Wrapped Bitcoin (WBTC) - Fundamental Analysis February 2026

Wrapped Bitcoin explained – here's what you need to know: • WBTC is an ERC-20 token representing Bitcoin on Ethereum and 20+ other blockchains • It maintains a 1:1 peg via a custodial model where BTC is locked to mint WBTC • Primary use is accessing DeFi for lending, trading, and yield farming with Bitcoin • As of 12 February 2026, market cap is $8.12B with 121,231 tokens in circulation • Key risk is counterparty trust in custodians, mitigated by audits and governance