Which wrapped BTC is posted as collateral

Name: Which wrapped BTC is posted as collateral
Creator: Onchain BTC Research

Which wrapper do borrowers actually pledge, and is that changing?

The largest share of wrapped BTC posted as lending collateral is cbBTC at 60.9%, followed by WBTC at 33.1%. The three largest account for 98.4%.2026-09-26

Source: Aave v3, Morpho Blue, Spark — Onchain BTC ResearchMethodology

View underlying data

Date against each series, in percent.
Date	cbBTC	WBTC	LBTC	tBTC	Other wrappers
2026-01-01	51%	42%	5.3%	1.6%	0.5%
2026-01-03	51%	42%	5.3%	1.6%	0.5%
2026-01-05	51%	41%	5.3%	1.6%	0.4%
2026-01-07	51%	41%	5.3%	1.6%	0.4%
2026-01-09	51%	41%	5.5%	1.6%	0.4%
2026-01-11	51%	41%	5.5%	1.6%	0.4%
2026-01-13	51%	41%	5.5%	1.6%	0.4%
2026-01-15	51%	41%	5.5%	1.6%	0.5%
2026-01-17	51%	41%	5.5%	1.6%	0.5%
2026-01-19	52%	41%	5.4%	1.6%	0.5%
2026-01-21	51%	41%	5.5%	1.6%	0.5%
2026-01-23	52%	41%	5.4%	1.6%	0.5%
2026-01-25	52%	40%	5.3%	1.6%	0.5%
2026-01-27	53%	40%	5.5%	1.6%	0.5%
2026-01-29	52%	39%	6.1%	1.6%	0.4%
2026-01-31	52%	40%	6.3%	1.6%	0.5%
2026-02-02	52%	40%	6.3%	1.6%	0.3%
2026-02-04	53%	39%	6.3%	1.5%	0.5%
2026-02-06	54%	37%	6.1%	1.6%	0.5%
2026-02-08	55%	37%	6.2%	1.6%	0.6%
2026-02-10	55%	37%	5.8%	1.5%	0.6%
2026-02-12	55%	37%	5.5%	1.5%	0.6%
2026-02-14	55%	37%	5.6%	1.6%	0.6%
2026-02-16	55%	37%	5.4%	1.5%	0.6%
2026-02-18	56%	37%	5.3%	1.5%	0.6%
2026-02-20	56%	37%	5.2%	1.5%	0.6%
2026-02-22	56%	37%	5.1%	1.5%	0.6%
2026-02-24	56%	36%	5.2%	1.5%	0.5%
2026-02-26	56%	37%	5.3%	1.6%	0.6%
2026-02-28	56%	37%	5.3%	1.5%	0.6%
2026-03-02	56%	37%	5.4%	1.6%	0.6%
2026-03-04	55%	37%	5.5%	1.6%	0.6%
2026-03-06	56%	37%	5.3%	1.6%	0.5%
2026-03-08	56%	37%	5.3%	1.6%	0.5%
2026-03-10	56%	37%	5.3%	1.6%	0.5%
2026-03-12	56%	37%	5.2%	1.5%	0.5%
2026-03-14	56%	37%	5.2%	1.6%	0.5%
2026-03-16	55%	37%	5.2%	1.6%	0.4%
2026-03-18	55%	37%	5.2%	1.6%	0.4%
2026-03-20	56%	37%	5.1%	1.6%	0.3%
2026-03-22	56%	37%	5.1%	1.6%	0.3%
2026-03-24	56%	37%	5.1%	1.7%	0.3%
2026-03-26	56%	37%	5.1%	1.7%	0.3%
2026-03-28	56%	37%	5.1%	1.8%	0.3%
2026-03-30	55%	38%	5.2%	1.8%	0.3%
2026-04-01	56%	37%	5.1%	1.8%	0.3%
2026-04-03	56%	37%	5.0%	1.8%	0.3%
2026-04-05	56%	37%	5.0%	1.9%	0.3%
2026-04-07	56%	37%	4.8%	2.0%	0.3%
2026-04-09	56%	37%	4.7%	2.1%	0.3%
2026-04-11	56%	37%	4.8%	2.1%	0.3%
2026-04-13	56%	36%	4.8%	2.1%	0.3%
2026-04-15	56%	37%	4.6%	2.1%	0.3%
2026-04-17	56%	37%	5.0%	2.1%	0.3%
2026-04-19	53%	39%	5.4%	2.3%	0.4%
2026-04-21	54%	38%	5.7%	2.1%	0.4%
2026-04-23	55%	37%	5.6%	2.1%	0.4%
2026-04-25	55%	37%	5.7%	2.1%	0.4%
2026-04-27	55%	37%	5.6%	2.1%	0.4%
2026-04-29	55%	37%	5.6%	2.0%	0.4%
2026-05-01	55%	37%	5.6%	2.0%	0.4%
2026-05-03	55%	37%	5.6%	2.0%	0.4%
2026-05-05	54%	37%	5.8%	2.0%	0.3%
2026-05-07	55%	37%	5.7%	2.0%	0.3%
2026-05-09	57%	36%	5.4%	1.9%	0.3%
2026-05-11	57%	36%	5.6%	1.9%	0.3%
2026-05-13	56%	36%	5.7%	1.9%	0.3%
2026-05-15	56%	36%	5.9%	1.9%	0.2%
2026-05-17	57%	36%	5.3%	1.9%	0.2%
2026-05-19	57%	36%	5.5%	1.9%	0.2%
2026-05-21	57%	36%	5.5%	1.8%	0.2%
