One percent of Bitcoin’s circulating supply is currently tokenized as Wrapped BTC (WBTC), equating to nearly $6.2 billion worth of BTC.
The milestone was acknowledged by the product manager of crypto custody firm BitGo, Kia Mosayeri, who tweeted the news on June 7. BitGo is the custodian for the Wrapped Bitcoin protocol, which was launched its Bitcoin-backed ERC-20 token WBTC on Ethereum in January 2019.
— WBTC (@WrappedBTC) June 7, 2021
According to Etherscan, there are currently 187,610 Bitcoins wrapped on the protocol, equating to a fully diluted market capitalization of $6.18 billion. The current circulating supply of BTC is nearly 18.73 million, according to CoinGecko, confirming the 1% milestone.
BTConEthereum estimates there are 240,620 Bitcoins that have been tokenized across various protocols for use on Ethereum, representing a combined capitalization of $7.91 billion. Wrapped Bitcoin exerts a clear dominance over the sector, representing 78% of all Bitcoin tokenized on Ethereum.
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