According to data recorded on December 28, 2021, the total circulating supply of bitcoin-pegged tokens across multiple blockchains stood at approximately 434,265.43 BTC, with a combined value exceeding $21.3 billion. Ten distinct projects currently issue these wrapped or pegged bitcoin tokens, with Wrapped Bitcoin (WBTC) commanding a 59.66% market share through its 259,090 BTC in circulation on the Ethereum network.
Ethereum Dominates the Wrapped Bitcoin Landscape
Ethereum remains the primary blockchain for tokenized bitcoin, hosting seven different projects that collectively lock 323,264 BTC—representing 74.43% of the total pegged bitcoin supply. Beyond WBTC, HBTC holds 39,884 BTC, followed by RENBTC (17,054), SBTC (4,203), IMBTC (1,317), PBTC (888), and TBTC (828). The extensive DeFi ecosystem on Ethereum continues to drive demand for cross-chain bitcoin assets, enabling BTC holders to participate in lending, trading, and yield farming.
BSC and Sidechains: Emerging Alternatives
Binance Smart Chain's BTCB is the second-largest project globally, with 105,115.44 BTC in circulation (24.2% share). BTCB boasts a fully diluted market cap of approximately $5.52 billion and $43.6 million in daily trading volume across exchanges such as HitBTC, PancakeSwap v2, and THORChain. Meanwhile, Blockstream's Liquid sidechain holds 3,363.99 LBTC (0.77%), and the RSK network issues 2,522 RBTC (0.58%). Notably, RBTC is secured by 95 EH/s of Bitcoin mining hashpower, offering a unique security model.
Growth Trajectory and Market Implications
At the current pace, total tokenized bitcoin could surpass half a million coins in the near future. These assets play a crucial role in bridging Bitcoin's liquidity with alternative blockchain ecosystems, facilitating decentralized finance (DeFi) applications and cross-chain interoperability. While WBTC maintains its dominant position thanks to first-mover advantage and deep integration with Ethereum DeFi, projects like BTCB are gaining traction on their respective platforms. The combined value of over $21 billion highlights the growing demand for portable bitcoin that can be deployed beyond the native Bitcoin blockchain.
The expansion of tokenized bitcoin also reflects broader industry trends toward multi-chain strategies and asset tokenization. As new layer-1 and layer-2 solutions emerge, the wrapped bitcoin market is likely to diversify further, offering users more choices for cross-chain asset management. Investors and developers alike should monitor these developments as they shape the future of decentralized finance and blockchain interoperability.