tBTC is a decentralized, trust-minimized ERC-20 token pegged 1:1 to Bitcoin, issued by the Threshold Network through a system of collateralized, randomly selected node operators — allowing BTC holders to use their bitcoin within Ethereum’s DeFi ecosystem without entrusting any single custodian. It is the primary decentralized alternative to WBTC (Wrapped Bitcoin), which relies on a centralized custodian.
| Total Supply | 4,093 TBTC |
| Max Supply | Variable; no fixed maximum listed by CoinGecko |
| CoinGecko | Live data |
| Stat | Value |
|---|---|
| Ticker | TBTC |
| Price | $82,724.02 |
| Market Cap | $338.61M |
| 24h Change | 0.00% |
| Circulating Supply | 4,093 TBTC |
| All-Time High | $125,646 |
| Contract (Ethereum) | 0x1808…d93a88 |
| Contract (Sui) | 0x7704...TBTC |
| Contract (Hydration) | asset_...0765 |
| Contract (Polygon Pos) | 0x236a...794b |
| Contract (Bob Network) | 0xbba2...c2e2 |
| Contract (Base) | 0x236a...794b |
| Contract (Arbitrum One) | 0x6c84...de40 |
| Contract (Solana) | 6DNSN2...PWcU |
| Contract (Starknet) | 0x4daa...a32f |
| Contract (Optimistic Ethereum) | 0x6c84...de40 |
How tBTC Works
Users send BTC to a threshold-secured wallet generated by a randomly chosen group of signers. Once the deposit is confirmed on Bitcoin, an equivalent amount of tBTC is minted on Ethereum. Redemption works in reverse: burning tBTC triggers a BTC release from the signer group.
Signers are required to post ETH collateral (overcollateralized) as a security bond. If a signer misbehaves or fails to release BTC, their bond is slashed and used to compensate the depositor — ensuring trust-minimized operation without a central intermediary.
tBTC Tokenomics and Supply
tBTC is an ERC-20 representation of Bitcoin issued through Threshold Network. Its supply is variable: minting follows Bitcoin deposits and redemption burns tBTC as Bitcoin is withdrawn. CoinGecko reported about 4,093 circulating and total TBTC on October 22, 2026, with no fixed maximum supply listed.
Threshold’s August 2026 recap separately reported more than 30,000 cumulative tBTC mints since launch. Cumulative mints count issuance over time; they are not the number of tokens currently outstanding because tokens can be redeemed and burned.
The target is one tBTC for one BTC, but users still depend on correct contracts, signing and redemption processes, and the security of the bridge system. A BTC-linked target does not remove smart-contract, operational, liquidity or governance risks.
tBTC vs. WBTC
| Feature | tBTC | WBTC |
|---|---|---|
| Custody | Distributed signers (Threshold Network) | Centralized (BitGo) |
| Trust assumption | None — cryptographic + slashing | Custodial — trust BitGo |
| Minting speed | Slower (multi-party signing) | Faster |
| DeFi integration | Curve, Aave, MakerDAO | Same, plus wider liquidity |
| Censorship resistance | High | Low |
Use Cases
- DeFi collateral: Use BTC as collateral in Ethereum lending protocols like Aave and MakerDAO without a centralized intermediary
- Curve pools: tBTC/WBTC/sBTC liquidity pools on Curve Finance
- Trustless BTC yield: Earn DeFi yields on Bitcoin without trusting a custodian
The Threshold Network
tBTC v2 is operated by the Threshold Network, formed from the merger of NuCypher and Keep networks in 2022. Threshold uses threshold cryptography and Distributed Key Generation (DKG) to eliminate single points of failure. The T token governs the network and is staked by node operators.
History
- 2020 — Keep Network launches tBTC v1 on Ethereum mainnet; first decentralized Bitcoin bridge on Ethereum
- January 2022 — NuCypher and Keep Network merge to form the Threshold Network; T token unifies governance
- January 2023 — tBTC v2 launches with improved signer rotation and reduced collateral requirements
- 2023–2024 — tBTC grows as a decentralized WBTC alternative; integrated into Curve, Aave, and MakerDAO
Common Misconceptions
- “tBTC and WBTC are equally decentralized.” — WBTC relies entirely on BitGo as a centralized custodian; tBTC uses distributed, collateralized signers with no single point of control.
- “tBTC is riskier than WBTC.” — The risk profiles differ: tBTC has smart contract and signer coordination risk; WBTC has custodial and regulatory risk. Neither is categorically “safer.”
Social Media Sentiment
- A September 2026 r/DeFi discussion about Bitcoin in DeFi raises bridge trust and custody assumptions while discussing several assets, including tBTC-related risks. It is a small discussion sample, not a broad poll or an audit of the protocol.
Last updated: 2026-10
Related Terms
See Also
- Crypto Bridges: Hacks and Security
- Bitcoin as Collateral in TradFi and DeFi
- Why Smart Contract Audits Fail
- Swap crypto with ChangeNOW
Sources
- Threshold Network: August 2026 Recap — The project recap distinguishes cumulative mint milestones and describes current security work.
- Threshold Network — The official site describes the network's Bitcoin-finance products and current project context.
- CoinGecko: tBTC — CoinGecko reports the current market listing, circulating supply and tracker supply fields.