SCBTC, issued by the Rings Protocol smart contracts under the governance of veNFT-locking tokenholders, is a tokenized yield-strategy vault token representing an onchain claim minted one-to-one against deposited Bitcoin-based collateral routed into curated DeFi strategies [S1][S2].

A holder of SCBTC holds a claim minted one-to-one against deposited BTC-based assets, which are deployed into yield-farming strategies across lending, liquidity provision, and staking using protocols such as Aave, Convex, and Morpho [S1][S2][S3]. Yield from the collateral vault is auto-compounded and, once per epoch, swapped to mint new sc-tokens routed to the gauge system rather than paid directly to holders; holders earn yield directly only by separately staking SCBTC into a Veda vault on Sonic [S3][S4]. Minting is fee-free [S2][S5].

SCBTC is issued by smart contracts under the Rings Protocol and Trevee brand rather than by a single corporate entity [S1][S6]. The holder's claim is an onchain interest redeemable one-to-one for the underlying BTC-based asset, with collateral held in Veda-operated BoringVault smart contracts on Ethereum mainnet rather than at a regulated custodian; protection rests on smart-contract design and audits by Spearbit, 0xMacro, and OpenZeppelin [S2][S5][S3]. Participation is permissionless onchain deposit and mint [S2][S5]. Redemption occurs one-to-one through per-asset withdraw-queue contracts; staked positions carry a 5-day unstaking delay [S2][S6][S1].

SCBTC is an ERC-20-style onchain token, with staked-yield wrappers using the ERC-4626 standard, issued on Sonic and with collateral deposited on Ethereum mainnet [S6][S7][S3]. Minting deposits a supported BTC-based asset; tokens minted on Ethereum bridge to Sonic via the Sonic Gateway. Redemption settles one-to-one through onchain withdraw queues, and tokens track a fixed one-to-one backing rather than a published NAV [S2][S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.rings.money/" },
    { id: "S2", url: "https://docs.rings.money/tutorials/minting" },
    { id: "S3", url: "https://docs.rings.money/overview/veda-vaults/collateral-vault-ethereum" },
    { id: "S4", url: "https://docs.rings.money/overview/veda-vaults/staking-vault-sonic" },
    { id: "S5", url: "https://docs.rings.money/tutorials/introduction" },
    { id: "S6", url: "https://docs.rings.money/developers/smart-contracts" },
    { id: "S7", url: "https://docs.rings.money/developers/staked-scassets-and-yield-distribution" },
  ]}
/>


Tokenized funds

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Trevee

Rings scBTC (SCBTC) is a tokenized fund share issued by Trevee.

The fund is open-ended and invests in crypto assets.

Holders can mint and redeem directly with Trevee in BTC, and have a right to redeem at net asset value with two-to-five-business-day settlement.

SCBTC has been issued on public blockchains since February 2025 and is native to Ethereum and Sonic.

Rings scBTCSCBTC

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