On September 12, 2024, Coinbase rolled out Coinbased Wrapped BTC (cbBTC), an ERC20 token backed 1:1 by BTC custodied by Coinbase. With cbBTC, Bitcoin holders can now leverage their BTC in DeFi apps across multiple blockchains without having to trade or sell.
To start, cbBTC will be live on both Ethereum Mainnet and the Base L2 network, with plans to expand to more chains, bringing even greater utility to Bitcoin to the DeFi world.
Source: https://thedefiant.io/education/premium-tutorials/a-guide-to-getting-started-with-coinbase-s-new-cbbtc