Coinbase's synthetic bitcoin product, cbBTC, has grown rapidly since its launch in September 2024, with more than 30,500 coins in supply to date and a cumulative increase of more than 160% in 2025. Meanwhile, wBTC supply has declined by 17% since the launch of cbBTC and by 4% for the full year.
It is worth noting that, despite the significant growth of cbBTC, the total supply of synthetic bitcoin on Ethereum rose by only about 3%, indicating that the expansion of cbBTC is mainly a substitution effect within the market share, rather than an overall inflow of new funds. The reason for the growth of cbBTC is that Coinbase can directly attract BTC holders through its own custody and exchange channels, reducing operational friction and making it more convenient than third-party minting.
Coinbase cbBTC supply breaks through 30,000, wBTC market share declines
2025-08-21 22:57:05
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