Data: The circulation of cbBTC increased to 2000 coins in one week after its launch, becoming the third largest wrapped Bitcoin

ChainCatcher news, according to Cointelegraph, since its launch on September 12, Coinbase's Wrapped Bitcoin (cbBTC) has seen its circulation rise to nearly 2,000 tokens within a week, making it the third-largest Wrapped Bitcoin token, surpassing Huobi BTC and renBTC, which circulated in 2020.

In contrast, the first Wrapped Bitcoin token, wBTC, took over a year to reach a similar circulation after its launch in 2019. Currently, wBTC still dominates the market with a circulation of nearly 153,000 tokens. The growth of Coinbase's cbBTC is attributed to its platform holding over 1 million bitcoins.