Coinbase’s wrapped Bitcoin (cbBTC), reaches $100M in just one day

Follow the debut of the product ThursdayCoinbase’s packaged Bitcoin offering (cbBTC), which is a wrapper for Bitcoin, has already reached a $100 million market capitalization in one day. This figure shows a significant increase in usage within the first 24 hours. Many predict it will take part of WBTC’s market.

It is important that the Base product also plays a major role in overall Base activity. Data from Dune Analytics, cbBTC supply has now exceeded 1,720 tokens. Subsequently that supply represents a total value of $99.8 Million.

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In just 24 hours, Coinbase cbBTC has reached a market cap of $100 million.

Coinbase launched a Bitcoin wrapped offering just yesterday. In a recent press release it announced the launch of a new ERC20 Token that’s fully backed by Bitcoin. Coinbase holds the reserves, and Base as well as Ethereum support the new cbBTC.

It was received with a great deal of enthusiasm. This is evident by the impressive numbers of adoption. Coinbase’s packaged Bitcoin offering reached $100 million worth of market capitalization in only 24 hours. The new cbBTC should have a huge impact on Base decentralized finance.

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Moonwell DeFi contributor Luke Youngblood Twitter (formerly X) was used to talk about the “gamechanging” product. He said that because of Coinbase’s fungibility, retail BTC users could integrate Base on the chain.

But the product wasn’t launched without some initial skepticism. Tron founder Justin Sun Launch is also referred to as “Central Bank BTC” In a message to X. He pointed out that integration with cbBTC was possible. “pose major security risks to decentralized finance.” The wrapped Bitcoin is still a huge success.