Stacks’ native token, STX, saw a remarkable rally, briefly making it the best-performing assets of the 100 largest crypto assets by market capitalization. This increase is due to BitGo adding support for sBTC. This synthetic derivative of Bitcoin is traded on the Stacks blockchain, home to the only layer 2 Bitcoin smart contract network of any note. This integration will dramatically increase institutional adoption by giving BitGo’s customers the ability to easily explore yield-generating opportunities on Stacks.

STX rocketed by 56% in a week, hitting a two-month high of 92 cents on Friday. In just the last 24 hours, for example, it added an incredible 21% increase. This price movement is an indication of the increasing confidence in the Stacks ecosystem.

Liquidity has been increasing within the Stacks ecosystem. In fact, in the first quarter of this year, the total stablecoin supply increased more than 400%! It soared to almost $7 million, a dramatic increase from only $1 million at the beginning of January. The protocol itself celebrated the official increase in liquidity on X (formerly known as Twitter) bright and early on Friday morning. In addition, the Stacks-based decentralized finance ecosystem has quickly grown to have the 3rd largest stablecoin supply, behind Morph and Cronos.

BitGo’s recently announced integration of sBTC has been an important catalyst fueling this growth. BitGo, a major player in digital asset custody, has processed over $3 trillion in transactions and holds over $48 billion in staked assets. The integration simplifies the process of switching between BTC and sBTC. This functionality will be enabled in full once the sBTC withdrawal facility is opened on April 30. This opens doors for new applications combining Stacks' smart contract capabilities with Bitcoin's security.

SBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles — and we’re just getting started. - Abishek Singh

The sBTC withdrawal facility is projected to go live on April 30. It will provide institutions with the ability to move seamlessly between BTC and sBTC.