Coinbase introduced its wrapped bitcoin token, cbBTC, in mid-September 2024, and it has swiftly expanded to a supply of 1,670 cbBTC, according to data from Cryptoquant. This ERC20 token enables bitcoin (BTC) holders to dive into decentralized finance (defi) apps on both the Ethereum network and Coinbase’s Base blockchain. Now ranking as the third-largest wrapped bitcoin token, Cryptoquant analysts point to cbBTC’s quick ascent in a space where Bitgo’s WBTC has long held sway.

However, concerns about transparency have emerged, as Coinbase has yet to reveal the bitcoin addresses holding the underlying assets, unlike its rival, Bitgo. According to Cryptoquant’s findings:

cbBTC has been criticized because Coinbase doesn’t disclose the addresses that hold the bitcoin on the Bitcoin network. In contrast, WBTC publishes the list of addresses that hold the actual bitcoin, allowing anyone to verify the existence of the coins on the Bitcoin blockchain.

Bitgo continues to dominate the market with 153,000 WBTC in circulation, strengthened by a series of strategic moves aimed at keeping its lead. As Cryptoquant points out, Bitgo has teamed up with Bit Global, a regulated custody platform based in Hong Kong, to boost WBTC’s security and grow its footprint in Asian markets. On top of that, Bitgo’s integration of WBTC with the Tron blockchain, renowned for its stablecoin ecosystem, is expected to further extend its influence.

Cryptoquant’s researchers highlight that WBTC’s stable position as the top wrapped bitcoin token stems from its long history and the trust it has built within the market. Coinbase’s cbBTC shows plenty of potential for growth, largely thanks to the exchange’s massive bitcoin reserves.

Cryptoquant’s analysis also flags certain risks tied to Coinbase’s centralized control over the underlying bitcoin. Moreover, the ability of cbBTC’s smart contract administrator to blacklist addresses has sparked concerns about user autonomy. As cbBTC and WBTC continue to compete, the future of the wrapped bitcoin market remains unpredictable.

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