- BTC surpasses the $111K all-time high, as OKX launches xBTC on Solana, Aptos and Sui.
- xBTC allows BTC holders to access DeFi backed by 1:1 without minting or burning fees.
- Bitcoin trading increased by 77% in 24 hours with futures open interest nearing $81 billion.
OKX, a leading cryptocurrency exchange, has introduced xBTC, a wrapped version of Bitcoin, on the Solana, Aptos, and Sui blockchain networks. Meanwhile, BTC has just set a new record high above $111,000, which coincides with the network’s launch. As of May 22, 3:00 a.m. UTC, users can deposit and withdraw xBTC. Users can access xBTC to utilize Bitcoin in fast, low-cost decentralized finance (DeFi) ecosystems.
The wrapped Bitcoin token is pegged 1:1 to Bitcoin, with OKX securely holding the equivalent BTC reserves in custody. Through xBTC, Bitcoin holders can participate in lending, liquidity mining, and other decentralized finance opportunities on Solana, Aptos, and Sui. This effort is intended to make Bitcoin more useful by connecting it to smart contract-enabled networks beyond its native blockchain.
xBTC Expands Bitcoin’s Utility Across Multiple Blockchains
Wrapped tokens represent underlying assets on different blockchains, increasing the interoperability. Since Bitcoin lacks native smart contract functions, xBTC allows holders to interact with DeFi platforms on Solana, Aptos, and Sui. With OKX’s proof-of-reserves system, the value of every xBTC token is guaranteed by Bitcoin, preserving openness and safety for participants.
According to Jason Lau, OKX’s Chief Innovation Officer, the company is focused on providing smooth access to on-chain features. He noted that xBTC enables BTC owners to interact with decentralized finance applications easily and affordably. Moreover, the exchange hopes to integrate xBTC into more blockchain networks. Rising demand for products that offer BTC’s safety and the benefits of decentralized finance reflects this multi-chain approach.
According to Ash Pampati, Head of Ecosystem at Aptos Foundation, supporting xBTC highlights that Aptos is committed to real-world financial applications and supports further liquidity growth. Furthermore, Christian Thompson, Sui’s Managing Director, pointed out that this update highlights how quickly BTCfi is growing and supports the strength of the Bitcoin-focused DeFi solutions on Sui
BTC’s Recent Price Rally Supports Increased Demand for xBTC
As of May 21, 2025, Bitcoin reached a new record above $111,000. This surge has increased futures open interest and trading activities. In the past 24 hours, BTC saw its trading volume rise by 77% to over $90 billion. Prices rose 8% over the past seven days and 25% over the past month.
OKX plans to profit from this positive development by introducing xBTC and related yield products such as staking and liquidity mining. BTC holders can mint xBTC by depositing through supported blockchains and using the wrapped tokens in various DeFi strategies. The exchange plans to add an xBTC-based income product on Solana, Aptos and Sui, bringing more Bitcoin transactions on-chain.
With the introduction of xBTC, BTC adds value to decentralized finance through its ability to act as a store of value and cross-chain interoperability. Through this initiative, OKX enables BTC holders to generate profit and interact with attractive Web3 applications while maintaining full backing and security through transparent custody arrangements.
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