Wrapped Assets
Wrapped Assets evaluated across who can move the bitcoin, who is allowed to redeem, how tightly the reserve is actually proven, and published dated cost.
8providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
10 November 2026oldest read · due 25 DecIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
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Pick a country to see which wrapped assets serve it. Nothing is hidden — any that does not is listed with that reason.- 🇺🇸 United States
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7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: wrapped bitcoin, which lets you hold bitcoin that sits in a reserve you cannot see yourself.Not ranked here: wrapped assets other than bitcoin, and products with no bitcoin reserve behind them.7 of the 8 assessed are ranked; 1 were turned away by name. Who, and whyRequirements narrow the list; they never change a published ChainChoice Score. How the ranking works
TB
tBTC (Threshold Network)
How tBTC (Threshold Network) was chosen
Leads this ranking on Who is allowed to redeemBTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account.
81 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Who can move the bitcoinWho is allowed to redeem
Why it leads
- tBTC (Threshold Network) is 11 points ahead of Lombard Staked BTC (LBTC), mainly because it scores higher on its redemption access and its custody control.
- Best in this ranking on custody control and redemption access
- Ahead of Lombard Staked BTC (LBTC) on redemption access (+7.0 points) and custody control (+6.0 points)
Tradeoff
Reserve proof: 3 points below the best in this ranking
Estimated cost for you
$24 / year
Based on $1,000 monthly volume
How this is calculated
$1,000 a month × 12 months × 0.2% transfer fee = $24 / yearThe monthly volume: yours, from Your setup.The 0.2% transfer fee: tBTC (Threshold Network)’s published fees, read 10 November 2026.The provider page prices it with the same model; the published order does not move.Share
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3
The original ERC-20 bitcoin wrapper
57 / 100 out of 100
Not priced
4
A BTC-denominated token
52 / 100 out of 100
Not priced
5
BTC held by Coinbase against a token minted...
51 / 100 out of 100
Not priced
6
BTC held in MPC custodial addresses under a...
48 / 100 out of 100
Not priced
7
A single-issuer bitcoin peg on BNB Smart Chain,...
44 / 100 out of 100
Not priced
Not confirmed (1) — not ranked until its source is read again; listed, not ruled out.
- Kraken Wrapped Bitcoin (kBTC) · Re-read pending, its terms bar automated reads: Kraken's terms bar bots, scripts and scraping on its pages..
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See key differences in features, fees, security and more.
Published cost
Published dated cost
18% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Published cost (0–10) | ChainChoice Score |
|---|---|---|
| tBTC (Threshold Network) | 10 | 81 |
| Lombard Staked BTC (LBTC) | 9 | 70 |
| SolvBTC (Solv Protocol) | 5 | 52 |
| Wrapped Bitcoin (WBTC) | 3 | 57 |
| Coinbase Wrapped BTC (cbBTC) | 2 | 51 |
| Binance-Peg BTCB | 2 | 44 |
| Ignition FBTC (Function) | 1 | 48 |
Custody control
Who can move the bitcoin
32% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Custody control (0–10) | ChainChoice Score |
|---|---|---|
| tBTC (Threshold Network) | 9 | 81 |
| Lombard Staked BTC (LBTC) | 6 | 70 |
| Wrapped Bitcoin (WBTC) | 4 | 57 |
| Coinbase Wrapped BTC (cbBTC) | 4 | 51 |
| SolvBTC (Solv Protocol) | 3 | 52 |
| Ignition FBTC (Function) | 3 | 48 |
| Binance-Peg BTCB | 2 | 44 |
Reserve proof
How tightly the reserve is actually proven
22% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Reserve proof (0–10) | ChainChoice Score |
|---|---|---|
| Wrapped Bitcoin (WBTC) | 9 | 57 |
| Lombard Staked BTC (LBTC) | 8 | 70 |
| tBTC (Threshold Network) | 6 | 81 |
| Ignition FBTC (Function) | 6 | 48 |
| Coinbase Wrapped BTC (cbBTC) | 4 | 51 |
| SolvBTC (Solv Protocol) | 3 | 52 |
| Binance-Peg BTCB | 1 | 44 |
Redemption access
Who is allowed to redeem
28% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Redemption access (0–10) | ChainChoice Score |
|---|---|---|
| tBTC (Threshold Network) | 8 | 81 |
| Lombard Staked BTC (LBTC) | 4 | 70 |
| SolvBTC (Solv Protocol) | 4 | 52 |
| Binance-Peg BTCB | 4 | 44 |
| Coinbase Wrapped BTC (cbBTC) | 3 | 51 |
| Wrapped Bitcoin (WBTC) | 2 | 57 |
| Ignition FBTC (Function) | 2 | 48 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | tBTC (Threshold Network) | 9 | 8 | 6 | 10 | 81 |
| 2 | Lombard Staked BTC (LBTC) | 6 | 4 | 8 | 9 | 70 |
| 3 | Wrapped Bitcoin (WBTC) | 4 | 2 | 9 | 3 | 57 |
| 4 | SolvBTC (Solv Protocol) | 3 | 4 | 3 | 5 | 52 |
| 5 | Coinbase Wrapped BTC (cbBTC) | 4 | 3 | 4 | 2 | 51 |
| 6 | Ignition FBTC (Function) | 3 | 2 | 6 | 1 | 48 |
