The amount of Wrapped Bitcoin on Aave reaches a record high, despite concerns over its backing.

WBTC remains the leading Bitcoin wrapper, with a total value locked (TVL) close to $10 billion, as reported by DefiLlama. The supply of Wrapped Bitcoin (WBTC) on Aave, a decentralized lending platform, reached an all-time high of $65,173.27, even amid concerns about the Bitcoin wrapper’s backing, according to Dune Analytics. In September, WBTC supply on the Ethereum network surpassed 37,000, totaling over $2 billion at current market prices, as per Dune’s data. This surge in TVL on Aave comes despite growing skepticism among retail investors about the security of the Bitcoin backing WBTC. On August 9, BitGo, the custodian responsible for holding WBTC’s Bitcoin backing, agreed to give partial control of the multisignature wallet to Hong Kong-based exchange BiT Global.