Coinbase Wrapped BTC on Ethereum

cbBTC, bitcoin held in Coinbase custody in a form that Ethereum apps accept, so it can sit as collateral in a lending market or trade against any token on the chain while remaining a claim on real bitcoin. Coinbase mints one cbBTC for each bitcoin a customer hands over and burns it on the way back, and that one-for-one exchange is what keeps the two prices together. Coinbase launched it in 2024.