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Key Takeaways

Coinbase will suspend trading of BitGo’s wrapped Bitcoin next month.
Coinbase’s wrapped Bitcoin token, cbBTC, has reached a $1.3 billion market capitalization, surpassing 15,000 tokens in circulation on Ethereum and Base networks.

Coinbase will discontinue support for wrapped Bitcoin (WBTC) on December 19, 2024, across its platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime, the exchange shared in a statement.

The specific reasons for the delisting were not disclosed. However, Coinbase said its decision was based on its “most recent review,” suggesting that WBTC might no longer meet its listing standards.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.

— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024

The exchange has also moved WBTC order books to limit-only mode, allowing users to place and cancel limit orders. Users will retain access to their wBTC funds and maintain withdrawal capabilities after suspension.

We have moved our wBTC order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.

If you have any questions regarding this update, please visit: https://t.co/aZsdyDqkAS

— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024

The delisting of WBTC comes after Coinbase launched its own wrapped Bitcoin token, Coinbase Wrapped BTC (cbBTC), in September. Coinbase’s cbBTC is an ERC-20 token backed 1:1 by Bitcoin held in Coinbase custody and aims to provide users with a more trusted and integrated option for accessing dApps.

CbBTC has a $1.3 billion market capitalization as of November 19, according to Dune Analytics. The token has reached a circulating supply of 15,070 tokens, with 82% on Base, 16% on Ethereum, and the remainder on Solana.

CbBTC has a billion market capitalization

Launched through a collaboration between BitGo, Kyber Network, and Ren, WBTC enables Bitcoin holders to engage with numerous DeFi protocols on Ethereum. WBTC is currently the most widely used wrapped Bitcoin token in DeFi, but cbBTC may soon challenge its dominance.