cbBTC is Coinbase’s wrapped Bitcoin ERC-20 token, backed 1:1 by Bitcoin held in custody at Coinbase and available on both Ethereum and Base. Launched in September 2024, cbBTC entered the wrapped BTC market as WBTC faced controversy over its custody arrangements, positioning itself as a regulated, Coinbase-backed alternative.
| Stat | Value |
|---|---|
| Ticker | CBBTC |
| Price | $77,442.00 |
| Market Cap | $6.78B |
| 24h Change | +3.4% |
| Circulating Supply | 87,511 CBBTC |
| All-Time High | $125,954.00 |
| Contract (Ethereum) | 0xcbb7...33bf |
| Contract (Base) | 0xcbb7...33bf |
| Contract (Monad) | 0xd18b...414b |
| Contract (Solana) | cbbtcf...iMij |
| Contract (Arbitrum One) | 0xcbb7...33bf |
How cbBTC Works
- User deposits BTC to Coinbase
- Coinbase mints equivalent cbBTC on Ethereum or Base
- cbBTC is used across DeFi — Aave, Morpho, Curve, Uniswap
- User redeems cbBTC → Coinbase burns the token and releases BTC
Unlike WBTC (which uses BitGo as custodian via a DAO governance model), cbBTC uses Coinbase exclusively as custodian — no third-party redemption partners or DAO overhead.
cbBTC vs WBTC
| Feature | cbBTC | WBTC |
|---|---|---|
| Custodian | Coinbase | BitGo (via DAO) |
| Custody type | Centralized (Coinbase) | Centralized multi-party |
| Chain | Ethereum + Base | Ethereum + others |
| Proof of reserves | Coinbase attests on-chain | BitGo monthly proof |
| Geographic risk | US-based | US/global |
Context: WBTC Controversy (2024)
cbBTC launched weeks after WBTC announced a transfer of custody to BitGo + BiT Global (a Justin Sun-affiliated entity), sparking backlash from the DeFi community. Aave and Spark moved to reduce WBTC collateral limits, opening the door for cbBTC adoption.
Risks
- Custodial risk: Coinbase holds the underlying BTC — if Coinbase is hacked, insolvent, or legally compelled to freeze assets, cbBTC holders are exposed
- Regulatory risk: As a US-regulated company, Coinbase is subject to government orders
- Centralization: Coinbase alone controls minting and burning
Sources
- Coinbase cbBTC product page
- CoinGecko: cbBTC price and reserves
- DeFiLlama: cbBTC onchain usage