Tokenized Bitcoin has grown substantially, with 172,000 BTC now represented as wrapped or tokenized assets across various blockchains, according to Coin Metrics. This figure is part of a broader total of 364,878 BTC, valued at $38 billion, that has been wrapped for use in DeFi and cross-chain applications. Approximately $7 billion is currently locked in DeFi lending platforms. Protocols such as WBTC, cbBTC, and aBTC are driving this expansion. cbBTC has a circulating supply of 43,000 and a market cap of $4.5 billion, distributed mainly across Ethereum (64.1%), Base (30.3%), and Solana (5.4%). Aave v3 on Ethereum holds 12,000 cbBTC as collateral, and Morpho Blue has seen a net inflow of 4,000 cbBTC over the past month. Nearly $400 million in BTC assets are on the Aptos blockchain, including aBTC ($271 million), xBTC ($40 million), SBTCZ ($83 million), and WBTC ($11 million). Echo Protocol, the second-largest project on Aptos, has $878 million in TVL. Lombard Finance has reached a new all-time high of $2 billion in total value locked (TVL) and offers the LBTC product, which holds approximately 50% market share among staked and restaked Bitcoin products. Aave leads with 32% of the market share for LBTC utilized in DeFi. Spark is also seeing inflows of LBTC. On the infrastructure side, protocols like BOB and Babylon are expanding their presence. BOB has $219 million in TVL, 1.8 million transactions, and 68,000 unique users in the past 30 days, with 25,000 to 30,000 weekly users. Its TVL includes $43 million in uniBTC, $42.4 million in SolvBTC Babylon, and $33.8 million in WBTC. In addition to asset-based lending, the DeFi sector is innovating in credit-based money markets. 3Jane, an Ethereum-based protocol, raised $5.2 million in a seed round led by Paradigm to develop unsecured USDC loans based on credit scores, using zkTLS technology to extract off-chain credit ratings. Bitcoin-backed loans on Morpho Labs have surpassed $500 million in collateral, with total loan originations growing from $100 million to over $300 million in the past month.