Coinbase joined the wrapped Bitcoin (BTC) race on September 12, accumulating nearly 2,000 tokens in circulating supply in just one week. According to CryptoQuant data, cbBTC became the third-largest wrapped Bitcoin token in seven days, surpassing tokens such as Huobi BTC (HBTC) and renBTC (RENBTC), which have been in circulation since 2020.

BitGo’s wBTC, which launched in 2019, took more than a year to reach similar numbers. Coinbase’s large BTC holdings could help it capture a larger share of the wrapped token market. According to CryptoQuant analysis, Coinbase users hold more than 1 million Bitcoin on the platform.

64% of the cbBTC supply is Ethereum-based and is used on decentralized exchanges such as Uniswap. Coinbase benefits by increasing its fee revenue from cbBTC. In the second quarter, fee revenues collected by the exchange increased by 148% to $53 million.

BitGo has expanded its wBTC holdings in recent weeks and adopted LayerZero’s Omnichain Fungible Token (OFT) Standard. It also announced a joint venture with BitGlobal.

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