Overview

Logo of tBTC

tBTC(TBTC)

Token Price$62,872

24h Change-0.73%

All Time HighOct 6, 2025$125,646

All Time LowSep 23, 2020$10,104

Key Metrics

Market Cap$312.78m

Fully Diluted Valuation$312.78m

Circ. Supply4,975 TBTC

Volume 24h$2.13m

CEX Volume$2,906

DEX Volume$2.28m

Risks

How much debt can be issued against TBTC as collateral across lending protocols.

Maximum possible exposure to TBTC

$113.14m

$61.54m (max additional borrows against TBTC) + $51.6m (bad debt if TBTC was hacked now)

Logo of Aave V3

Aave V3

$74.45m at-risk exposure = $48.97m bad debt if hacked + $25.49m additional borrowable against TBTC

Logo of Fluid

Fluid

$21.2m at-risk exposure = $90,374 bad debt if hacked + $21.11m additional borrowable against TBTC

Logo of Compound V3

Compound V3

$15.94m at-risk exposure = $1.1m bad debt if hacked + $14.85m additional borrowable against TBTC

Logo of Morpho V1

Morpho V1

$875,349 at-risk exposure = $778,044 bad debt if hacked + $97,306 additional borrowable against TBTC

Logo of SparkLend

SparkLend

$661,434 at-risk exposure = $661,434 bad debt if hacked + $0 additional borrowable against TBTC

Methodology and limitations

Showing collateral exposure for TBTC 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.

  • These metrics describe lending exposure only and are not a full protocol risk rating.
  • This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
  • Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
  • Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details

Each row is one protocol-chain exposure for TBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.

Protocol
Chain
Logo of Aave V3Aave V3
Logo of EthereumEthereum
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88
$24.78m$48.49m
Logo of FluidFluid
Logo of EthereumEthereum
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88
$21.11m$90,374
Logo of Compound V3Compound V3
Logo of EthereumEthereum
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88
$10.36m$1.1m
Logo of Compound V3Compound V3
Logo of ArbitrumArbitrum
tbtc0x6c84a8f1c29108f47a79964b5fe888d4f4d0de40
$4.27m—
Logo of Aave V3Aave V3
Logo of ArbitrumArbitrum
tbtc0x6c84a8f1c29108f47a79964b5fe888d4f4d0de40
$632,890$480,127
Logo of Compound V3Compound V3
Logo of BaseBase
tBTC0x236aa50979d5f3de3bd1eeb40e81137f22ab794b
$216,715—
Logo of Morpho V1Morpho V1
Logo of EthereumEthereum
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88
$97,306$778,044
Logo of Aave V3Aave V3
Logo of BaseBase
tBTC0x236aa50979d5f3de3bd1eeb40e81137f22ab794b
$68,782—
Logo of SparkLendSparkLend
Logo of EthereumEthereum
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88
$0$661,434

Risk Timeline

Risk-management actions published about TBTC by tracked risk managers and governance contributors, newest first.

30 actions
risk managerGauntletcomp.xyz

↓Supply Cap Reductions Across L2 Comets

tBTC has very low absolute supply balances and utilization near or below 1% across Arbitrum and Base Comets, treated as dormant to eliminate excess exposure to potential exploits, with caps set to 0 or minimally buffered.

risk managerGauntletcomp.xyz

↓Compound Ethereum Supply Cap Reductions Across Comets

tBTC shows low utilization in WETH, USDS, and USDC Comets but some activity in USDT; its cap is reduced to 0 or a 30% buffer. This targets risks from wrapped BTC derivatives amid rising bridge and oracle attack sophistication.

risk managerGauntletcomp.xyz

↓Recommendations for Low Utilization Assets on Mainnet

The tBTC market has shown low user demand with average supply cap utilization of 0% over the past 30 days, leading to a recommendation to halve the supply cap and reduce protocol risk exposure.

risk managerGauntletcomp.xyz

↓Recommendations for Low Utilization Assets on Arbitrum

The tBTC market has demonstrated low user demand with average supply cap utilization of 0.27% over the past 30 days, leading to a recommendation to reduce protocol risk exposure.

contributor@kpkforum.morpho.org

↑kpk USDC Prime vault whitelisting on Morpho

tBTC contributes to the vault's cross-asset BTC exposure for balanced yield, vetted through kpk's assessment of its market liquidity and reliability, optimized via automation for risk and performance.

contributor@0x8541cCfc6E7EAcEbD233C6789a0FbF7C708B0E68snapshot.box/s:sparkfi.eth

↑SparkLend Ethereum: Increase tBTC Supply and Borrow Caps

tBTC deposits have surged from under 30 to over 270 tBTC in the past month, reaching half the current 500 tBTC supply cap. The increase allows continued growth while respecting liquidity constraints and keeping other risk parameters conservative.