| 7 | Binance-Peg BTCB | 2 | 4 | 1 | 2 | 44 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which wrapped assets were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads 3 of 4
Published criterionWtScore, and the best hereGap/10 out of 10Pts
Who can move the bitcoin7.7·99.2
Who is allowed to redeem6.7·87.2
How tightly the reserve is actually proven5.3−364.2
Published dated cost4.3·105.8
Σ methodology points26.4/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why tBTC (Threshold Network) leads this category right now
BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account. Strongest on published dated cost (10/10): tBTC's Bridge contract sets both treasury fee divisors at 500, and Threshold's docs state "The mint and redemption fee is 0.2% or 20 basis points", reinstated on April 15, 2026. A 1 BTC round trip costs 0.003996 BTC before any $T-staking waiver, whose schedule is unpublished. Weakest on how tightly the reserve is actually proven (6/10): No Chainlink proof-of-reserve feed is listed for tBTC. The reserve sits in Bridge wallets that are public contract state (eight live wallets), but Threshold's docs page publishes no figure setting their bitcoin balance against the 4,176.78 tBTC supply on Ethereum. Published price: On-chain parameter, read from the tBTC Bridge at 0x5e4861a80B55f035D899f66772117F00FA0E8e7B on Ethereum at block 26383724 (2026-11-10, via ethereum-rpc.publicnode.com): depositParameters() returns depositTreasuryFeeDivisor 500 and redemptionParameters()…
Best for
Published dated cost — 10/10
Main tradeoff
Minting and redemption were paused from 30/31 October to 9 November 2026. Aave V3 Ethereum Core froze tBTC on 31 October 2026 after "Threshold Network issued a pre-emptive pause of tBTC mints & redeems" (LlamaRisk, governance.aave.com/t/25965). Secondary reports tie the pause to node operators patching a Linux kernel vulnerability (CVE-2026-98432) and quote Threshold that "no funds have been lost". Threshold's own notices were posted only on X, which we could not read, and our reads do not establish whether the Bridge contract itself or only the Threshold app stopped accepting redemption requests during the pause. Threshold's update of 9 November says "The tBTC bridge is fully operational and the UI has been re-enabled. Deposits, mints, and redemptions are processing normally", and on-chain mints and burns resumed by 10 November. On 10 November at 23:24 UTC (block 26387780) Aave V3 Ethereum still read tBTC as frozen, with LTV 0 and a 78% liquidation threshold: existing positions are unchanged, but tBTC cannot be newly supplied there or add borrowing power.
Verify before signup
On-chain parameter, read from the tBTC Bridge at 0x5e4861a80B55f035D899f66772117F00FA0E8e7B on Ethereum at block 26383724 (10 November 2026, via ethereum-rpc.publicnode.com): depositParameters() returns depositTreasuryFeeDivisor 500 and redemptionParameters() returns redemptionTreasuryFeeDivisor 500, unchanged since the 6 August 2026 read. Fee = 1/500, that is 0.2% each way (our arithmetic). The docs page (https://
Recommendation summary
What should decide this category
Can you personally redeem for bitcoin, or only sell to someone else?
How many parties have to agree before the underlying can move?
Can you finish the reserve arithmetic yourself, or must you trust a feed?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
TB
tBTC (Threshold Network)
BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account.
BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account. Strongest on published dated cost (10/10): tBTC's Bridge contract sets both treasury fee divisors at 500, and Threshold's docs state "The mint and redemption fee is 0.2% or 20 basis points", reinstated on April 15, 2026. A 1 BTC round trip costs 0.003996 BTC before any $T-staking waiver, whose schedule is unpublished. Weakest on how tightly the reserve is actually proven (6/10): No Chainlink proof-of-reserve feed is listed for tBTC. The reserve sits in Bridge wallets that are public contract state (eight live wallets), but Threshold's docs page publishes no figure setting their bitcoin balance against the 4,176.78 tBTC supply on Ethereum. Published price: On-chain parameter, read from the tBTC Bridge at 0x5e4861a80B55f035D899f66772117F00FA0E8e7B on Ethereum at block 26383724 (2026-11-10, via ethereum-rpc.publicnode.com): depositParameters() returns depositTreasuryFeeDivisor 500 and redemptionParameters()…
Best for: Published dated cost — 10/10
Who can move the bitcoin · weight 32%9/10Who is allowed to redeem · weight 28%8/10How tightly the reserve is actually proven · weight 22%6/10Published dated cost · weight 18%10/10
Quick pick
Lombard Staked BTC (LBTC)
A yield-bearing bitcoin token whose backing earns through a covered-call options strategy, redeemable for native BTC by eligible holders within up to 10 days.
