Assets

Lombard issues two Bitcoin-backed tokens that serve different purposes within the Bitcoin Capital Markets ecosystem. LBTC is a yield-bearing staked Bitcoin token, while BTC.b provides a strict 1:1 non-yield Bitcoin wrapper.

LBTC — Lombard Staked Bitcoin

LBTC is a yield-bearing, non-rebasing Bitcoin token. Each LBTC is backed by BTC staked through the Babylon protocol to secure Bitcoin Secured Networks (BSNs). Holders receive liquid, cross-chain Bitcoin exposure while the underlying BTC generates staking rewards.

How LBTC Works

When you deposit BTC with Lombard, the protocol stakes your Bitcoin through Babylon to secure Proof-of-Stake networks. In return, you receive LBTC — a liquid ERC-20 token that represents your staked position. You retain full control of your LBTC: lend it, provide liquidity, use it as collateral, or bridge it across chains, all while your underlying BTC earns yield.

How Staking Works

Lombard operates Finality Providers on the Babylon network. Your deposited BTC is delegated to these providers, who participate in securing Bitcoin Secured Networks by providing finality votes. The networks being secured pay for this economic security in their native tokens, which are converted to BTC and passed through to LBTC holders via the exchange rate.

The Exchange Rate

LBTC uses a non-rebasing model. Instead of minting additional LBTC tokens to reflect yield, the exchange rate between LBTC and BTC increases over time. When you first mint LBTC, 1 LBTC might equal 1.00 BTC. As staking rewards accrue, that rate appreciates — for example, to 1.01, 1.02, and so on. When you redeem, each LBTC is worth more BTC than when you started.

This design simplifies accounting and tax reporting, avoids token balance changes that can cause issues with DeFi integrations, and makes it straightforward to calculate your position’s value at any time.

Minting LBTC

To mint LBTC, deposit BTC through the Lombard application or via Bitcoin Connect integrations. The deposit is verified by the Security Consortium and Bascule Drawbridge before LBTC is minted to your specified address. Minting is available on Ethereum and other supported chains.

Redeeming LBTC

To redeem LBTC back to native BTC, initiate an unstaking request through the Lombard application. The protocol burns your LBTC, unbonds the underlying BTC from Babylon staking, and sends native BTC to your specified Bitcoin address. The redemption process involves an unbonding period determined by the Babylon protocol.

Where to Use LBTC

LBTC is integrated across major DeFi protocols on multiple chains:

• Lending: Aave v3, Aave v4, Morpho, Spark, Fluid, Euler, Juplend, Kamino
• DEX Liquidity: Uniswap, Curve, Aerodrome, Meteora, Fluid
• Yield Strategies: Bitcoin Earn, Lombard Vaults, Pendle
• Restaking: EigenLayer, Symbiotic

LBTC Fees

BTC.b — Bitcoin Bridged

BTC.b is a non-yield Bitcoin token that maintains a strict 1:1 exchange rate with native BTC. Originally launched by Ava Labs, BTC.b was acquired by Lombard in October 2025 to complement LBTC with a simpler, non-yield Bitcoin representation.

How BTC.b Works

BTC.b is backed 1:1 by native Bitcoin held in reserve. When you deposit BTC, you receive an equivalent amount of BTC.b. When you redeem BTC.b, you receive exactly the same amount of native BTC (minus the redemption fee). There is no yield mechanism, no exchange rate fluctuation, and no staking involved.

When to Use BTC.b

BTC.b is well-suited for scenarios where you need:

• Predictable pricing — The 1:1 rate simplifies calculations for trading and collateral
• Faster redemptions — No Babylon unbonding period required
• Simplicity — No yield mechanics to track or account for
• Short-term positions — When you need Bitcoin onchain temporarily and yield accrual is not a priority

BTC.b Fees

Contract Addresses

For a complete list of deployed contracts across all networks, see Smart Contracts.

Next Steps

• Yield — How yield works and where it comes from
• Infrastructure — Security Consortium, bridging, oracles, and Bitcoin Connect
• Access DeFi — Explore DeFi opportunities with LBTC and BTC.b
• Smart Contracts — Full list of deployed contracts across all networks