Wrapped Backed Coinbase Global 

WBCOIN Price

What is Wrapped Backed Coinbase Global (wbCOIN) tokenized stock?

Wrapped Backed Coinbase Global (wbCOIN) is a wrapped, non-rebasing ERC-20 token that gives DeFi users on-chain exposure to Coinbase Global Class A stock (NASDAQ: COIN) — tokenized equity tradable without leaving a DEX. The wrapper tracks bCOIN, a tracker certificate issued by Backed Finance AG under an approved EU prospectus. Backed announced wbCOIN on March 7, 2025, alongside the bCOIN launch on Base. Each wbCOIN tracks one COIN share, so the token carries equity price exposure — not a claim on Coinbase itself.

Is wbCOIN backed by real COIN shares?

Yes. Each wbCOIN represents wrapped bCOIN exposure tracking one share of Coinbase Global Class A stock, with the underlying ISIN US19260Q1076. The certificate is fully collateralized by Coinbase Global stock. Backed Assets (JE) Limited is the issuer of record, and each token is a legal claim on that issuer. Holders gain price exposure to COIN stock, not direct shareholder rights — dividends and splits flow into the underlying certificate through rebasing.

What is the difference between Backed's bCOIN and wbCOIN?

bCOIN rebases — its holder balance adjusts to reflect dividends and stock splits in the underlying COIN shares. wbCOIN never rebases, so its balance stays fixed. DeFi protocols require stable balances; a rebasing token would break AMM pool accounting. The wbCOIN variant exists specifically to solve that composability problem, enabling AMM pools and lending collateral that bCOIN's rebasing design cannot support.

Can I redeem wbCOIN for actual Coinbase stock?

Redemption routes through the underlying bCOIN certificate, not directly into NASDAQ shares. Backed supports full redemption for existing holders; new issuance of bTokens is no longer available. Redemption carries a 0.5% issuance/redemption fee, and eligibility is limited to qualified investors — US persons and sanctioned individuals are excluded. Backed's service providers — Alpaca Securities LLC, InCore Bank AG, and Maerki Baumann & Co. AG — process the underlying issuance and redemption.

Is wbCOIN issued by Coinbase?

No. wbCOIN is issued by Backed Finance AG, based in Zug, Switzerland, and wraps a tokenized equity. Coinbase's own wrapped assets — cbBTC and Coinbase Wrapped XRP — are custodial wrappers of cryptocurrencies, a different issuer and a different instrument class. Backed's xStocks line (Solana SPL, x-suffix tickers) and Reality Protocol rTokens (r-prefix) are separate products with different custody. The shared "wrapped" naming is the only overlap.

Where can I buy wbCOIN?

Trading is DEX-only. No centralized exchange spot markets and no derivatives markets list wbCOIN. The verified pair is wbCOIN/USDC on Aerodrome (Base) — the same pool Backed launched with in March 2025 — and CoW Swap offers USDC/wbCOIN routing as a secondary path. Liquidity risk is material: depth sits on a single DEX pair on a single chain, so slippage on any size above trivial is likely.

Can wbCOIN be traded when NASDAQ is closed?

Yes. Per Backed's launch announcement, bCOIN and wbCOIN trade 24/7 on DEX pools without intermediaries — including outside NASDAQ market hours, when the underlying COIN equity itself does not trade. Off-hours price discovery depends on the COIN arbitrage path through Backed's redemption rails, so the on-chain price can deviate from the last equity close during those windows.

How does wbCOIN supply and tokenomics work?

wbCOIN supply has no fixed maximum — it is an elastic mint/redeem inventory driven by how much bCOIN holders wrap through Backed's interface; per DropsTab data, the live figure sits on the token's Supply panel. There is no emission schedule, no team or investor allocations, and no unlock calendar. The small float reflects wrap demand, not scarcity — supply can grow mechanically as more bCOIN gets wrapped.

Which blockchains does wbCOIN run on?

Per DropsTab data, the same wbCOIN contract address (0xdec933e2392ad908263e70a386fbf34e703ffe8f) is deployed on four EVM chains: Ethereum, Base, Polygon, and Gnosis. Activity concentrates on Base, where the Aerodrome pool lives. On Ethereum the contract shows zero holders and zero transfers. The contract is an EIP-1967 proxy with an implementation contract and 18 decimals.