Coinbase Wrapped Assets

Total value locked (TVL) is calculated as the total USD value of natively issued Coinbase Wrapped Assets outstanding across supported blockchains. This metric is used as a leading indicator of the adoption and utility of Coinbase's wrapped asset suite, which includes assets such as Coinbase Wrapped BTC (cbBTC). Only natively issued assets are included, while bridged copies on other chains are excluded to prevent double-counting. The underlying collateral is held securely by Coinbase, and the on-chain supply is represented by the tokenized value of these user deposits.Learn more