Official announcements from major cryptocurrency exchanges

Stacks Launches sBTC on Mainnet with 1,000 BTC Cap, Offering 5% Yield and Up to 60% APY Staking

Dec 17, 2024, 03:00 PM

sBTC, a new Bitcoin-backed asset launched on the mainnet by Stacks, marks a significant development in the Bitcoin economy. sBTC, also known as Stacks Bitcoin, allows users to lock their Bitcoin in the Stacks network in exchange for an equivalent amount of sBTC tokens, which are backed 1:1 with BTC. This enables users to engage in various DeFi activities within the Stacks ecosystem. The initial cap for sBTC is set at 1,000 BTC. sBTC offers an annual yield of 5%, with rewards distributed biweekly, sourced from the Stacks consensus mechanism. The launch of sBTC is supported by key industry players including BitGo, Asymmetric, and Ankr, and is seen as a major step towards unlocking over $2 trillion worth of Bitcoin liquidity for DeFi. sBTC is now available for trading and earning on platforms like Bitflow, with staking opportunities offering up to 60% APY.