Coinbase's cbBTC Becomes Third Largest Wrapped Bitcoin Token Within A Week

According to PANews, Coinbase's recently launched cbBTC has quickly ascended to become the third-largest wrapped Bitcoin (BTC) token in just one week. The circulating supply of cbBTC has reached nearly 2,000 tokens, surpassing other tokens like HBTC and renBTC, which were introduced in 2020. In contrast, BitGo's wBTC, launched in 2019, continues to dominate the market with a circulating supply of 153,000 tokens. The rapid growth of cbBTC is attributed to Coinbase's substantial Bitcoin reserves, which exceed 1 million BTC. Additionally, 64% of cbBTC is based on the Ethereum network and is actively used on decentralized exchanges such as Uniswap. This integration has contributed to an increase in Coinbase's revenue.