OKX Launches xBTC as Bitcoin Tops $111K, Expanding DeFi Utility Across Chains

Highlights:

• OKX has launched xBTC to let Bitcoin users access DeFi without selling their BTC.
• Wrapped Bitcoin allows users to take advantage of features not included in the native BTC token.
• The OKX Wallet team will also launch an income product based on xBTC.

Seychelles-based OKX has introduced xBTC, a wrapped version of BTC that allows users to access DeFi on multiple chains, as the Bitcoin blockchain does not have support for smart contracts. The product enables Bitcoin holders to use their assets across Solana, Sui, and Aptos without selling them. xBTC is backed 1:1 by actual BTC, which is in the custody of the exchange platform. This ensures that users maintain full ownership while gaining access to new financial tools.

Meet xBTC 👋

A token 1:1 backed by Bitcoin and securely held by OKX.

xBTC unlocks a new alternative for BTC holders across @Solana, @SuiNetwork, and @Aptos.

More to come – watch this space👇

— OKX (@okx) May 22, 2025

Users can transfer their BTC to OKX, and the system will provide them with xBTC tokens on the selected chain. It requires users to pick a network and send their funds to the address indicated by the exchange. After the confirmation, an equal amount of xBTC is released and delivered to the specified wallet. Users can choose to redeem xBTC for Bitcoin by following the same steps. Users can mint or burn xBTC on OKX without extra charges and are only responsible for the gas fees set by the selected network.

OKX has introduced a live proof-of-reserves system to publicly show the balance of BTC supporting xBTC at all times. Users can use this aspect to confirm that all tokens in the chain have a proper backing. Wrapped Bitcoin allows users to take advantage of trading, lending and DeFi features not included in the native BTC token.

OKX Launches xBTC to Boost BTC Liquidity Across Sui Network

OKX selected Solana, Sui, and Aptos for their speed, low transaction costs, and growing DeFi activity. Among them, Sui has shown significant growth in Bitcoin-backed value. Since February, the network has added close to 600 BTC, showing rising interest from users seeking DeFi options. Due to this, over 10% of all assets locked on Sui are tied to Bitcoin.

OKX made xBTC accessible to its users by managing the minting and withdrawal right on its platform. This simplifies user access and helps build trust. On Sui, the wrapped Bitcoin launched with two partners, Cetus and Navi. OKX’s move brings new momentum to Bitcoin-based DeFi, offering users fast, cost-effective access to yield opportunities.

🚨 BTCfi on Sui continues to level up 🚨@OKX just launched xBTC, and Sui is one of its exclusive debut chains.

Fully backed 1:1 by BTC reserves held in custody by OKX.

Integrated with @CetusProtocol and @navi_protocol.

Ready to unlock lending, rewards, and deep DeFi… pic.twitter.com/ZXl3C9ZjPM

— Sui (@SuiNetwork) May 22, 2025

Christian Thompson, the managing director of the Sui Foundation, noted that wrapped Bitcoin has grown from concept to reality within a few months. OKX confirmed its plan to expand to more networks over time, which could increase Bitcoin’s footprint in onchain finance.

New Income Products and Chain Expansion Plans Add to xBTC Use Case

The platform also added yield-related products that accept wrapped Bitcoin tokens. Users can participate in the “Learn and Earn” campaign, which offers rewards through simple educational tasks. These tasks focus on how to use xBTC within the DeFi ecosystem. Participants gain rewards by completing the listed activities on the platform.

The OKX Wallet team will also launch an income product based on xBTC. This product will connect with Solana, Sui, and Aptos to offer returns through Bitcoin staking activities. Users will be able to stake xBTC and earn rewards directly from their wallets. According to OKX, more chains will be added to the platform in upcoming updates.

As Bitcoin recently surpassed $111,000, demand for BTC-related products has increased. xBTC gives holders a way to participate in that momentum while keeping ownership of their Bitcoin intact.