WBTCUSD
Wrapped Bitcoin / United States dollar
crypto

Wrapped Bitcoin is the first ERC20 token backed 1:1 with Bitcoin WBTC utilizes a custodian model to implement Bitcoin tokenization on Ethereum. Four entities participate: custodians, merchants, users, and DAO members. Qualified custodians hold WBTC in a single, pooled multi-sig wallet, are subject to KYC restrictions, ensure a 1:1 bitcoin backing, and verify tokens are burned after use. Merchants also distribute and initiate burning tokens. Merchants and custodians work together to mint tokens, Users hold and transact with the tokens. And DAO members contract new merchants and custodians and also hold keys to WBTC multi-sig contracts.