Coinbase holds the underlying asset in custody and mints the wrapped token 1:1 on the chain, so users can hold and use the asset in onchain applications.

Coinbase Wrapped Assets covers the cb-tokens Coinbase issues natively, including Coinbase Wrapped BTC (cbBTC), each representing the underlying asset held in custody by Coinbase.

Coinbase runs a custody program for wrapped assets: it holds the native asset and mints the cb-token 1:1 on Ethereum, Base, Arbitrum and Solana.

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Coinbase Wrapped AssetscbBTC