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.
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.
TB
#1 of 7 · published ranking
tBTC (Threshold Network)
81ChainChoice Score
4199
Why it leads
tBTC (Threshold Network) scores higher than everything else in this ranking on its custody control and its redemption access.
Show the arithmetic
Best in this ranking on custody control and redemption access
Cost
Not priced· Only 2 of 7 publish a comparable price
ReviewedNext review by Published Methodology v2026.11.1
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.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 7 products · same inputs, same order
How we review · 7 ranked of 8 assessed · 4 criteria · 0 sponsor weight
How we review
7ranked
8assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
Personal comparison
Wrapped Assets ranked comparison
Only 2 of 7 providers publish a comparable price; ranking still uses verified product evidence.
RankProviderBest fitScore
1
TBtBTC (Threshold Network)BTC held by a rotating threshold-signat...Top ranked
Published dated cost — 10/10Trade-off: Minting and redemption were paused from 30/31 October to 9 November 2026. Aave V3 Eth...
81score
Check availability for your country
tBTC (Threshold Network) · docs.threshold.network. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Published dated cost — 9/10Trade-off: LBTC is not a 1:1 wrapper and is scored here anyway because buyers shop it against on...
70score
Check availability for your country
Lombard Staked BTC (LBTC) · docs.lombard.finance. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3
Wrapped Bitcoin (WBTC)The original ERC-20 bitcoin wrapper, cu...
How tightly the reserve is actually proven — 9/10Trade-off: You are buying the best reserve proof in the category attached to the worst redemptio...
57score
Check availability for your country
Wrapped Bitcoin (WBTC) · wbtc.network. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Published dated cost — 5/10Trade-off: SolvBTC's own documentation disagrees with itself about what backs it — one page says...
52score
Check availability for your country
SolvBTC (Solv Protocol) · solv.finance. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
5
Coinbase Wrapped BTC (cbBTC)BTC held by Coinbase against a token mi...
Who can move the bitcoin — 4/10Trade-off: Nothing about cbBTC's terms — fees, eligibility, custody structure, redemption SLA —...
51score
Check availability for your country
Coinbase Wrapped BTC (cbBTC) · coinbase.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
6
Ignition FBTC (Function)BTC held in MPC custodial addresses und...
How tightly the reserve is actually proven — 6/10Trade-off: A Safety Committee can call emergencyBurn against a specific address and amount, so y...
48score
Check availability for your country
Ignition FBTC (Function) · fbtc.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
1 more assessed and ranked below — none of them hidden for commercial reasons.
Ranked on 4 published criteria weighted 32/28/22/18, which set goal alignment — 30 of the 86 points. The rest: regional access 20 (constant here), evidence depth 18 (constant here), ease of use 10 (constant here), institutional trust 8 (constant here). Profile match is shown in breakdowns but carries no weight.
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%).
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
10 November 2026
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
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.
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?
Current engine lead
The #1 overall and the scoring weights
TB
tBTC (Threshold Network)Data checked Nov 2026
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 15 April 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 (10 November 2026, via ethereum-rpc.publicnode.com): depositParameters() returns depositTreasuryFeeDivisor 500 and redemptionParameters()…
Best forPublished dated cost — 10/10
Main tradeoffMinting 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 signupOn-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://docs.threshold.network/tbtc-v2, read 10 November 2026, HTTP 200) states the same figure in words: "The mint and redemption fee is 0.2% or 20 basis points" and "The mint fee was initially offset to support adoption; however, following a recent governance decision, it was reinstated on April 15, 2026." and also "Minting and redemption fees are set at 20 basis points to support decentralized bridge operations. However, these fees can be partially or fully offset by staking $T". Worked example, headline rate with no T staked (our arithmetic, not a page string): a 1 BTC round trip costs 0.002 BTC to mint and 0.001996 BTC to redeem, 0.003996 BTC in all, before Bitcoin miner fees and gas; the docs do not publish the schedule that maps T staked to a waiver. The same call returns redemptionTxMaxTotalFee 1000000 (satoshi, that is 0.01 BTC) as the cap on Bitcoin network fees deducted from a redemption, and redemptionTimeout 2246400 seconds (26 days), which read 1123200 (13 days) on 28 October 2026.
Weighted criteria
Who can move the bitcoin32%
Who is allowed to redeem28%
How tightly the reserve is actually proven22%
Published dated cost18%
Methodology
How this category is reviewed
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.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
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.
Reviewed10 November 2026Method4 criteriaCategorywrapped_assets
Not financial advice · For informational purposes only · Always do your own research