risk managerGauntletcomp.xyz

↓Supply Cap Recommendations for Low Utilization Assets

tBTC in the Ethereum WETH market recorded zero utilization in the last 30 days, warranting a lowered supply cap to minimize risk without impacting open positions.

risk managerChaos Labschaoslabs.xyz

→Chaos Labs SVR Monitoring Platform Launch

tBTC's pegged oracle feed results in lower recapture rates during SVR liquidations due to price deviations and complexity in exchange rates. The monitoring platform segments performance by asset, highlighting how such factors affect bidding behavior and value flow in liquidation events.

contributor@Objectiveforum.euler.finance

↓Offboarding tBTC and eBTC from Euler Prime

tBTC has seen deposits drop to an insignificant $16k after rewards ended, with no successful liquidity bootstrapping. Its decentralized architecture relies on complex node staking secured by the T token, which has faced three critical vulnerabilities, and it trades at a 30 basis point discount to peers like WBTC and cbBTC, signaling higher perceived bridge risk of instant backing loss not justified by usage.

Markets

logo of defillama

Token Usage

An is required to view token usage.

Liquidations

An is required to view token liquidations.

Yields

Showing 10 of 815 pools

Pool
Project
Chain
30d APY Chart
USDC-CBBTCCL2000 - 0.0336%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$3.29m466%436%
Logo of Aerodrome Ignition
29.85%
428%
USDC-CBBTCCL50 - 0.016%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$3.12m385%
Logo of Aerodrome Ignition
385%
250%
USDC-CBBTCCL1 - 0.0163%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$784,64512801%
Logo of Aerodrome Ignition
12801%
11054%
SOL-CBBTCCL10 - 0.035%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$279,578714%
Logo of Aerodrome Ignition
714%
852%
WETH-CBBTCCL1 - 0.0085%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$264,8472038%
Logo of Aerodrome Ignition
2038%
3517%
WBTC-USDTCL - 10🪂Logo of Supernova CLSupernova CL
Logo of Ethereum
$89,9823826%0%
3826%
20609%
EBTC-CBBTCLogo of Aerodrome V1Aerodrome V1
Logo of Base
$61,3365001%
Logo of Aerodrome Ignition
5001%
3771%
USDC-CBBTCCL1 - 0.01%Logo of Aerodrome SlipstreamAerodrome Slipstream
Logo of Base
$29,74125885%
Logo of Aerodrome Ignition
25885%
15023%
WBTC-WETHCL - 10🪂Logo of Supernova CLSupernova CL
Logo of Ethereum
$23,2449477%0%
9477%
6678%
CBBTC-WBTCLogo of Orca DEXOrca DEX
Logo of Solana
$10,098918%918%
70.52%
Page 1 of 82

Borrow

Showing 10 of 1056 routes

Pool
Project
Chain
STBTC âžž MORPHOLogo of DolomiteDolomite
Logo of Berachain
$9.06m6.74%
0%
7.75%86.96%$15.49m$0
TBTC âžž MORPHOLogo of Moonwell LendingMoonwell Lending
Logo of Base
$9.06m6.51%
Logo of Moonwell Vaults
0.31%
7.75%80%$49,500$6,619
STBTC âžž VVVLogo of DolomiteDolomite
Logo of Berachain
$708,24111.78%
0%
13.54%86.96%$15.49m$0
TBTC âžž VVVLogo of Moonwell LendingMoonwell Lending
Logo of Base
$708,24111.15%
Logo of Moonwell Vaults
0.31%
13.54%80%$49,500$6,619
TBTC âžž VVVLogo of Compound V3Compound V3
Logo of Ethereum
$708,24110.84%
0%
13.54%80%$3.93m
TBTC âžž VVVLogo of Compound V3Compound V3
Logo of Ethereum
$708,24110.84%
0%
13.54%80%$2.18m
TBTC âžž VVVLogo of Compound V3Compound V3
Logo of Base
$708,24110.84%
0%
13.54%80%$971,468
TBTC âžž VVVLogo of Compound V3Compound V3
Logo of Arbitrum
$708,24110.84%
0%
13.54%80%$198,295
TBTC âžž VVVLogo of Compound V3Compound V3
Logo of Arbitrum
$708,24110.84%
0%
13.54%80%$80,382
TBTC âžž VVVLogo of Aave V3Aave V3
Logo of Ethereum
$708,2419.89%
0%
13.54%73%$121m$570,047
Page 1 of 106