A yield-bearing bitcoin token whose backing earns through a covered-call options strategy, redeemable for native BTC by eligible holders within up to 10 days. Strongest on published dated cost (9/10): Lombard's fee page, last updated on November 2, 2026, lists a 0% minting fee, a redemption fee of "0.0001 LBTC (fixed)" on "All redemptions on all chains" and "20% of covered-call strategy gains". A 1 BTC round trip costs 0.0001 LBTC before the cut taken from strategy gains. Weakest on who is allowed to redeem (4/10): Lombard's docs state "You can redeem your BTC at any time. The process takes up to 10 days due to Lombard's redemption and rebalancing cycle." They add that direct mint and redemption are "not available to US or UK persons or to other restricted jurisdictions"; for those holders the exit is the secondary market. Published price: Lombard docs fee page (https://docs.lombard.finance/use/lbtc/fees), read 2026-11-10 (HTTP 200), dated on its face "Last updated on November 2, 2026". Minting: "Amount: 0% (Ethereum mints authorize a small network gas fee)" and "Other chains: No minting fee.
Best for: Published dated cost — 9/10
Who can move the bitcoin · weight 32%6/10Who is allowed to redeem · weight 28%4/10How tightly the reserve is actually proven · weight 22%8/10Published dated cost · weight 18%9/10
Quick pick
Wrapped Bitcoin (WBTC)
The original ERC-20 bitcoin wrapper, custodied under a three-key split across the US, Hong Kong and Singapore, mintable and burnable only by DAO-approved merchants.
The original ERC-20 bitcoin wrapper, custodied under a three-key split across the US, Hong Kong and Singapore, mintable and burnable only by DAO-approved merchants. Strongest on how tightly the reserve is actually proven (9/10): WBTC's Chainlink reserve feed shows 116,144.65 BTC against 116,132.18 WBTC on Ethereum, with a near-zero deviation threshold. The transparency page itemises the custodian's bitcoin addresses: 116,492.03 BTC in reserve against 116,479.19 WBTC in circulation. Weakest on who is allowed to redeem (2/10): WBTC's site states "Only identity-verified institutions, approved through DAO governance, can mint and burn WBTC." Its FAQ adds "Direct redemption is also available through authorized WBTC merchants." A holder without a merchant relationship can only sell on the secondary market. Published price: WBTC publishes no protocol-level fee page; the price is set by whichever merchant you transact with.
Best for: How tightly the reserve is actually proven — 9/10
Who can move the bitcoin · weight 32%4/10Who is allowed to redeem · weight 28%2/10How tightly the reserve is actually proven · weight 22%9/10Published dated cost · weight 18%3/10
Quick pick
SolvBTC (Solv Protocol)
A BTC-denominated token whose reserve is a tiered mix of native bitcoin and other issuers' wrapped bitcoin, redeemed in weekly Monday batches.
A BTC-denominated token whose reserve is a tiered mix of native bitcoin and other issuers' wrapped bitcoin, redeemed in weekly Monday batches. Strongest on published dated cost (5/10): Solv's docs state "Currently no fees for redeeming SolvBTC", but the mint leg reads only "A fee applies, varying by the wrapped Bitcoin used", and a table gives the deposit fee as a range: "0%–0.3% (varies by wrapped BTC & chain)". One direction has an exact price; the other has none. Weakest on who can move the bitcoin (3/10): Solv's docs state "Native BTC and BTCB currently form the core reserves, while WBTC, FBTC, cbBTC, BTC.b, and tBTC are classified as innovative reserves." A SolvBTC holder therefore inherits those issuers' custody, including BTCB's single-issuer arrangement. Another docs passage counts cbBTC among the core assets. Published facts: Solv docs, read 2026-11-10 (HTTP 200) in the documentation corpus at docs.solv.finance/llms-full.txt: "**Minting Fees:** A fee applies, varying by the wrapped Bitcoin used, as most are converted back to BTC to maintain the tiered reserve’s integrity." and…
Best for: Published dated cost — 5/10
Who can move the bitcoin · weight 32%3/10Who is allowed to redeem · weight 28%4/10How tightly the reserve is actually proven · weight 22%3/10Published dated cost · weight 18%5/10
Considered and not ranked
1 product we looked at and left out
A shortlist is only honest if it says who it turned away. It was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 8 products here and rank 7 — 88% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
Kraken Wrapped Bitcoin (kBTC)· Terms bar bot reads
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Verification failure: an invalid state or transfer is accepted.
