Coinbase Wrapped BTC
activecbBTC
wrapped
Launched
2024-09-12
Coinbase Wrapped BTC (cbBTC) is a wrapped Bitcoin product issued by Coinbase, backed 1:1 by Bitcoin held in custody.
Contract Addresses
Wrapping Mechanism
Type
centralised custody
Decentralization
Level 2/5
Description
Coinbase holds Bitcoin in custody and issues cbBTC tokens on Base and Ethereum
Technical Summary
Coinbase custody infrastructure secures underlying BTC. cbBTC tokens minted on Base L2 for lower fees and faster transactions.
Trust Assumptions
- Coinbase custody security
- Coinbase regulatory compliance
- Base L2 infrastructure reliability
MiCA Classification
UnresolvedcbBTC MiCA classification follows same genuinely unresolved status as WBTC. ESMA has not issued guidance on whether wrapped Bitcoin products qualify as ARTs. Single-asset reference (BTC only) suggests non-ART classification under MiCA Article 2, which requires referencing 'one or several' assets. However, ESMA confirmation pending. Key differentiator: Coinbase Luxembourg S.A. holds full MiCA CASP authorization from CSSF (June 2025), providing strongest regulatory foundation among wrapped Bitcoin products.
ART Criteria Analysis
Proof of Reserves
Methodology
self attested
Frequency
irregular
Limitations
- Limited public attestations compared to competitors
- Relies on Coinbase's custody infrastructure
Custodian
Coinbase Custody Trust Company
centralised custody
Quick Links
Disclaimer
Regulatory status information is for educational purposes only. Always verify current regulations with official sources before making decisions. Not financial or legal advice.