xBTC → sBTC Migration: Next Steps + 15 Day Window to Swap

Community
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When we launched xBTC, we needed a community willing to bet on something that had never been done before: Bitcoin, natively represented on a programmable layer, 1:1 backed, with a regulated custodian. Bridges at the time were non-performant and carried many security risks. We’re lucky to have been able to launch such a product with the Stacks community.

After the successful launch of sBTC, we’ve been working on a migration plan to get all of the xBTC converted to sBTC. So far we’ve handled a majority of these leaving just over $1M to be unwrapped.

15 Days Left:

From today through April 15, users can swap their xBTC for sBTC. After this date the asset will not be able to be swapped for the underlying BTC. Please let all holders know to swap, we want to accommodate as many as we can.

Migration Mechanics:

xBTC → sBTC swap via xbtc-swap.fastpool.org

Friedger has built a swap bridge that handles this directly on-chain. It was initialized with our operator address “SP2P6VX3JCD0VCP00VSNWW2KN27HERMVB1NBY68Z3” (txid).

It has the following architecture:

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The process is two steps:

Step 1 — Deposit your xBTC
Connect your Stacks wallet at xbtc-swap.fastpool.org, deposit your xBTC into the swap contract, and you’ll receive swxBTC — a receipt token confirming your position.

Step 2 — Claim your sBTC

We process the unwrap on a bi-weekly basis. Once your batch has been processed, return to the site and click Claim sBTC to receive your sBTC at 1:1.

That’s it. The contract is live, the code is verifiable on-chain, and we’ll post here each time a batch processes so you know when to come back and claim.

Thanks everyone for helping build the Stacks community and helping with the push towards a decentralized, permissionless vibrant future for Bitcoin.

———————- FAQs ———————

On the 15-day deadline
Why 15 days specifically? After April 15, what happens to the underlying BTC backing any unclaimed xBTC? Is there an estimate of how much might go unclaimed — and where do
those funds go?

We’re not sure yet. We’re following this procedure as it’s something we’ve seen work in the past. We will do as much as we can to ensure there is nothing left in the pools. However, there is only so much you can do sometimes. The effort we’re putting in is the most we can do to get some urgency around the conversion.***

On front-running risk
If a user deposits xBTC before the deadline but their batch hasn’t processed yet, are they protected? Specifically — could a scenario arise where someone deposits after them
but claims faster, taking the available sBTC and leaving the earlier depositor holding swxBTC receipt tokens with nothing to claim?

We will make sure that there is no issue here. We will be managing large accounts and connecting with as many community applications and will ensure we help get everyone across the finish line.

On batch timing
When is the next unwrap batch scheduled?

April 15.

What’s next?
You were early to bringing real Bitcoin utility to Stacks. Now that sBTC is live, would love to see Wrapped explore new tokenized assets on the network. RWAs on Stacks (STRC
but on Stacks, STRX? or other structured products) would be a natural next step for the team that proved custodial bridging could work.

Interesting. Wrapped is sunset as a service, but I would be personally interested to see if I can help there.

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Here are more explanations about the contract (don’t read it as an audit, it is just AI): Discussion xbtc-sbtc-swap-v4

Happy to answer questions.

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Congrats to the team for pioneering xBTC and now handling the migration cleanly. A few questions:

On the 15-day deadline
Why 15 days specifically? After April 15, what happens to the underlying BTC backing any unclaimed xBTC? Is there an estimate of how much might go unclaimed — and where do
those funds go?

On front-running risk
If a user deposits xBTC before the deadline but their batch hasn’t processed yet, are they protected? Specifically — could a scenario arise where someone deposits after them
but claims faster, taking the available sBTC and leaving the earlier depositor holding swxBTC receipt tokens with nothing to claim?

Want to make sure anyone who deposits before April 15 is guaranteed their 1:1 swap regardless of batch timing and claim order.

On batch timing
When is the next unwrap batch scheduled?

What’s next?
You were early to bringing real Bitcoin utility to Stacks. Now that sBTC is live, would love to see Wrapped explore new tokenized assets on the network. RWAs on Stacks (STRC
but on Stacks, STRX? or other structured products) would be a natural next step for the team that proved custodial bridging could work.

