- cbBTC circulation surpasses 40,000 with a $3.89 billion market.
- Rising adoption signals increased DeFi participation.
- Significant impact on Bitcoin and ERC-20 ecosystems.
Coinbase’s wrapped Bitcoin token cbBTC has surpassed 40,000 tokens in circulation, with data confirming this milestone on May 18, 2025.
The milestone highlights cbBTC’s growing traction and market share within the wrapped Bitcoin sector, impacting Ethereum DeFi engagement and liquidity.
Coinbase’s wrapped Bitcoin product, cbBTC, recently reached a circulation milestone exceeding 40,000 tokens. This increase indicates a substantial growth, reinforcing cbBTC’s position as a major player in the wrapped Bitcoin market. The data derived from Dune Analytics confirmed a total supply of 40,884 cbBTC.
The expansion in cbBTC circulation is tied to its growing adoption among DeFi platforms. Coinbase, under CEO Brian Armstrong, continues to influence this space by facilitating Bitcoin engagement within the Ethereum ecosystem. This growth suggests increasing demand for Bitcoin’s versatility in DeFi arrangements.
Brian Armstrong, CEO and Co-Founder, Coinbase, said, “Coinbase Wrapped Bitcoin (cbBTC) surpassing 40,000 in circulation underscores the growing adoption within the DeFi ecosystem.”
The rise in cbBTC circulation directly affects the Ethereum network, where cbBTC operates as an ERC-20 token. The increased supply is likely to enhance DeFi liquidity and trading, benefiting protocols that integrate cbBTC pairs.
Bitcoin, Ethereum, and DeFi protocols are witnessing increasing adoption due to the rising demand for wrapped Bitcoin products like cbBTC. These integrations are vital for offering diversified financial services within the decentralized ecosystem.
Analyzing past trends, similar increases in wBTC supply have historically correlated with heightened DeFi interest. The 25% improvement in cbBTC supply signals a likely increase in the total value locked in these protocols, hinting at potential further adoption.
About the author
Michael Saylor Shares Bitcoin Tracker, Hints at BTC Holdings Increase
Strategy's Bitcoin Tracker update and its potential impact on the market, influenced by Michael Saylor's strategic Bitcoin acquisitions.
Bitcoin Set to Break Resistance, Traders Eye $116,000
Bitcoin could surpass resistance levels soon, traders predict a rise to $116,000.
ESMA Publishes Final MiCA Guidelines for EU Crypto Regulation
ESMA publishes final report on MiCA. Key takeaways include impacts on startups, stablecoins, and well-funded crypto firms in the EU.
Texas Bitcoin Reserve Bill Awaits Second Review
Texas Senate Committee, led by Senator Schwertner, reviews the Bitcoin Reserve Bill, focusing on state-managed cryptocurrency investments and tech implications.
Loopscale Identifies Hacker Behind Major April Breach
Loopscale's investigation reveals hacker responsible for April breach, recovering $5.8 million and strengthening DeFi protocol security.
Binance Distributes Additional 3,860 REX Tokens to Users
Binance distributes 3,860 REX tokens to users after initial airdrop, enhancing user engagement.
Related
Michael Saylor Shares Bitcoin Tracker, Hints at BTC Holdings Increase
Strategy's Bitcoin Tracker update and its potential impact on the market, influenced by Michael Saylor's strategic Bitcoin acquisitions.
Bitcoin Set to Break Resistance, Traders Eye $116,000
Bitcoin could surpass resistance levels soon, traders predict a rise to $116,000.
ESMA Publishes Final MiCA Guidelines for EU Crypto Regulation
ESMA publishes final report on MiCA. Key takeaways include impacts on startups, stablecoins, and well-funded crypto firms in the EU.
Texas Bitcoin Reserve Bill Awaits Second Review
Texas Senate Committee, led by Senator Schwertner, reviews the Bitcoin Reserve Bill, focusing on state-managed cryptocurrency investments and tech implications.
Loopscale Identifies Hacker Behind Major April Breach
Loopscale's investigation reveals hacker responsible for April breach, recovering $5.8 million and strengthening DeFi protocol security.
Binance Distributes Additional 3,860 REX Tokens to Users
Binance distributes 3,860 REX tokens to users after initial airdrop, enhancing user engagement.
Be the first to leave a comment