CoinList has added support for tBTC, an ERC-20 token backed one-to-one by bitcoin.
The move allows CoinList users to mint tBTC directly from their bitcoin wallets. tBTC is the second tokenized form of bitcoin added by CoinList after WBTC.
Such tokens allow users to participate in Ethereum-based decentralized finance (DeFi) applications and unlock yield-earning opportunities.
WBTC is the largest tokenized bitcoin, having a market share of nearly 80%. renBTC ranks second, followed by HBTC and tBTC.
When asked why added support for tBTC instead of renBTC, CoinList CEO Graham Jenkin told The Block that renBTC already gets "great support" on Curve and other platforms, so there was less direct demand for it on CoinList.
"So while renBTC support is on our roadmap, tBTC is where we're seeing demand right now," said Jenkin. "Part of this is due to the level of auditing that tBTC has undergone, as well as Nexus Mutual's role in protecting funds. These additional pieces are clearly giving our users confidence in tBTC."