BP Token: What It Is, Where It’s Used, and What You Need to Know

When you hear BP token, a token linked to BounceBit’s BTC restaking ecosystem. Also known as BounceBit USD (BBUSD), it’s not a typical stablecoin—it’s a yield-bearing asset built on centralized custody, designed to earn returns inside a closed-loop DeFi system. Unlike USDT or USDC, BP token doesn’t aim to be widely used for payments or trading. Instead, it’s a tool for users who want to earn yield by locking up Bitcoin through restaking, without giving up their BTC holdings.

This token is part of a growing trend called CeDeFi—centralized finance meets decentralized protocols. It’s not fully decentralized, and that’s intentional. BounceBit holds the underlying BTC in custodial wallets, which means users trust a company to secure their assets. In return, they get BBUSD (also called BP token) that can be staked or used within BounceBit’s ecosystem to earn higher APYs than traditional stablecoins. But here’s the catch: there’s no third-party audit, no broad liquidity, and almost no use outside BounceBit’s own platform. If you’re looking for a stablecoin to hold on Coinbase or use in Uniswap, this isn’t it. But if you’re already using BounceBit to restake BTC and want to maximize returns, BP token is the native asset you need to interact with.

Related entities like BTC restaking, a method to earn yield on Bitcoin by leveraging its security in other protocols and CeDeFi, hybrid systems that blend centralized custody with DeFi yield mechanisms are central to understanding BP token’s role. It’s not a standalone investment—it’s a piece of a system. You can’t trade it on most exchanges. You can’t use it to buy coffee. But you can stake it to earn more BBUSD, which then lets you restake more BTC. It’s a self-contained loop. That’s why it’s risky: if BounceBit goes down, so does your access to the token and its yield. And unlike real stablecoins, there’s no proof of reserves you can verify independently.

What you’ll find in the posts below are real-world examples of similar assets—BBUSD, GLINT, LEOS, and others—that promise yield but come with hidden trade-offs. Some are dead projects. Others are locked inside platforms with no exit. You’ll see how users got burned chasing high APYs on tokens like MOT and CAPY, and how even well-marketed ones like BBUSD lack the basics: audits, liquidity, and adoption. This isn’t about hype. It’s about knowing what you’re really buying when you see "earn 20% on your BTC"—and whether the token behind that promise is worth the risk.