What is Coinbase Wrapped BTC (cbBTC)?
cbBTC is a wrapped representation of bitcoin issued by Coinbase. It went live in September 2024, first on Ethereum and Base, giving BTC holders a way to use their coins inside EVM applications without leaving the Coinbase ecosystem.
- Type
- Custodial wrapped bitcoin (ERC-20)
- Launched
- 2024
- Consensus
- Runs on Base and Ethereum
- Max supply
- No fixed cap (1:1 with BTC reserves)
- Swap network
- Base
How Coinbase Wrapped BTC works
Every cbBTC in circulation is backed by one BTC that Coinbase holds on behalf of token holders. When a Coinbase customer wraps bitcoin, the exchange mints cbBTC to their address; when tokens are sent back for redemption, they are burned and the underlying BTC is released.
What cbBTC is used for
Holders deposit cbBTC as collateral in lending markets, pair it in liquidity pools or use it for BTC-denominated trades on Base and Ethereum. It also serves as a convenient route for moving bitcoin value into smart-contract apps while keeping price exposure to BTC.
cbBTC supply
There is no independent issuance schedule: supply expands and contracts with the bitcoin Coinbase holds in reserve, at a 1:1 ratio.
Before you swap cbBTC
This is a custodial wrapper, not native bitcoin, so the redemption guarantee rests on Coinbase. It can be withdrawn on Base or Ethereum, and you will need a little ETH on the receiving network to move it afterwards.