Threshold’s tBTC Goes Live on Sui, Unlocking Over $500M in Bitcoin Liquidity
Threshold Network has launched its bitcoin-backed token, tBTC, on the Sui blockchain, marking a significant expansion of bitcoin-focused decentralized finance (BTCFi) in the ecosystem.
tBTC, an ERC-20 token fully backed one-to-one by bitcoin, allows users to deposit BTC and mint tBTC directly on Sui. This integration could bring more than $500 million in potential bitcoin liquidity into the Sui network, giving users the ability to put their bitcoin to work in DeFi applications while maintaining exposure to BTC.
“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,” said Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, the primary developers of the Sui blockchain, in a statement shared exclusively with CoinDesk.
“This new integration opens another door to accessible, sovereign BTCFi participation,” Abiodun added.
BTCFi describes decentralized financial services designed specifically to expand bitcoin’s utility beyond its traditional role as a store of value.
Since February, nearly 600 BTC—worth over $65 million—has already been bridged into the Sui ecosystem. Bitcoin-backed assets now account for more than 10% of the total value locked (TVL) in Sui’s DeFi protocols. As of the latest data, Sui’s DeFi platforms hold approximately $1.83 billion in locked value, according to DeFiLlama.
“Bitcoin was designed to be used, not locked away,” said Callan Sarre, co-founder of Threshold Labs. “With tBTC coming to Sui, we’re combining the security of threshold cryptography with a high-throughput network to create a new standard for Bitcoin utility.”
Threshold Network is a decentralized protocol leveraging advanced cryptography and blockchain technology to provide secure and trust-minimized access to bitcoin-based DeFi. At present, tBTC has a market capitalization exceeding $570 million, with a circulating supply of 5,265 tokens, according to CoinGecko.
