On May 22, according to official sources, OKX announced the launch of xBTC on Sui at a 1:1 ratio, supported by its custodial BTC reserves. Currently, xBTC has been integrated with CetusProtocol and Navi Protocol, aiming to unlock lending, rewards, and deep DeFi liquidity on Sui, further promoting the development of the Sui ecosystem and BTCfi applications.
It is reported that xBTC is a wrapped Bitcoin issued by OKX, strictly adhering to a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to the target chain to obtain equivalent xBTC, and can also recharge xBTC back to the exchange from the target chain to exchange for BTC. The platform verifies asset transparency in real-time through on-chain Proof of Reserves (PoR), further ensuring user asset security.