2026-05-23	57%	36%	5.5%	1.8%	0.2%
2026-05-25	57%	36%	5.2%	1.9%	0.2%
2026-05-27	57%	35%	5.2%	1.9%	0.2%
2026-05-29	58%	35%	5.2%	1.8%	0.2%
2026-05-31	58%	35%	5.3%	1.8%	0.2%
2026-06-02	59%	34%	5.2%	1.8%	0.2%
2026-06-04	58%	35%	5.6%	1.8%	0.2%
2026-06-06	58%	35%	5.8%	1.8%	0.2%
2026-06-08	58%	35%	5.8%	1.8%	0.2%
2026-06-10	58%	34%	5.8%	1.8%	0.2%
2026-06-12	57%	35%	5.8%	1.8%	0.2%
2026-06-14	57%	35%	5.8%	1.8%	0.2%
2026-06-16	57%	35%	5.9%	1.8%	0.2%
2026-06-18	57%	35%	5.9%	1.8%	0.2%
2026-06-20	57%	35%	5.9%	1.8%	0.2%
2026-06-22	57%	35%	5.8%	1.8%	0.2%
2026-06-24	57%	35%	5.8%	1.8%	0.2%
2026-06-26	59%	34%	5.6%	1.8%	0.2%
2026-06-28	59%	34%	5.6%	1.8%	0.2%
2026-06-30	59%	34%	5.5%	1.8%	0.2%
2026-07-02	59%	33%	5.4%	1.7%	0.2%
2026-07-04	59%	33%	5.4%	1.7%	0.2%
2026-07-06	59%	34%	5.4%	1.8%	0.2%
2026-07-08	59%	33%	5.4%	1.8%	0.2%
2026-07-10	59%	33%	5.4%	1.8%	0.2%
2026-07-12	59%	33%	5.5%	1.8%	0.2%
2026-07-14	59%	33%	5.4%	1.8%	0.2%
2026-07-16	60%	33%	5.4%	1.8%	0.2%
2026-07-18	60%	33%	5.4%	1.8%	0.2%
2026-07-20	60%	33%	5.4%	1.8%	0.2%
2026-07-22	59%	33%	5.4%	1.8%	0.2%
2026-07-24	59%	33%	5.3%	1.8%	0.2%
2026-07-26	59%	33%	5.3%	1.8%	0.2%
2026-07-28	60%	33%	5.3%	1.7%	0.2%
2026-07-30	59%	33%	5.3%	1.7%	0.2%
2026-08-01	59%	34%	5.3%	1.7%	0.2%
2026-08-03	59%	33%	5.3%	1.7%	0.2%
2026-08-05	60%	34%	5.0%	1.7%	0.2%
2026-08-07	60%	33%	5.0%	1.7%	0.2%
2026-08-09	60%	34%	5.0%	1.5%	0.2%
2026-08-11	59%	34%	5.0%	1.5%	0.2%
2026-08-13	59%	34%	5.0%	1.5%	0.2%
2026-08-15	59%	34%	5.1%	1.5%	0.2%
2026-08-17	59%	34%	5.0%	1.5%	0.2%
2026-08-19	60%	34%	5.0%	1.5%	0.2%
2026-08-21	60%	33%	5.0%	1.5%	0.2%
2026-08-23	61%	33%	5.0%	1.5%	0.2%
2026-08-25	61%	33%	5.0%	1.5%	0.2%
2026-08-27	61%	32%	5.0%	1.5%	0.2%
2026-08-29	60%	33%	5.0%	1.5%	0.2%
2026-08-31	61%	33%	4.9%	1.5%	0.2%
2026-09-02	61%	33%	4.9%	1.5%	0.2%
2026-09-04	61%	33%	4.8%	1.5%	0.2%
2026-09-06	61%	33%	4.9%	1.5%	0.2%
2026-09-08	61%	33%	4.8%	1.5%	0.2%
2026-09-10	61%	33%	4.6%	1.5%	0.2%
2026-09-12	61%	33%	4.7%	1.5%	0.2%
2026-09-14	61%	33%	4.6%	1.5%	0.2%
2026-09-16	61%	33%	4.6%	1.5%	0.2%
2026-09-18	61%	33%	4.4%	1.4%	0.2%
2026-09-20	61%	33%	4.4%	1.4%	0.2%
2026-09-22	61%	33%	4.4%	1.4%	0.2%
2026-09-24	61%	33%	4.4%	1.4%	0.2%
2026-09-26	61%	33%	4.4%	1.4%	0.2%

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Also as: levels, linear

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19 Jun 2026ResearchWrapped BTC as DeFi collateral: two venues hold 77% of what is coveredOf 120k BTC of wrapped Bitcoin pledged as collateral at the venues this site indexes, 93k sits at Aave v3 on Ethereum and Morpho Blue on Base. Those two venues set risk parameters through different processes.
LendingChartWrapped BTC posted as lending collateralWhich lending venues actually hold wrapped BTC as collateral?
LendingChartWrapped BTC collateral by lending protocolIs wrapped BTC collateral concentrating in fewer protocols?

Which wrapped BTC is posted as collateral

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