What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) brings bitcoin onto Ethereum as an ERC-20 token. It launched in January 2019 as a joint initiative of BitGo, Kyber Network and Ren, and BitGo has acted as its main custodian ever since.
- Type
- Wrapped Bitcoin (ERC-20)
- Launched
- 2019
- Consensus
- Runs on Ethereum
- Max supply
- No fixed cap (1:1 BTC-backed)
- Swap network
- Ethereum
How Wrapped Bitcoin works
Each WBTC is meant to be backed by one BTC held in custody. Approved merchants send bitcoin to the custodian to mint new WBTC and return WBTC to have it burned and the bitcoin released. Since 2024 custody has been split across BitGo and BiT Global under a multi-jurisdiction key setup, and reserves can be checked on-chain.
What WBTC is used for
WBTC lets bitcoin holders use their exposure inside Ethereum DeFi, most commonly as lending collateral and as a trading pair on DEXs. Traders also use it to hold BTC-denominated value without leaving Ethereum.
WBTC supply
There is no preset supply; WBTC is minted and burned on demand so that the amount outstanding tracks the bitcoin in custody on a 1:1 basis.
Before you swap WBTC
WBTC is not native BTC: it arrives at an Ethereum address, and its value depends on the custodian. If you need bitcoin on the Bitcoin network, choose BTC as the output instead.