Performances
RD Popularity Index
RD Growth Index
Comparison
Follow Updates
Follow Lists
People
About tBTC
tBTC is a 1:1 Bitcoin-backed ERC-20 token that bridges Bitcoin to Ethereum and other chains via the Threshold Network's threshold-signature scheme. Users deposit BTC into a decentralized group of independent signers, mint TBTC, and can redeem it for the original BTC at any time. Its core value proposition is trust minimization: no centralized intermediary, with a four-year production history and zero security incidents. The market pain it addresses is Bitcoin's long-standing inability to participate in DeFi, leaving ~$1.9 trillion in idle capital. By making Bitcoin programmable, tBTC enables use cases like collateralized lending, yield generation, and composability with existing Ethereum applications. In the past six months (2026-03-01 to 2026-09-01), tBTC's supply reached approximately 5,942 BTC with a TVL of ~$424 million as of Q1 2026, 97% concentrated on Ethereum. It has expanded to multiple chains including Arbitrum, Base, Polygon, Sui, Starknet, BOB, and Optimism, while maintaining a strong security record.
tBTC was initiated in 2018 by Keep Network, Summa, and Cross-Chain Group as a decentralized wrapped Bitcoin project. In 2022, Keep and NuCypher merged to form the Threshold DAO, which became the governance body for tBTC. In 2023, tBTC v2 launched, adopting a 100-of-N threshold signature architecture to enhance decentralization and security. In May 2026, Threshold successfully thwarted a malicious attempt to mint tBTC without depositing underlying Bitcoin, confirming no user funds were at risk; however, Optimistic Minting was temporarily suspended, and minting times increased to 6-7 hours.
In the past six months, tBTC has advanced significantly. In March, Threshold launched the Unified Router, consolidating mint, redeem, and swap flows into one interface. On April 15, the 20 bps mint fee was reinstated after DAO approval, shifting monetization to both entry and exit flows. In May, Optimistic Minting was paused following malicious activity attempts; the base deposit-based minting remained unaffected, reinforcing the security model. The Q1 2026 report showed tBTC supply at 5.9k BTC, with Ethereum L1 holding 94% and DeFi TVL rising 19% QoQ. By July, tBTC deposits on Aave V3 surpassed 2,000 BTC, and the Vaults Dashboard went live, covering four vaults across Ethereum, Starknet, and Sui. In August, Threshold introduced Verifiable Bitcoin Accounts (VBA), enabling institutional users to earn yield while maintaining self-custody, with capital deploying only to pre-approved venues like Aave and Morpho.
Future priorities include expanding VBA across networks, deepening multichain presence, and maintaining trust-minimized security as the core differentiator versus centralized wrapped Bitcoin products.
tBTC's core team:
Matt Luongo (Co-Founder): Founder & CEO of Thesis, Co-Founder of Mezo. Georgia Tech graduate with 18+ years in tech. Previously CTO at Scholrly.
the Threshold intern (CEO): Leads tBTC operations, active on X as @theTintern.
sap (Co-Founder): CPO at Threshold Labs, oversees product strategy. Active on X as @saprophetik.
Carolyn Reckhow (COO): Oversees day-to-day operations.