<p><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDkvMDE5MjFhZTAtNmU3ZS03MzVlLTgwNzMtZDU3MTI0MWJlZDkw.jpg"></p><p>Coinbase's cbBTC is backed at a 1:1 ratio with Bitcoin, which serves as the underlying asset for the tokenized BTC wrapper.</p>