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Over 400,000 Tokenized Bitcoins In Circulation Worth $25 billion

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As the year rolls to the end, the price of Bitcoin has stalled above the $60k zone and 18.8million bitcoin in circulation, the market capitalization of bitcoin is valued to be $1.16 trillion today. 

Meanwhile, the amount of tokenized bitcoins existing today has surged substantially this past three years, increasing in number to more than 400,000 bitcoin with a worth of $25 billion.

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Wrapped or tokenized bitcoin has evolved forming a trend for the past three years. One of the first of many tokenized Bitcoin (WBTC) was launched on the 30th of January, 2019. Ever since there have been a lot of other tokenized Bitcoin projects.

Some of such tokenized bitcoin projects are BEP2, HBTC, RENBTC, SBTC, PBTC etc… 

Out of all the above-mentioned tokenized bitcoins WBTC holds the larger share with 213,659 tokens in circulation today. The BEP2, also known as BTCB issued by Binance, has around 105,099 tokens in circulation today. The third largest tokenized BTC is backed by Houbi, a trading platform.

There’s 39,884 HBTC (Houbi BTC) today and the total value of the Huobi market is $2.4 billion. Coming after HBTC, RENBTC (16,818), SBTC (4,775), LBTC(3,367), RBTC(2,528), PBTC (1,786), OBTC(1,254), TBTC(792) respectively.

Ethereum is the largest blockchain with regards to the number of tokenized BTC leveraged on a network. 8 out of 11 tokenized tokens are leveraged on the Ethereum blockchain. BEP2 originates from the Binance Smart Chain (BSC), RBTC is issued by the RSK network, and LBTC is issued by Blockstream’s Liquid network.

WBTC and BEP2 are two projects that have grown significantly since they launched. The two projects dominate the market with both of them having an estimate of 336,758 tokenized bitcoins or 82.49% of all the tokenized BTC in circulation.

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