Now coinbase is using BTC to back ERC20 tokens.

Coinbase 🛡️ @coinbase cbBTC is onchain. cbBTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase. This means millions of BTC holders can now securely access DeFi apps on @base and Ethereum ecosystems—with more chains coming soon.

NYKNYC, DYOR