Coinbase launches wrapped Bitcoin token on Solana network

Source Fxstreet
  • Coinbase announced its wrapped Bitcoin token, cbBTC, is now live on the Solana network.
  • cbBTC is the first Coinbase token to launch on the Solana ecosystem.
  • Investors can leverage cbBTC to access Bitcoin's high liquidity across Solana-based protocols.

Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.

cbBTC goes live on the Solana network

Coinbase revealed that it has issued cbBTC on the Solana blockchain. This marks Coinbase's first token launch on the network, improving Bitcoin's DeFi exposure.

cbBTC is a wrapped Bitcoin pegged 1:1 with the top digital asset. The token was first launched in September on Coinbase's Layer 2 network Base.

With cbBTC's launch, Solana now hosts three wrapped Bitcoin tokens, including WBTC and tBTC.

Additionally, users can now lend, stake, and use cbBTC as liquidity on Solana DeFi applications. cbBTC will also launch on platforms like Jupiter Exchange, Kamino Finance, Drift Protocol, Raydium Protocol and Phoenix Trade on day 1.

The announcement has stirred the attention of several crypto community members who suggested that the launch may be great for the Solana DeFi ecosystem. 

"Better wrapped BTC liquidity has many second-order effects for the Solana defi eco. Improved BTC liquidity leads to better BTC-PERP liquidity as it enables basis traders to arb funding rates with larger size," said Lil Perp, co-founder of Drift Protocol.

Another X user, the Web3 meme guy, noted that the launch could also benefit Bitcoin's Rune ecosystem.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
U.S. Vice President JD Vance among Bitcoin 2025 Conference speakersThe Bitcoin 2025 Conference organizers, BTC Inc., unveiled the list of featured speakers at this year's event in Las Vegas, and U.S. VP JD Vance is at the top among them.
Author  Cryptopolitan
May 26, Mon
The Bitcoin 2025 Conference organizers, BTC Inc., unveiled the list of featured speakers at this year's event in Las Vegas, and U.S. VP JD Vance is at the top among them.
placeholder
Ethereum Price Faces Pressure: Can It Sustain Its Recent Rally?Ethereum price found support at $2,460 and started a fresh increase. ETH is now struggling and might drop again below the $2,500 support.
Author  NewsBTC
23 hours ago
Ethereum price found support at $2,460 and started a fresh increase. ETH is now struggling and might drop again below the $2,500 support.
placeholder
Japan loses top global creditor spot to GermanyJapan lost its 34-year reign as the world’s largest creditor nation to Germany at the end of 2024.
Author  Cryptopolitan
21 hours ago
Japan lost its 34-year reign as the world’s largest creditor nation to Germany at the end of 2024.
placeholder
Gold extends correction amidst trade optimism, stronger US DollarGold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD). 
Author  FXStreet
17 hours ago
Gold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD). 
placeholder
EUR/JPY appreciates above 163.00 with the Yen retreating across the boardThe Euro is trading higher for the second consecutive day, still fuelled by the delay of Trump’s deadline to avoid 50% tariffs in the US, while the Yen declines alongside super long-term Japanese yields.
Author  FXStreet
17 hours ago
The Euro is trading higher for the second consecutive day, still fuelled by the delay of Trump’s deadline to avoid 50% tariffs in the US, while the Yen declines alongside super long-term Japanese yields.
Related Instrument
goTop
quote