APR available for USDC pair liquidity provision on Velodrome Slipstream.
New staking pool launches offering dual rewards in cbBTC and ARCX tokens, backed by mining operations.
Critical vulnerability in CoW AMM platform leads to severe slippage on large trades, with documented losses on 1,000 ETH transaction.
Supply caps increased for WBTC-cbBTC collateral, enabling borrowing at 2% effective rate with 50% ratio and 1.5% earnings on collateral.
DEX liquidity launches on Base network with cbBTC as base trading pair.
Current circulation distribution: Ethereum 61.8%, Base 28.2%, Solana 9.8%, Arbitrum 0.2%.
Mentioned as potentially being the "purest and best Bitcoin L2" on Base chain.
Mentioned in context of bridging back to Coinbase CEX.
Launching on Arbitrum with integrations including CamelotDEX, CoWSwap, 0xfluid and SolvProtocol.
Coinbase's Bitcoin offering with 4.7% yield (5.1% with CoinbaseOne subscription).
Crossed $1B market cap with 23% surge in past week. Recently launched on Solana network.
Launched by Coinbase on Solana as an SPL token backed 1:1 by Bitcoin held in custody. Now live on Bags App.
First token issued by Coinbase on Solana, featuring extra ORCA rewards on the cBTC/SOL pool.