Huobi BTC (HBTC)

Huobi BTC (HBTC) is a wrapped token on the Ethereum network issued by Huobi, a large crypto exchange that rebranded as HTX in 2023. Each HBTC is meant to be backed by one bitcoin held in the exchange's custody, so that bitcoin's value can be used in Ethereum-based applications such as decentralized exchanges and lending protocols. Users deposit bitcoin to mint HBTC as an ERC-20 token and burn it to redeem the underlying coins. HBTC was one of several such tokens launched around 2020, alongside better-known rivals such as wrapped bitcoin. Because the backing is held by a single company, holders rely on that company's honesty, solvency and published reserves, a concern described under custody risk. Its use has been small compared with other bitcoin tokens, and its status after the HTX rebrand should be checked with the issuer. Also see blockchain bridge.