Wrapper Reserve Coverage
wrc
Whether each wrapped bitcoin is backed, read on our own node. For WBTC, tBTC, kBTC and cdcBTC: bitcoin at the issuer-published addresses, scanned daily, over the token supply read on chain (or the issuer's figure, where marked). One value per wrapper, never combined; not a rating or an audit. Wrappers without a full published list are listed with the reason.
| Units | ratio per wrapper |
|---|---|
| Computed at | not stated in the payload |
| History | served |
Note
One value per wrapper, never combined: an aggregate would let one wrapper's surplus hide another's shortfall. Above 1 means more bitcoin is held than tokens are issued. A verification series, not a rating: no verdict.
Methodology wrc_v1
What it measures. For each bitcoin wrapper, the bitcoin held at the addresses its issuer publishes, read on our own node, over the token's supply. Above 1 means more bitcoin is held than tokens are issued.
One value per wrapper. Never combined: an aggregate would let one wrapper's surplus hide another's shortfall. It is a verification series, not a rating, and carries no verdict.
Who is in it. A wrapper enters only with a full published address list and every deployment's supply read: WBTC, tBTC, kBTC and cdcBTC today. The others are listed in the payload with the reason they are not in it. Only issuer-published addresses are read; none is inferred or clustered.
Calculation. One scan of our node's UTXO set at one block height a day (about 03:30 UTC), with supply read in the same run. Supply is each token contract's totalSupply summed over its deployments, or the issuer's own figure where marked observed (WBTC today).
Absences. Absent when an issuer's list cannot be read (yesterday's is never carried forward) or a supply cannot be. A balance cannot be read for a past height, so a missed day stays missing.
Changes. Adding or removing a member, or changing a list or supply source, is published 30 days ahead as a new methodology version. An issuer withdrawing its list or documenting a new deployment is recorded the same day.
History
Reserve over supply, per wrapper
Bitcoin at each issuer's published addresses, read on our own node, over the token's supply. One line per wrapper, never combined; above 1 means more bitcoin is held than tokens issued. Read daily since 2026-10-08; a missed day stays missing.
Mondays are drawn here; every day is in the explorer. Open in the explorer →
What this cannot be read as
Bitcoin held at the published addresses over the token supply as the issuer reports it. Above 1 means more bitcoin is held than tokens issued. Observational. Issuer-reported. Native mints on Ethereum, Solana, Tron, BNB Chain, Base, Kava and Osmosis (2026-10-08); not yet read on chain by us.
Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. Ethereum's totalSupply is the whole supply: L2 tBTC is minted by a gateway only after tBTC is locked in the bridge's contract on L1.
Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. Whitepaper v1.1: 'the total kBTC supply can be found in' the Ink, Unichain, OP Mainnet and Ethereum contracts, so the four are summed. The cross-chain design (LayerZero OFT, reported moving to Chainlink CCIP) is documented only by third parties; if any chain holds a lockbox, the sum double-counts and understates the ratio.
Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. The issuer confirms only Cronos (whitepaper v1.0: 'initially made available on Cronos Chain'; help articles 2025); minted only after BTC reaches the reserve wallet. Cronos totalSupply read 173.0 on 2026-10-08, equal to the issuer's stated total supply, so no other deployment is assumed; a new chain would need adding here.
https://www.bitcoincreditstack.com/indicators/wrc
Collateral posted, by wrapper
Bitcoin posted as collateral across every venue observed, by the wrapper it is held in — every wrapper the payload serves, the smallest included.
Drawn as levels in BTC, never as shares: the venue set grew from 1 to 85 over the series, and a venue entering it lifts one wrapper's share by lowering every other's without a single bitcoin moving. Hover any point for the venue and market count behind it and who observed it. It is read three ways, marked on the chart: 2019–2022: the venues' own contracts at each Monday's last block, and Maker's vat — weekly; 2022–2026: the aggregator (DefiLlama) for most venues, the venues' contracts for those it did not yet list — weekly; 2026: the contract-state read and the aggregator — daily. A step at a boundary is a change in who is observed as much as in bitcoin posted.
