According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch.
Crypto exchange Coinbase joined the wrapped Bitcoin race only a week ago, on Sept. 12, but accumulated nearly 2,000 tokens in circulating supply so far, potentially challenging the dominance of long-established players.
According to data from CryptoQuant, cbBTC has grown in seven days to be the third-largest wrapped Bitcoin (BTC) token, surpassing tokens that have been in circulation since 2020, such as Huobi BTC (HBTC) and renBTC (RENBTC).
To put it in perspective, BitGo’s wBTC — the first wrapped Bitcoin token launched in 2019 — took over a year to achieve similar figures. Still, it continues to dominate the wrapped BTC market, with nearly 153,000 tokens in circulation at the time of writing, far outpacing its closest competitor, tBTC, which has around 3,400 tokens.
