BI
Binance Bitcoin (BTCB and the broader bToken family) is Binance’s pegged-token program, in which the exchange issues on-chain representations of Bitcoin and other assets backed one-for-one by reserves it holds. BTCB is the most prominent of these and circulates broadly on BNB Chain.
Like other custodial wrappers, the design trades the trust assumptions of a decentralized bridge for the operational and regulatory surface of the issuing exchange. Reserves are published periodically, and minting and redemption happen through Binance rather than via on-chain proofs.