Chainlink has enabled transfers of Coinbase’s wrapped Bitcoin token, cbBTC, from Base to the Monad blockchain using its cross-chain interoperability protocol (CCIP), enabling more than $5 billion worth of cbBTC to move into the Monad ecosystem.
According to Monday’s announcement from Monad, the integration brings cbBTC into the Monad DeFi ecosystem, where a bevy of applications, including Curvance and Neverland, are adopting cbBTC markets.
The move introduces Bitcoin-backed liquidity to lending, borrowing and other decentralized finance (DeFi) applications on Monad, an EVM-compatible layer-1 blockchain designed for high-throughput trading and financial use cases.
Coinbase launched cbBTC in September 2024 as a wrapped Bitcoin token on Ethereum and Base, backed 1:1 by BTC held in custody and designed to automatically mint and redeem against Bitcoin deposits on the exchange.
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