[Crypto projects](https://revain.org/projects/) › Wrapped Bitcoin

# Wrapped Bitcoin (WBTC): backing, how it works and reviews

Wrapped token

## Key facts

- **Ticker**: WBTC
- **Category**: Wrapped token
- **Network**: token on Ethereum
- **Official site**: [wbtc.network](https://www.wbtc.network/)
- **Whitepaper**: [wbtc.network/assets/wrapped-tokens-whitepaper.pdf](https://www.wbtc.network/assets/wrapped-tokens-whitepaper.pdf)

Data: CoinGecko, 2026-10-27. Only projects that still trade with meaningful volume are listed.

## What is Wrapped Bitcoin

Wrapped Bitcoin (WBTC) is a token backed 1:1 by bitcoin held by custodians, letting BTC be used in DeFi on Ethereum and other networks such as Solana, TRON and BNB Chain. New WBTC is minted only after BTC is deposited through an authorised merchant, and burned before BTC is released on redemption.

## What backs WBTC as of 27 October 2026

| Asset | Amount |
|---|---|
| BTC held in custodian Bitcoin addresses | 116,512 BTC |
| WBTC in circulation, all chains | 116,499 WBTC |
| Of which on Ethereum | 116,132 WBTC |

WBTC Transparency — real-time proof of reserves [↗](https://wbtc.network/transparency)

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Custodial wrapped bitcoin token (1 WBTC = 1 BTC in custody) |
| Runs on | Ethereum (main supply), Solana, TRON, BNB Chain, Base, Kava and Osmosis |
| Launched | 2019, first on Ethereum |
| Decimals | 8, the same as bitcoin |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | No fixed cap; supply equals BTC deposited with the custodian |
| Issuance | Minted by the custodian after six Bitcoin confirmations of a merchant's deposit |
| Redemption | Merchants burn WBTC; the custodian releases BTC after 25 Ethereum confirmations |

On 27 October 2026: 116,499 WBTC in circulation, 116,499 WBTC in total (source: [WBTC transparency dashboard](https://wbtc.network/transparency)).

## What WBTC is used for

- Using bitcoin as collateral for loans in DeFi lending protocols.
- Providing liquidity on decentralised exchanges and in yield strategies.
- Moving bitcoin value across supported smart contract networks.

## Who develops and governs Wrapped Bitcoin

- **Custodian**: BitGo and BiT Global, licensed custodians in a joint custody framework
- **Founders**: Proposed by Kyber Network, BitGo and Republic Protocol
- **Governance**: Contract changes and adding or removing custodians and merchants require a multi-signature contract held by WBTC DAO members
- **Merchants**: Regulated institutions that perform KYC/AML and handle mint and burn requests for users

## History

| Date | Event |
|---|---|
| 2018 | The idea of WBTC is born. |
| 24 January 2019 | Wrapped Tokens whitepaper v0.2 published by Kyber Network, BitGo and Republic Protocol. |
| 2019 | First WBTC issued on Ethereum. |
| 2024 | BitGo and BiT Global announce a joint venture for multi-jurisdictional custody of WBTC; cross-chain transfers added via LayerZero OFT. |
| 2025 | WBTC becomes native on Solana and TRON. |
| October 2026 | WBTC announces it is exploring holding reserves across several custodians instead of one. |

## Security and audits

- Reserves are kept in air-gapped cold storage with multi-signature keys distributed across regions.
- The Ethereum contract and the Solana bridge were audited by ChainSecurity.

## Official WBTC contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x2260fac5e5542a773aa44fbcfedf7c193bc2c599](https://etherscan.io/token/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599) |
| Solana | 5XZw2LKTyrfvfiskJ78AMpackRjPcyCif1WhUsPDuVqQ |
| TRON | TYhWwKpw43ENFWBTGpzLHn3882f2au7SMi |
| BNB Chain | [0x39665e85a68a4d7328b8799135E2ff301a0Ca86f](https://bscscan.com/token/0x39665e85a68a4d7328b8799135E2ff301a0Ca86f) |
| Base | [0x1ceA84203673764244E05693e42E6Ace62bE9BA5](https://basescan.org/token/0x1ceA84203673764244E05693e42E6Ace62bE9BA5) |
| Kava | 0xb5c4423a65B953905949548276654C96fcaE6992 |
| Osmosis | osmo1z0qrq605sjgcqpylfl4aa6s90x738j7m58wyatt0tdzflg2ha26q67k743 |

Official addresses from the WBTC documentation; all use 8 decimals.

## Risks and caveats

- WBTC is custodial: holders rely on the custodian to hold the BTC and release it on redemption.
- Only approved merchants can mint or redeem directly, after KYC/AML checks; other holders use exchanges or merchants.
- Reserves currently sit with a single custody setup; a move to several custodians is still being explored.

## Official links

- Website: [wbtc.network](https://wbtc.network/)
- Proof of reserves: [wbtc.network/transparency](https://wbtc.network/transparency)
- Docs: [docs.wbtc.network](https://docs.wbtc.network/)
- Whitepaper: [wbtc.network/assets/wrapped-tokens-whitepaper.pdf](https://wbtc.network/assets/wrapped-tokens-whitepaper.pdf)

## Questions and answers

**What is Wrapped Bitcoin (WBTC)?**

WBTC is a token backed 1:1 by bitcoin held in custody, used to bring BTC into DeFi on Ethereum and other networks.

**Who holds the bitcoin behind WBTC?**

The reserves are held by the custodian framework of BitGo and BiT Global, in multi-signature cold storage.

**Is WBTC fully backed?**

On 27 October 2026 the transparency dashboard showed 116,511.9929 BTC in custodian addresses against 116,499.1908 WBTC in circulation.

**How is WBTC minted and redeemed?**

Approved merchants deposit BTC with the custodian, which mints WBTC after six Bitcoin confirmations; on redemption WBTC is burned first and then BTC is released.

## Sources

- [CoinGecko — Wrapped Bitcoin](https://www.coingecko.com/en/coins/wrapped-bitcoin)
- [WBTC — Transparency](https://wbtc.network/transparency)
- [WBTC — About](https://wbtc.network/about)
- [WBTC — FAQ](https://wbtc.network/faq)
- [WBTC Docs — Mint / Burn Mechanism](https://docs.wbtc.network/how-wbtc-works/mint-burn-mechanism)
- [WBTC Docs — Custody & Security](https://docs.wbtc.network/how-wbtc-works/custody-and-security)
- [WBTC Docs — Audits & Smart Contract Security](https://docs.wbtc.network/how-wbtc-works/audits-and-smart-contract-security)
- [WBTC Docs — Contract Addresses](https://docs.wbtc.network/resources/contract-addresses)
- [Wrapped Tokens whitepaper v0.2](https://wbtc.network/assets/wrapped-tokens-whitepaper.pdf)
- [WBTC — Multi-custodian reserves announcement](https://wbtc.network/articles/wbtc-announces-exploration-of-multi-custodian-bitcoin-reserves)

## More in this section

- [Creditcoin (CTC)](https://revain.org/projects/creditcoin/)
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- [Enjin Coin (ENJ)](https://revain.org/projects/enjin-coin/)
- [All Crypto projects →](https://revain.org/projects/)

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Page updated: 2026-10-29

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Source: https://revain.org/projects/wrapped-bitcoin/