- Regulatory failure: no licence where you are, or a forced market exit.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on who can move the bitcoin and how many of them, whether you can redeem or only an approved institution can, how tightly the reserve is actually proven, and what it costs on a published, dated page.
Data checked Nov 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best wrapped asset in 2026?
tBTC (Threshold Network) ranks #1 overall for wrapped assets on ChainChoice. BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Custody failure: whoever holds the assets loses or withholds them.Scored by Who can move the bitcoin · 32% (tBTC (Threshold Network) 9/10, Lombard Staked BTC (LBTC) 6/10, Wrapped Bitcoin (WBTC) 4/10)
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by How tightly the reserve is actually proven · 22% (tBTC (Threshold Network) 6/10, Lombard Staked BTC (LBTC) 8/10, Wrapped Bitcoin (WBTC) 9/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by Who is allowed to redeem · 28% (tBTC (Threshold Network) 8/10, Lombard Staked BTC (LBTC) 4/10, Wrapped Bitcoin (WBTC) 2/10)
Not assessed by this ranking: Contract failure, Control failure, Verification failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Published dated cost (18%).
FAQs
3 questions readers ask before choosing wrapped assets.
Frequently asked
Questions people ask before choosing wrapped BTC
Can I actually redeem my wrapped bitcoin for real bitcoin?
Often not personally. Several products in this pool restrict redemption to approved institutional partners, which means a retail holder's only exit is the market — fine in normal conditions and precisely the wrong assumption in a stress event, because the peg holds through arbitrage by exactly the parties who are allowed to redeem. Where retail redemption does exist it usually carries a minimum, so check the minimum against your position size rather than the existence of the mechanism. This is weighted second-heaviest here for that reason.
Is a proof-of-reserve feed the same as proof the bitcoin is there?
No, and the differences between these feeds are larger than the category implies. A feed has a deviation threshold — how far the reserve can drift before it updates — and an update cadence, and one product's published reserve currently sits above its supply with no obligation to move. The strongest position in this pool is held by the product with no oracle at all: it publishes a single bitcoin address alongside the same token contract on four chains, so a buyer can add it up without trusting an intermediary. A feed you cannot audit is a better user experience and a weaker guarantee.
Does it matter who custodies the bitcoin if the token trades fine?
It matters more than anything else on this page, because custody is the failure that takes the entire supply rather than one position. The question is not whether a custodian is reputable today but how many independent parties must agree before the underlying can move, and whether that arrangement changed recently — the largest product in this category went through a custody transition that prompted other protocols to reassess it as collateral. Read the current signer arrangement rather than the brand, and re-read it after any announced transition.
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Best picks
Best wrapped assets in 2026
Start with redemption, because it is the difference between owning a claim and owning a queue position. On several of these, only an approved institution can redeem — a retail holder exits by selling, which works until the day everyone wants out at once. Then ask who can move the underlying and how many of them have to agree, since that is the failure that takes the whole supply rather than your position. Proof of reserve is third and it is not a formality: the tightest check in this pool belongs to the product with no oracle at all, because it publishes one bitcoin address and one token contract, so the arithmetic closes without trusting anybody. Cost is real but small next to those three.
Best overall
TB
tBTC (Threshold Network)
BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account.
Data checked Nov 2026
BTC held by a rotating threshold-signature operator set, mintable and redeemable by any address without an account. Strongest on published dated cost (10/10): tBTC's Bridge contract sets both treasury fee divisors at 500, and Threshold's docs state "The mint and redemption fee is 0.2% or 20 basis points", reinstated on April 15, 2026. A 1 BTC round trip costs 0.003996 BTC before any $T-staking waiver, whose schedule is unpublished. Weakest on how tightly the reserve is actually proven (6/10): No Chainlink proof-of-reserve feed is listed for tBTC. The reserve sits in Bridge wallets that are public contract state (eight live wallets), but Threshold's docs page publishes no figure setting their bitcoin balance against the 4,176.78 tBTC supply on Ethereum. Published price: On-chain parameter, read from the tBTC Bridge at 0x5e4861a80B55f035D899f66772117F00FA0E8e7B on Ethereum at block 26383724 (2026-11-10, via ethereum-rpc.publicnode.com): depositParameters() returns depositTreasuryFeeDivisor 500 and redemptionParameters()…
Best for: Published dated cost — 10/10
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MS
Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research