Coinbase Wrapped Staked ETH

cbETH is Coinbase’s exchange-issued liquid staking token for Ethereum. Users staking ETH on Coinbase can receive cbETH, a non-rebasing ERC-20 whose exchange rate appreciates against ETH as staking rewards accrue. Validator operations are run by Coinbase, making cbETH a custodial LST.

cbETH is widely integrated as collateral and yield-bearing asset in DeFi protocols that accept exchange-backed staked-ETH variants alongside Lido’s stETH and other major LSTs.