Bitcoin remains the most recognized cryptocurrency in the world. I have always respected its security model and conservative design. At the same time, I often felt that holding BTC alone meant limited flexibility. You store value well, but you cannot easily use it inside fast DeFi environments.
When I started exploring The Open Network, I looked for a practical way to keep Bitcoin exposure while participating in TON DeFi. This is where cbBTC became relevant for me.
Bitcoin is native to its own blockchain. It does not directly operate inside TON smart contracts. cbBTC is a tokenized representation of Bitcoin issued by Coinbase and backed 1:1 by BTC held in custody.
In simple terms:
• 1 cbBTC corresponds to 1 BTC held by Coinbase.
• It is designed to track Bitcoin’s value.
• It allows BTC exposure to move across supported networks.
On TON, cbBTC exists as a wrapped asset, so users can interact with it in DeFi protocols.
I always advise users to verify backing claims directly. Coinbase publicly states that cbBTC is backed 1:1 by Bitcoin reserves under its custody. Before using any wrapped asset, you should review official documentation and transparency reports yourself.
The model is straightforward:
Minting.
1. BTC is deposited with Coinbase.
2. cbBTC is issued in a 1:1 ratio.
Redemption.
1. cbBTC is returned for redemption.
2. BTC is released in a 1:1 ratio.
This structure is intended to maintain parity with Bitcoin. Market price may fluctuate slightly on secondary markets, but arbitrage and redemption mechanisms help align it with BTC.
For me, the key point is that you are not selling Bitcoin exposure. You are transforming it into a format that works inside smart contracts.
When I began using decentralized exchanges, I wanted three things:
1. Self-custody
2. Speed
3. Low transaction costs
On TON, transactions are fast and fees are relatively low compared to many other networks. Using cbBTC inside this environment allows you to keep Bitcoin exposure while interacting with DeFi tools.
The main place where I interact with cbBTC is STON.fi, a decentralized exchange built on TON.
1. Swap
You can swap cbBTC against TON, USDt, and other supported tokens directly on STONfi.
From my experience, the interface is simple. You connect your TON wallet, select the pair, review slippage and route, and confirm. Execution is quick.
For new users, I recommend:
• Always check price impact
• Set reasonable slippage tolerance
• Confirm token contracts before swapping
2. Provide Liquidity
You can add cbBTC to liquidity pools. For example, cbBTC paired with TON or stablecoins.
The logic is standard AMM:
If you deposit equal value of both assets into a pool, you receive LP tokens representing your share. Trading fees generated in that pool are distributed proportionally.
Basic formula:
Your pool share = Your deposited liquidity / Total pool liquidity
Before providing liquidity, understand impermanent loss. If price ratio changes significantly, your position value may differ from simply holding the assets. This is not theoretical. I have seen it in practice. Sometimes fees compensate. Sometimes not. You must calculate risk.
3. Use in Broader TON DeFi
As TON DeFi expands, tokenized BTC can be used in lending markets and structured strategies. The benefit is composability. Once Bitcoin is tokenized on TON, it becomes programmable.
I do not treat wrapped assets as identical to native Bitcoin.
There is counterparty risk because custody is involved. Coinbase is a major exchange, but users must understand that backing depends on a centralized issuer holding reserves properly.
There is also smart contract risk when interacting with DeFi protocols.
For me, the approach is balanced:
• I do not convert all BTC into wrapped versions.
• I use only the portion I am ready to deploy in DeFi.
• I monitor liquidity depth before large swaps.
This is not about promotion. It is about practical portfolio structure.
STONfi also supports wrapped Ethereum in the form of wETH.
You can:
1. Connect your TON wallet.
2. Swap TON, USDt, or other tokens for cbBTC or wETH.
3. Review routing and final output.
4. Confirm transaction.
Access the DEX here:
https://ston.fi/btc-ton
Social channels:
Telegram: https://t.me/stonfidex
X (Twitter): https://x.com/ston_fi
For a long time, Bitcoin was strong but passive in my portfolio. With cbBTC on TON, I can keep BTC exposure and still participate in decentralized finance on The Open Network.
This does not remove risk. It changes the structure of opportunity. You gain flexibility, but you must understand custody, peg mechanics, and DeFi dynamics.
If you are new to TON, start small. Make one swap. Observe how liquidity pools function. Read documentation. Only then scale your position.
If you found this article useful, share it with other users exploring TON and decentralized exchanges.