Wrapped Beacon ETH (WBETH) is Binance's liquid staking token and the largest ETH staking product in existence at roughly $9.2bn, bigger than the entire tokenized treasury market combined. One WBETH represents one staked ETH plus rewards accrued since April 2023, with Binance taking 10 percent of staking rewards and reserving the right to change that fee without notice. WBETH scores 31/100 (Tier 3) on the RWTS Trust Score, the lowest score we award to any asset above $1bn. Size is not safety here. The exchange rate is written by a single Binance-controlled oracle key rather than proved against validator balances, the validator set is not published or enumerable, Binance's proof-of-reserve programme does not cover WBETH, and the deployed contract contains live blacklist, pause and upgrade functions. On 10 October 2025 WBETH printed roughly an 88 percent discount to ETH during a liquidation cascade on Binance's own venue, remedied afterwards by $283m of discretionary issuer compensation rather than by any protocol mechanism.
- Issuer / protocol
- Binance
- Backing
- Staked ETH (Binance-operated validators, set not disclosed)
- Redemption / lock-up
- Redemption via Binance account, daily quotas apply, rewards stop accruing during the wait
- Audit & proof of reserves
- Independently audited
- Availability
- Not available to US persons. Binance.US does not list WBETH, so US holders have no primary mint or redeem.
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0xa2E3…E2e1
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Projections assume constant APY of 2.30%. Actual returns may vary. Not financial advice.
Beyond WBETH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $9.14B indicates deep on-chain liquidity. Lock-up: Redemption via Binance account, daily quotas apply, rewards stop accruing during the wait.