Gate.io launched sBTC, providing Bitcoin Layer 2 access to over 30 million users worldwide

On September 22, digital asset exchange Gate.io officially launched sBTC – the decentralized Bitcoin asset that is the core driving force behind Stacks' layer-2 network. Gate.io has over 30 million users, marking a larger user base in the Bitcoin layer-2 ecosystem.

The launch comes at a time when the popularity of Bitcoin DeFi is gradually heating up. Just this month, Stacks announced the removal of the issuance cap of sBTC, enabling unlimited minting to free up more liquidity for developers, institutions, and users. With Gate.io's global reach, sBTC will be able to enter markets in over 100 countries, especially in regions with significant growth potential such as Asia, Latin America, and Eastern Europe.

As an asset fully backed by Bitcoin's 1:1 peg, sBTC gives Bitcoin "programmability". This means that users can not only implement lending and yield strategies on the Stacks Layer 2 network, but also participate in more DeFi applications with Bitcoin as the...

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