Thanks for building.

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We understand — sBTC can’t just be pre-deposited into Friedger’s contract because, per regulatory constraints, xBTC must be burned before the underlying BTC can be released and re-minted as sBTC. So a deposit-then-claim flow with a deadline is a clean way to do this.

Though curious if a burn-then-airdrop approach was considered — burn the xBTC and use that as a snapshot to airdrop sBTC directly to remaining holders.

Either way, grateful for the years of service keeping xBTC running.

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Thanks @masonic - pinned globally so everyone has a chance to see this

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thanks for the questions, I added an FAQ question to the original post. If you have further questions, please let me know or if you recommend a different path, happy to adjust to ensure everyone is happy.

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We are dealing with the constraints of the custodian. We’re trying to do as much as we can for a good UX.

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Great work

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thank you.

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Are there any updates?
If I understand correctly we are waiting for @masonic to call init-unwrap function, right?

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Following up here — deadline was yesterday (April 15) and we haven’t seen a batch processing announcement or any update. Could we get a status check?

A few questions:

  • Has the final batch been processed, or is it still pending?

  • For users who deposited xBTC and are holding swxBTC, when can they expect to claim?

  • Roughly how much xBTC was left unclaimed at the cutoff, and what’s the plan for any remainder?

Appreciate the work getting this across the finish line — just looking for confirmation so holders know where things stand.

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A few questions:

  • Has the final batch been processed, or is it still pending?

    Yes, we are processing and reviewing right now. This is a first-time process for us, so please bear with us.

  • For users who deposited xBTC and are holding swxBTC, when can they expect to claim?

    We’re expecting 72 business hours from now

  • Roughly how much xBTC was left unclaimed at the cutoff, and what’s the plan for any remainder?

  • There is about 16-17 BTC being unwrapped now, the remainder depends on the custodian’s procedures. Please standby for more. We try to aim for what’s right for the community and work backwards from that.

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Thanks for the update, @masonic. We’ve been helping spread the word about the sunset deadline across the community.

As developers, we’d be happy to contribute a final burn-and-distribute solution for the residual xBTC once the window closes — essentially a contract that forcibly unwraps remaining holder balances and sends them sBTC 1:1, so nobody is left stranded with a dead asset.

That said, we’re builders, not lawyers. Before we’d write a line of code, we’d want confirmation from Wrapped / the custodian that the legal side has been studied and that burning users’ holdings without their explicit consent — even to deliver them the underlying sBTC 1:1 — is acceptable and doesn’t create liability on the custodian or operator side. If counsel has already greenlit that approach (or something analogous), we’re ready to help ship it. If not, that’s the gating question.

Happy to jump on a call or spec it out in a thread if there’s appetite.

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@masonic — 72 business hours was the window you gave Thursday/Friday, and by our count we’re past it.

xBTC unwrap and burn are visible on-chain, but no sBTC distribution has landed for holders to claim yet. Can we get a status update?

Thanks.

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hi. I deposited xBTC 17 days ago but does not see any swxBTC in my wallet or in fastpool swap. is that correct? in wallet activity I see info: swapping wrapped bitcoin transfer. will it be enough to receive sBTC token for my xBTC? thank you

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Welcome, @azumi. That’s expected behavior — you won’t see a swxBTC token in your wallet because it isn’t an SIP-010 token; your position is tracked inside the contract.

Your xBTC was transferred in and burned, and your claim is recorded in the contract’s internal balance map. You can verify it by calling the read-only function get-swapping-xbtc-balance with your Stacks address — that’s your on-chain proof of ownership.

We’re now waiting on the sBTC distribution to land. Once it does, you’ll be able to claim via claim-sbtc. I’m assuming @masonic will update the thread the moment it’s live.

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Correction: swxBTC is a SIP-010 token — it just lacks the trust score to display in most wallets. Check xbtc-swap.fastpool.org, or call get-swapping-xbtc-balance with your Stacks address to verify.

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You can now claim sbtc for your swapping xbtc on https://xbtc-swap.fastpool.org @azumi

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Looks like there is something wrong with UI.
It doesn’t recognize swxBTC in wallet. As a result it shows 0 amount and it is impossible to claim sBTC.