Bubble
Coinbase Wrapped BTC CBBTC
Coinbase Wrapped BTC (CBBTC) was trading at $63,691.25, ranked #25 by market cap at $6.12B, with 24h volume of $318.81M.
Data snapshot: 2026-08-03 09:00 UTC.
cbBTC is Coinbase's own regulated wrapped Bitcoin, minted 1:1 against BTC held in Coinbase's custody. Launched as a direct alternative to WBTC, it appeals to users and institutions who prefer a single regulated US exchange as custodian over a DAO-governed multi-party structure, and has quickly become one of the most actively traded wrapped BTC tokens in DeFi. cbBTC is a wrapped bitcoin issued by a large regulated exchange, created as an alternative to WBTC after changes in WBTC's custody arrangements raised concerns among DeFi protocols. The trade-off it offers is explicit: a single, publicly regulated custodian instead of a multi-party arrangement. Which of those is preferable is a judgement about counterparty risk rather than a technical question. On this map it is another representation of bitcoin, so its market cap overlaps with BTC's rather than adding to the market's total value.
How is cbBTC different from WBTC?
It is issued by a single large regulated exchange acting as custodian, whereas WBTC uses a different custody arrangement. Both are claims on bitcoin held off-chain.
Why did it gain adoption?
Changes to WBTC's custody arrangements prompted some DeFi protocols to look for alternatives with a custody structure they were more comfortable with.
Is it redeemable for BTC?
It is designed to be redeemable through the issuer, which is what ties its value to bitcoin. That redemption depends on the issuer.
Does holding cbBTC give the same exposure as BTC?
Price exposure yes, risk profile no — it adds the issuer's counterparty risk on top of bitcoin's own price risk.
Market cap decides how big a bubble is drawn, so rank is what places CBBTC on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #19 | Wrapped Bitcoin (WBTC) | $7.40B |
| #21 | Wrapped Beacon ETH (WBETH) | $6.91B |
| #25 | Coinbase Wrapped BTC (CBBTC) | $6.12B |
| #31 | WETH (WETH) | $4.29B |
| #37 | Wrapped eETH (WEETH) | $3.45B |