What is tBTC?

Developed by the Cross-Chain Group, tBTC is a decentralized and trustless system for wrapping bitcoin (BTC) on the Ethereum network. Each tBTC token is an ERC-20 token redeemable for BTC at a 1:1 ratio, with a total supply that is also pegged to the total supply of BTC. By minting tBTC, users create bitcoin tokens (without a middleman) that enable them to use wrapped bitcoin in Ethereum's decentralized finance (DeFi) ecosystem.