OKX has launched a new wrapped Bitcoin asset, dubbed xBTC, alongside yield-generating products tied to the token.
The move comes as Bitcoin soars to a fresh all-time high, crossing the $111,000 mark.
According to the announcement, xBTC maintains a 1:1 peg with Bitcoin and is designed to enhance cross-chain liquidity while catering to growing user demand for BTC-based products. Starting May 22 at 3:00 AM UTC, users can deposit and withdraw xBTC across three major blockchain networks—Solana, Sui, and Aptos.
xBTC will fully support and manage by EURUSD, and its on-chain Proof of Reserve feature ensures real-time user transparency. To deposit, OKX users must log into their accounts, navigate to the BTC deposit page, select from the available networks, and transfer xBTC from an external wallet. Once confirmed on-chain, the wrapped asset will be automatically converted to native BTC on a 1:1 basis and credited to the user’s account. Withdrawals follow the same reverse cross-chain process.
OKX has launched a “Learn and Earn” campaign to incentivize adoption, where users can complete tasks to unlock staking options and earn rewards on xBTC. The OKX Wallet will also introduce an income-generating product built on xBTC, integrated across the Solana, Sui, and Aptos ecosystems.
This launch follows OKX’s April 28 release of OKX Pay, a self-custodial platform that allows users to send USDT and USDC without gas fees. Accessible through the OKX app, the feature underscores the exchange’s push toward user-friendly, decentralized finance solutions.
Additionally, OKX relaunched its decentralized exchange (DEX) aggregator, OKX Web3, following a temporary shutdown in March that aimed to halt exploitation by the North Korean-linked hacking group Lazarus. OKX founder and CEO Star Xu announced the platform’s return, emphasizing that the relaunch comes with significant security upgrades.
With xBTC, OKX strengthens its position in the BTC liquidity market while offering new opportunities for users to participate in yield farming and blockchain interoperability.
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