Coinbase entered the wrapped bitcoin (cbBTC) race just a week ago, but has already amassed nearly 2,000 tokens in circulation. 🚀

- cbBTC has become the third-largest wrapped BTC token, surpassing HBTC and renBTC.

- BitGo’s wBTC dominates with 153,000 tokens, but Coinbase could tip the balance.

The bulk of cbBTC (64%) is used on Ethereum, with 26% used by Coinbase and Base.

Coinbase increased revenue by 148% to $53 million in Q2 2024.

Source: CryptoQuant