Stacks, the leading Bitcoin L2 activating Bitcoin DeFi, today announced a series of major institutions adopting sBTC

sBTC, a 1:1 Bitcoin-backed, decentralized programmable asset, has attracted significant interest from major institutions and industry leaders

Major institutions are continuing to pour into sBTC, the leading programmable Bitcoin asset from Stacks, as the preferred tokenized BTC solution for their Bitcoin strategy, the company announced today.

Since its mainnet launch in December, sBTC has attracted significant interest from major institutions and industry leaders, positioning it strongly in the tokenized BTC asset landscape.

Early depositors participating in sBTC’s first cap included UTXO, SNZ, Jump Crypto, and many more. Due to the incredible early demand for sBTC, a second cap was opened and tripled to accommodate the incoming wave of builders, institutions, wealth managers, and retail investors. The second cap was filled less than 24 hours after its February 25th opening.

One rapidly-growing sBTC use case, Zest, has already amassed nearly 40% of all sBTC in the protocol, showcasing the usability and productivity of bitcoin.

With growing support from depositors and builders and continued technical progress, sBTC’s next milestone will be its withdrawal functionality, which is expected to arrive in March.

As of February, the demand for tokenized Bitcoin assets has been steadily increasing. This demand is being driven by bitcoin holders who are beginning to recognize Bitcoin layers like Stacks and others can offer solutions aligned with the promise of Bitcoin security. According to BBA data, Tokenized BTC supply has reached 1.67% of BTC’s circulating supply, a level not seen since October 2022.

“The growing adoption of sBTC provides essential liquidity for developers building and scaling applications,” said Alex Miller, CEO of Hiro. “We’ve already seen builders using our developer tools adopt sBTC to deliver solutions like native bitcoin yield generation, lending, borrowing, DEXs, and scaling of L1 activities like Runes and Ordinals. I predict that next we’ll see more innovation of these use cases, as well as new ideas through AI agents and more.”

Among tokenized assets, sBTC is a versatile solution, enabling flexible smart contracts and transactions that leverage Bitcoin’s security and irreversibility. sBTC is uniquely ushering in fully activated capital for BTC holders instead of solely staking or locking BTC on the L1.

“We look for technologies that unlock latent capital and expand potential use cases for Bitcoin,” said Saurabh Sharma, at Jump Trading. “sBTC fosters a more dynamic and interconnected financial landscape, and we are pleased to participate in the ecosystem.”

Early sBTC Depositors Include:

A categoryless aggregate of TVL across all projects deploying on Stacks is available on DeFi Llama.

Given sBTC’s proximity to Bitcoin and adoption from major industry players including top staking providers, custodians, and top ecosystems like Solana and Aptos, sBTC is connecting the demand for Bitcoin with the global future across all of crypto. Stacks and the community building this DeFi ecosystem are intersecting where all roads lead back to Bitcoin.

This article is sponsored by Stacks.