OKX Ventures leads the first native stablecoin project in the BTC ecosystem, bitSmiley.

On December 14th, BlockBeats reported that OKX Ventures announced a strategic investment in the stablecoin protocol bitSmiley within the BTC ecosystem. The protocol allows users to over-collateralize native BTC to mint the stablecoin bitUSD. Additionally, bitSmiley includes lending and derivatives protocols, aiming to provide a new financial ecosystem for Bitcoin. Previously, bitSmiley was selected as a high-quality project in the BTC hackathon jointly held by ABCDE and OKX Ventures in November of this year. Dora, the founder of OKX Ventures, expressed that "As the native credit cornerstone of the crypto industry, Bitcoin is not only the absolute value benchmark of the industry, but also represents native innovation in the crypto industry. With the BRC-20 protocol and Ordinals as a starting point, a series of technological innovations such as the Lightning Network, Stacks, RGB, Taproot, EVM Layer2, and bitVM are iterating faster. On this basis, the stablecoin protocol bitSmiley, with the help of the Fintegra framework, demonstrates its competitiveness in the stablecoin field. We look forward to its upcoming test version in the next quarter, bringing unlimited possibilities for expanding the DeFi and more application scenarios of the Bitcoin ecosystem."