24h Change-3.31%
All Time HighOct 6, 2025$125,954
All Time LowSep 12, 2024$57,439
Market Cap$5.847b
Fully Diluted Valuation$5.847b
Circ. Supply86,992 CBBTC
CEX Volume$0
DEX Volume$825.76m
How much debt can be issued against CBBTC as collateral across lending protocols.
Maximum possible exposure to CBBTC
$2.614b
$501.99m (max additional borrows against CBBTC) + $2.112b (bad debt if CBBTC was hacked now)
Morpho V1
$1.739b at-risk exposure = $1.535b bad debt if hacked + $204.33m additional borrowable against CBBTC
Aave V3
$560.32m at-risk exposure = $389.05m bad debt if hacked + $171.27m additional borrowable against CBBTC
Compound V3
$75.31m at-risk exposure = $9.44m bad debt if hacked + $65.86m additional borrowable against CBBTC
Fluid
$37.53m at-risk exposure = $9.79m bad debt if hacked + $27.75m additional borrowable against CBBTC
SparkLend
$171.68m at-risk exposure = $144.6m bad debt if hacked + $27.08m additional borrowable against CBBTC
Euler V2
$5.8m at-risk exposure = $104,441 bad debt if hacked + $5.7m additional borrowable against CBBTC
Maple
$24.01m at-risk exposure = $24.01m bad debt if hacked + $0 additional borrowable against CBBTC
Showing collateral exposure for CBBTC on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for CBBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $165.26m | $1.239b | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $117.37m | $389.05m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $64.13m | $9.44m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $53.9m | — | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $37.07m | $295.75m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $27.08m | $144.6m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $22.5m | $6.23m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $5.18m | $3.56m | ||
cbBTC0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf | $4.69m | $58,842 | ||
cbBTC0x20c000000000000000000000c412ec89d0c08be5 | $2.01m | $4,630 |
Risk-management actions published about CBBTC by tracked risk managers and governance contributors, newest first.
cbBTC supply contracted by 816 tokens (~$62M at month-end prices), marking the second consecutive monthly outflow despite BTC price appreciation. Minor liquidation volume of $16K occurred during April stress events, but no systemic issues noted.
Lending-market-model-derived CRR applied to cbBTC in Grove × Steakhouse RLUSD Morpho Vault V2 for borrowing against RLUSD. Enables safe integration with risk capital calibrated to asset volatility and correlations.
cbBTC markets are switching to a MetaOracle with SVR BTC/USD as primary feed and standard Chainlink cbBTC/USD as backup, adding automatic fallback if prices diverge by over 2% to mitigate risks during potential depegs.
cbBTC is treated as a key asset due to its role in BTC exposure, remaining unchanged to maintain stability in high-demand collateral markets.
cbBTC supply dropped $73.5M due to physical token withdrawals, despite stable BTC prices around $67-68K, raising questions about potential structural trends in BTC exposure.
The cbBTC/USDT pool at 86% LLTV is being added with a 250 million absolute cap, drawing on its strong onchain liquidity and established role in SparkLend to facilitate scaled USDT deployments in Morpho.
cbBTC supply nearly doubled with +$96M inflows to $194M, reflecting rising bitcoin collateral demand on Solana amid diversification away from SOL exposure. However, $1.8M in liquidations marked a new pattern for BTC collateral during the crash.
The cbBTC/USDS market permits cbBTC deposits as collateral for USDS borrowing at 86% LLTV, offering Bitcoin-backed leverage and seeding liquidity for the Flagship Vault's exposure to non-correlated assets.
cbBTC is being added to the kill switch oracle, which disables new borrowing if its price deviates 5% below the reference, to automatically halt activity during potential rail risks like hacks, custody failures, or liquidity crises.
cbBTC's liquidity and volatility data indicate room for LLTV adjustments upward, balancing competitiveness with conservative liquidation support.
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Showing 10 of 836 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDC-CBBTCCL2000 - 0.0346% | $3m | 822% | 804% | 298% | |||||
| open in new tabUSDC-CBBTCCL50 - 0.0172% | $2.84m | 320% | 134% | ||||||
| open in new tabUSDC-CBBTCCL1 - 0.0163% | $494,309 | 9426% | 6013% | ||||||
| open in new tabWETH-CBBTCCL1 - 0.0085% | $190,817 | 1601% | 1539% | ||||||
| open in new tabWBTC-WETHCL - 10 | 🪂 | $113,467 | 1209% | 0% | 1209% | 2196% | |||
| open in new tabWBTC-USDTCL - 10 | 🪂 | $97,079 | 3400% | 0% | 3400% | 7698% | |||
| open in new tabEBTC-CBBTC | $65,593 | 3466% | 3510% | ||||||
| open in new tabWBTC-WETH0.05% | $49,923 | 6993% | 6993% | 1418% | |||||
| open in new tabUSDC-CBBTCCL1 - 0.01% | $32,218 | 10578% | 8176% | ||||||
| open in new tabWBTC-USDT0.05% | $29,818 | 326% | 326% | 32.24% |
Showing 10 of 6111 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCBBTC âžž MORPHO | $10.59m | 3.99% | 1.68% | 3.16% | 73% | $16,703 | $5,411 | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.89% | 3.16% | 85% | $9.81m | $1.32m | |||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.69% | 0% | 3.16% | 85% | $7.73m | $4.82m | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.69% | 0% | 3.16% | 85% | $3.92m | $3.01m | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.69% | 0% | 3.16% | 85% | $235,300 | $154,704 | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.69% | 0% | 3.16% | 85% | $216,069 | $140,625 | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.56% | < 0.0001% | 3.16% | 81% | $338.39m | $3.21m | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.56% | 0.18% | 3.16% | 75% | $15,910 | $3,222 | ||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.53% | 0% | 3.16% | 80% | $13.2m | |||
| open in new tabCBBTC âžž MORPHO | $10.59m | 2.53% | 0% | 3.16% | 80% | $6.98m |
