PANews reported on September 20 that according to Cointelegraph, cbBTC launched by Coinbase has become the third largest wrapped Bitcoin (BTC) token in just one week, with a circulation of nearly 2,000, surpassing tokens issued in 2020 such as HBTC and renBTC. In contrast, BitGo's wBTC still dominates the market with a circulation of 153,000 since its launch in 2019. The rapid growth of cbBTC is related to the Coinbase platform's more than 1 million Bitcoin reserves. 64% of cbBTC is based on the Ethereum network and is used on decentralized exchanges such as Uniswap, driving Coinbase's revenue growth.
Coinbase's cbBTC has become the third largest Bitcoin wrapper in just one week
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