Coinbase Teases 'cbBTC': a Wrapped Bitcoin Alternative on Base

Coinbase has teased a new wrapped bitcoin token called cbBTC for its layer 2 network Base, which would compete with Wrapped Bitcoin (WBTC). Base creator Jesse Pollak said on X, "we're going to build a massive bitcoin economy on base," which the article describes as all but confirming the plan. The article says cbBTC could offer lower fees to mint and redeem tokens and draw users who trust the Coinbase brand. The timing follows controversy over WBTC custodian BitGo's plans to move custody to Hong Kong and Singapore, which has prompted MakerDAO and Aave to discuss next steps.