Coinbase is launching cbBTC, its own wrapped Bitcoin token on the Base blockchain. This new token is expected to build a robust Bitcoin economic system within the Base network. cbBTC aims to offer Bitcoin holders efficient, low-fee access to decentralized finance (DeFi) applications. With WBTC's recent controversies involving Justin Sun, cbBTC could become a significant competitor. The introduction of cbBTC represents Coinbase's push to integrate Bitcoin more seamlessly into the DeFi space, potentially transforming how Bitcoin is used in decentralized ecosystems.