OKX launches wrapped Bitcoin asset xBTC to meet the demand for BTC cross-chain liquidity and DeFi yields
ChainCatcher news, according to official information, OKX will officially launch the wrapped Bitcoin asset xBTC on May 22, 2025, and simultaneously open deposit and withdrawal services for the three major public chains: Solana, Sui, and Aptos. Through xBTC, users can seamlessly participate in the multi-chain DeFi ecosystem, supporting on-chain functions such as lending and liquidity mining, further enhancing the multi-chain circulation and yield expansion of BTC. In addition, OKX Wallet will gradually launch yield products related to xBTC, integrating with leading DeFi protocols in the Solana, Sui, and Aptos ecosystems, allowing users to enjoy additional ecosystem incentives and participate easily in a one-stop manner. Stay tuned.It is reported that xBTC is a wrapped Bitcoin issued by OKX, strictly following a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to the target chain to obtain an equivalent amount of xBTC; they can also recharge xBTC back to the exchange through the target chain to exchange for BTC. The platform verifies asset transparency in real-time through on-chain Proof of Reserves (PoR), further ensuring the safety of user assets.