Coinbase, the largest cryptocurrency exchange in the US, has announced the release of its wrapped Bitcoin token, cbBTC, on the Solana blockchain.

The token is designed as an SPL asset that is linked one-to-one to Bitcoin for reliable value retention. At the time of writing, Coinbase had already minted around 135 cbBTC (worth around $10 million) and deployed them to boost the project’s presence on Solana’s network.

Major Solana-based platforms, including Jupiter, Meteora, Kamino Finance, Raydium, Phoenix, Jito and Drift, have already integrated cbBTC into their services. Among them, Kamino Finance has spotted ambitious plans to make it one of the largest venues for cbBTC transactions in the entire DeFi space.

This development places Coinbase’s cbBTC in an already growing list of Threshold’s tBTC, Zeus Network’s zBTC and Wormhole’s WBTC, giving users broader options to explore Bitcoin’s uses in DeFi applications.

The launch follows cbBTC’s phenomenal growth since it went live in September, with a market capitalization currently over $1 billion. While this figure is representative of the tremendous progress the project has made, it still remains a far cry from BitGo’s Wrapped Bitcoin (WBTC), which boasts a market cap of $11 billion across networks.