What is OKX Wrapped BTC (xBTC)?
xBTC is a wrapped version of bitcoin issued by the OKX exchange. It launched on 22 May 2025 on Solana, Sui and Aptos, and the OKX product page now lists X Layer as well. The aim is to let BTC holders use their coins in on-chain apps on those networks while keeping bitcoin price exposure.
- Type
- Custodial wrapped bitcoin (SPL token)
- Launched
- 2025
- Consensus
- Runs on Solana (also Sui, Aptos, X Layer)
- Max supply
- No fixed cap (1:1 with BTC reserves)
- Swap network
- Solana
How OKX Wrapped BTC works
OKX holds the reserve. Withdrawing BTC from an OKX account to a supported chain delivers xBTC one-for-one, and depositing xBTC back to OKX converts it to BTC. OKX says the reserves are fully in its custody and verifiable through on-chain Proof of Reserves, and that the token contracts were audited by CertiK, MoveBit, MixBytes and Zellic.
What xBTC is used for
On Solana, xBTC gives users a bitcoin-priced asset for lending, liquidity pools and trading against other Solana tokens. It also lets OKX customers move BTC exposure on-chain without a third-party bridge.
xBTC supply
There is no fixed cap or emission schedule. Supply expands and contracts as customers convert between BTC and xBTC through OKX, matched 1:1 by the exchange's bitcoin reserves.
Before you swap xBTC
xBTC is a custodial token, not native bitcoin: its backing depends on OKX, and redeeming it for BTC requires an OKX account. On Solana it is a standard SPL token (not Token-2022) with 8 decimals, and OKX keeps a freeze authority over it. Keep a little SOL for fees and token-account rent, or pick BTC as the output if you want coins on the Bitcoin network.