What is HBTC (Huobi Bitcoin)?

HBTC (Huobi BTC) is a synthetic version of BTC launched by Huobi Global, one of the largest crypto exchanges in the world. HBTC is an ERC20 token that resembles Bitcoin on the Ethereum network, and maintains a strict peg to the value of BTC at a 1:1 ratio. The goal of HBTC is to seamlessly bring Bitcoin liquidity to Ethereum-based DeFi applications.