Threshold’s tBTC, an ERC-20 token backed 1-to-1 by Bitcoin, has recently launched on the Sui network. This initiative aims to amplify BTFi within the Sui ecosystem.

In this integration, users can easily deposit their BTC on Sui and mint tBTC, which is expected to channel over $500 million worth of Bitcoin liquidity into the system. This allows users to leverage their BTC holdings in Sui’s DeFi operations for yield generation, enabling seamless transactions across the platform.

According to Adeniyi Abiodun, the co-founder and Chief Product Officer at Mysten Labs, “tBTC is expected to bring a massive amount of Bitcoin liquidity to Sui, creating a bridge that truly matters—not just for institutions but for everyday people who love Bitcoin.”
Translation: tBTC is anticipated to significantly boost Bitcoin liquidity for everyday users on Sui.

He further remarked, “This new integration opens another door to accessible, sovereign BTCfi participation,” highlighting the potential of BTFi which aims to broaden Bitcoin’s utility beyond its traditional role as merely a store of value.

Currently, assets backed by BTC constitute over 10% of the total value locked in the Sui ecosystem. As of now, nearly 600 BTC, valued at over $65 million, have been migrated to Sui since February, with cryptocurrencies totaling $1.83 billion locked within the Sui’s DeFi, as reported by DeFiLlama.

Callan Sarre, co-founder at Threshold Labs stated, “Bitcoin was designed to be used, not locked away. With tBTC coming on Sui, we’re combining the security of threshold cryptography with a high-throughput network to create a new standard for Bitcoin utility.”
Translation: Bitcoin’s design emphasizes usability rather than mere storage. The arrival of tBTC on Sui merges security with efficient network capabilities, setting a new benchmark for how Bitcoin can be utilized.

Threshold Network remains a decentralized protocol integrating cryptographic elements and blockchain infrastructure to facilitate reliable access to Bitcoin DeFi, showcasing a market cap exceeding $570 million with a circulating supply of 5,265 tokens as per Coingecko.