Wrapped Bitcoin (WBTC) - Fundamental Analysis July 2026

Here's the latest on Wrapped Bitcoin (WBTC) – the dominant tokenized Bitcoin for DeFi, now facing competition and governance challenges: • WBTC is an ERC-20 token backed 1:1 by Bitcoin held in BitGo custody, enabling BTC use in DeFi across 12+ blockchains • As of 1 July 2026, WBTC has a $6.78B market cap, 116,132 tokens in circulation, and maintains 99.87% price parity with Bitcoin • 72% of WBTC in DeFi is used as lending collateral on Aave and MakerDAO, with broad integrations across Uniswap, Curve, and Compound • BitGo's 2024 custody restructuring with Justin Sun-linked BiT Global sparked controversy, leading MakerDAO to consider offboarding and accelerating competition from cbBTC and tBTC • WBTC still holds 62% of all wrapped BTC on Ethereum but faces a fragmented market where users choose