Coinbase Wrapped Staked ETH (cbETH) is a Coinbase-issued liquid-staking token representing ETH staked through Coinbase. Rewards change the cbETH-to-ETH conversion rate over time, while cbETH’s separate market price can trade above or below the value implied by that rate.
| Stat | Value |
|---|---|
| Ticker | CBETH |
| Price | $2,743.31 |
| Market Cap | $472.89M |
| 24h Change | -0.10% |
| Circulating Supply | 172,392 cbETH |
| Total Supply | 373,334 cbETH |
| Max Supply | No fixed cap (∞) |
| All-Time High | $5,441.47 |
| Contract (Ethereum) | 0xbe98...9704 |
| Contract (Base) | 0x2ae3...ec22 |
| Contract (Polygon Pos) | 0x4b43...85f5 |
| Contract (Arbitrum One) | 0x1deb...732f |
| Contract (Optimistic Ethereum) | 0xaddb...f3b2 |
How It Works
Coinbase issues cbETH when eligible customers wrap staked ETH. The amount of cbETH received is based on a conversion rate that changes as rewards accrue to the underlying staked ETH. Coinbase says cbETH can be transferred or traded, while wrapping and unwrapping availability depends on region and supported account features.
The conversion rate is not the same as the market price. cbETH trades on exchanges, so its price can be above or below the value implied by the underlying staked ETH and accumulated rewards. The token can therefore provide liquidity without eliminating market, protocol, or issuer-related risks.
Tokenomics
cbETH has no fixed supply cap listed by CoinGecko. Coinbase’s whitepaper describes a token model in which minting and burning track the amount of staked ETH represented, while the conversion rate accounts for rewards. As more users wrap or unwrap eligible staked ETH, token supply can change. Rewards are reflected in the cbETH-to-ETH conversion rate rather than by increasing each wallet’s cbETH balance.
The market table reports the current supply estimates separately from the Ethereum contract address. Supply and price snapshots can change; they do not guarantee that cbETH can be redeemed immediately or at the same price on every venue.
Uses and Risks
cbETH can be transferred and used in supported crypto markets or applications while the underlying ETH remains staked. That liquidity can be useful, but redemption still depends on Coinbase’s wrapping and unwrapping service, Ethereum’s validator exit process, regional eligibility, and market liquidity. Coinbase’s documentation also identifies the possibility that cbETH’s market price differs from the underlying staked ETH value.
Before using cbETH as collateral or in a lending market, check the specific protocol’s accepted contract, liquidity, liquidation rules, and the current conversion rate. A token that represents staked ETH is not itself a bank deposit or a guaranteed fixed-value claim.
Related Terms
See Also
- Is Ethereum Staking Making the Network More Centralized?
- What Is Restaking?
- What Is Tokenomics?
- Exchange crypto with ChangeNOW
Sources
- Coinbase Help, cbETH Introduction — Coinbase explains wrapping eligibility, reward-based conversion rates, transfers, and the possibility of a market-price difference.
- Coinbase, cbETH Whitepaper — The whitepaper describes the token model, minting and burning, conversion-rate calculation, and product risks.
- CoinGecko, cbETH market data — The listing provides the dated market, circulation, total-supply, and all-time-high snapshot.