tzBTC

tzBTC (tzbtc.io)

tzBTC is a Bitcoin-backed (“wrapped”) token originally issued on the Tezos blockchain, designed so that 1 tzBTC is intended to correspond to 1 BTC held in custody, with supply changes (minting/burning) controlled through a multi-signature governance model rather than a single issuer. (tzbtc.io)

Purpose and basic model

tzBTC’s purpose is to make BTC usable in smart-contract ecosystems (originally Tezos) by representing BTC as an on-chain token, while aiming to retain BTC price parity through custody and controlled issuance/redemption. (tzbtc.io)

Governance roles (as described by the project)

The tzBTC model distinguishes between:

• Keyholders: entities that custody the underlying BTC and manage tzBTC supply (minting/burning) using a multi-signature setup. (tzbtc.io)
• Gatekeepers: intermediaries that interface with end users and typically conduct KYC/AML checks before arranging minting/burning and allocating tzBTC. (tzbtc.io)

The project’s “Transparency” material publishes on-chain references (token contract, transactions) and lists BTC custody addresses intended to correspond to tzBTC in circulation. (tzbtc.io)

Operators and oversight (Swiss context)

The Bitcoin Association Switzerland (BAS) describes tzBTC as a Tezos token backed 1:1 by BTC and states that it acts as a third-party overseer/mediator, with Keyholders being a group of (listed) Swiss companies and periodic issuance checks intended to show no divergence between tzBTC supply and BTC held in custody. (bitcoinassociation.ch)

A historical public announcement (Aug 13, 2021) also describes tzBTC as a Tezos BTC-wrapping system and reports Hex Trust joining as a Keyholder, alongside other named Keyholders at the time. (hextrust.com)

tzBTC 2.0 and automation (2024)

The project website describes tzBTC 2.0 as an iteration intended to reduce operational friction and cost, including automation of sensitive mint/burn processes using the Acurast execution environment, while retaining the Keyholder/Gatekeeper structure and KYC/AML approach. (tzbtc.io)
A project post states tzBTC 2.0 went live on May 27, 2024 (12:00 UTC) and references KYC in the updated flow. (tzbtc.io)

Relationship to xcBTC (current website notice)

The tzbtc.io homepage displays a notice that “tzBTC becomes xcBTC on Etherlink and Ethereum” and directs visitors to the xcbtc.com site, presenting tzBTC as the predecessor on Tezos and xcBTC as the continuation on Etherlink/Ethereum. (tzbtc.io)

Website and X (Twitter) account

• Website: https://tzbtc.io (official project site as provided). (tzbtc.io)
• X (Twitter): https://x.com/tzBTC_io (linked from project materials as the project’s X presence; note that X pages often require JavaScript/login to view content via text-only tools). (tzbtc.io)

What tzBTC is not (practical clarification)

tzBTC is not described as a single company on its own site; rather, it is presented as a system (token + custody + operational roles) in which multiple independent institutions (Keyholders and Gatekeepers) participate under defined processes and contracts. (tzbtc.io)