Coinbase

Coinbase Wrapped Staked ETH

Coinbase cbETH is a liquid staking token on Ethereum representing staked ETH held by Coinbase. Yield is generated from Ethereum consensus and execution layer rewards distributed across Coinbase Cloud validators, with a 25% operator commission.

AUM

$904.70m+3.81%

APY

2.91%-6.57%

CCCRated Protocol

Updated Mar 11, 2026

Risk Rating

CCC

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. The range from CCC to BB reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

TokenContract

0xBe98...9704

Implementation

0x3172...C9a5

Key Strengths

Operated by a publicly-traded, regulated company with SOC 2 Type II, SOX, and PCAOB compliance
Audited by a top-tier firm at launch with no critical or high-severity findings and all issues remediated
Fully organic yield from native Ethereum staking rewards with no leverage, token emissions, or subsidies
Multi-year operational track record with no exploits, no slashing events, and monotonic exchange rate increase
Battle-tested through major stress events including the FTX collapse, SVB crisis, and staking queue congestion without user fund losses
Exceptional financial resilience with substantial corporate reserves and indefinite operational runway
Custody services provided through an NYDFS-regulated trust company

Key Risks

Admin key structure undisclosed with no verifiable multisig or timelock, triggering the single-key control deal breaker
Address-level blacklisting capability can freeze individual user assets, creating censorship risk
Fully custodial staking model where entity insolvency or shutdown would block access to underlying staked ETH
No on-chain governance, timelock, or community input mechanism for contract changes
Sparse documentation by DeFi standards with no whitepaper, technical architecture docs, or canonical contract registry
Past SEC enforcement action demonstrates regulatory risk inherent to centralized crypto platforms