This series by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/credit-state |
|---|---|
| MCP | get_credit_state({ collateral_mix_history: true }) |
The same figures, the same names and dates. Connect your AI →
Full payload
Every field as the API serves it
| id | wrc | ||||||
|---|---|---|---|---|---|---|---|
| name | Wrapper Reserve Coverage | ||||||
| unit | ratio | ||||||
| question | For each bitcoin wrapper, how much bitcoin is held at the addresses its issuer publishes, read on our own node, over the token's supply? | ||||||
| note | One value per wrapper, never combined: an aggregate would let one wrapper's surplus hide another's shortfall. Above 1 means more bitcoin is held than tokens are issued. A verification series, not a rating: no verdict. | ||||||
| members | 4 entries[
{
"wrapper": "wbtc",
"series_id": "reserve.wbtc.reserve_over_supply",
"date": "2026-10-13",
"value": 1.000109889605,
"kind": "derived",
"onchain_btc": 116511.99287643,
"supply": 116499.19082629,
"supply_kind": "observed",
"height": 971183,
"limitation": "Bitcoin held at the published addresses over the token supply as the issuer reports it. Above 1 means more bitcoin is held than tokens issued. Observational. Issuer-reported. Native mints on Ethereum, Solana, Tron, BNB Chain, Base, Kava and Osmosis (2026-10-08); not yet read on chain by us.",
"vintage_id": "reserves@2026-10-13T03:33:03.667Z"
},
{
"wrapper": "tbtc",
"series_id": "reserve.tbtc.reserve_over_supply",
"date": "2026-10-13",
"value": 1.031305238474,
"kind": "derived",
"onchain_btc": 4245.5528244,
"supply": 4116.67920031,
"supply_kind": "exact",
"height": 971183,
"limitation": "Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. Ethereum's totalSupply is the whole supply: L2 tBTC is minted by a gateway only after tBTC is locked in the bridge's contract on L1.",
"vintage_id": "reserves@2026-10-13T03:33:03.667Z"
},
{
"wrapper": "kbtc",
"series_id": "reserve.kbtc.reserve_over_supply",
"date": "2026-10-13",
"value": 1.038118965768,
"kind": "derived",
"onchain_btc": 9471.36938552,
"supply": 9123.58765983,
"supply_kind": "exact",
"height": 971183,
"limitation": "Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. Whitepaper v1.1: 'the total kBTC supply can be found in' the Ink, Unichain, OP Mainnet and Ethereum contracts, so the four are summed. The cross-chain design (LayerZero OFT, reported moving to Chainlink CCIP) is documented only by third parties; if any chain holds a lockbox, the sum double-counts and understates the ratio.",
"vintage_id": "reserves@2026-10-13T03:33:03.667Z"
},
{
"wrapper": "cdcbtc",
"series_id": "reserve.cdcbtc.reserve_over_supply",
"date": "2026-10-13",
"value": 1.000000019075,
"kind": "derived",
"onchain_btc": 173.0000033,
"supply": 173,
"supply_kind": "exact",
"height": 971183,
"limitation": "Bitcoin held at the published addresses over the token supply. Above 1 means more bitcoin is held than tokens issued. Observational. The issuer confirms only Cronos (whitepaper v1.0: 'initially made available on Cronos Chain'; help articles 2025); minted only after BTC reaches the reserve wallet. Cronos totalSupply read 173.0 on 2026-10-08, equal to the issuer's stated total supply, so no other deployment is assumed; a new chain would need adding here.",
"vintage_id": "reserves@2026-10-13T03:33:03.667Z"
}
] | ||||||
| not_members | 7 entries[
{
"wrapper": "fbtc",
"reason": "supply incomplete: creation on Solana and Pharos is not documented"
},
{
"wrapper": "cbbtc",
"reason": "the published address list is partial (20 addresses, about 75% of the stated reserve)"
},
{
"wrapper": "lbtc",
"reason": "no reserve addresses are published"
},
{
"wrapper": "btcb",
"reason": "no reserve addresses are published"
},
{
"wrapper": "ubtc",
"reason": "its treasury address verifies nothing"
},
{
"wrapper": "ebtc",
"reason": "backed by other wrappers, not by bitcoin directly"
},
{
"wrapper": "unibtc",
"reason": "backed by other wrappers, not by bitcoin directly"
}
] | ||||||
| methodology |
| ||||||
| source | Bitcoin at the issuer-published addresses, read on our own node (scantxoutset); supply from the token contracts, or the issuer's figure where marked observed. |
Where this comes from
| REST | GET https://api.bitcoincreditstack.com/v1/market/index/wrc |
|---|---|
| MCP | get_indicator({ id: "wrc" }) get_indicator({ id: "wrc", include_history: true }) get_series({ ids: ["reserve.wbtc.reserve_over_supply", "reserve.tbtc.reserve_over_supply", "reserve.kbtc.reserve_over_supply", "reserve.cdcbtc.reserve_over_supply"] }) |
The same figures, the same names and dates. Connect your AI →