Function’s FBTC is now live on Solana, letting Bitcoin holders earn yield, trade, and borrow through DeFi while keeping full BTC exposure.
Bitcoin infrastructure firm Function announced that FBTC, its 1:1 Bitcoin-backed asset, is now live on Solana, opening the door for BTC holders to trade, borrow, and earn yield across the network’s DeFi ecosystem.
The launch also introduces the first retail Bitcoin vault on Solana, which is available through Bybit’s On-Chain Earn, allowing users to earn yield on FBTC while maintaining full exposure to Bitcoin.
FBTC is already established elsewhere with around US$1.5 billion in total value locked, close to 200,000 holders, and more than 30 integrations. It is designed with institutional-grade risk standards in mind, but the move to Solana brings those capabilities to a broader retail audience looking to put idle BTC to work.
Several DeFi integrations are live from day one. Orca enables low-slippage swaps and liquidity provision, while Kamino lists FBTC as a collateral asset, giving users access to over US$500 million in stablecoin liquidity. Together, these integrations allow Bitcoin holders to move beyond simple holding and start using BTC more actively within Solana’s DeFi stack.
“FBTC gives Bitcoin holders access to yield across Solana’s vibrant ecosystem,” said Leo Zhang, Contributor at Function. “This integration is another step towards making Bitcoin more composable and functional across DeFi.”
FBTC is powered by LayerZero’s OFT standard, which allows it to move across blockchains while remaining fully backed. Using Stargate Finance, users can bridge FBTC to and from Solana at a guaranteed 1:1 rate.
“Function built FBTC with the transparency and institutional-grade standards we expect from assets entering Kamino’s credit layer,” said Mark Hull, Contributor at Kamino. “With more than half a billion dollars in stablecoin deposits available, FBTC holders have deep liquidity from day one.”
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