[Coinbase cbBTC Supply Surpasses 30,000 Tokens, wBTC Market Share Declines] According to Jinse Finance, Coinbase's synthetic Bitcoin product cbBTC has experienced rapid growth since its launch in September 2024. As of now, the supply has exceeded 30,500 tokens, marking a cumulative growth of over 160% in 2025. Meanwhile, the supply of wBTC has decreased by 17% since the introduction of cbBTC and has fallen by 4% over the year. It is worth noting that despite the significant growth of cbBTC, the total supply of synthetic Bitcoin on Ethereum has only increased by about 3%, indicating that the expansion of cbBTC is primarily due to an internal market share substitution effect rather than an overall influx of new funds. The growth of cbBTC can be attributed to Coinbase's ability to directly attract BTC holders through its own custody and exchange channels, reducing operational friction and offering greater convenience compared to third-party minting.