Stacks launched its Genesis Bond on September 10 at Bitcoin block 966,350, allowing 21Shares, HashKey Cloud, UTXO Management, and Sypher Capital to lock approximately 250 BTC for six months. The program targets roughly 3% annual percentage yield, paid weekly in BTC, through Stacks' Proof-of-Transfer (PoX) consensus mechanism rather than lending or rehypothecation. Participants lock BTC directly on Bitcoin Layer 1 using a timelock script and hold STX worth about 5% of their Bitcoin position, creating what Stacks calls a protocol bond. Stacks miners commit BTC to produce STX blocks, with that Bitcoin distributed to participants. Since PoX launched in January 2021, more than 4,200 BTC has been distributed, valued at over $500 million at historical prices. Participants recover full custody of their Bitcoin after six months. Sypher Capital used StackingDAO's pooled infrastructure, while the other three institutions bonded directly. UTXO Management had joined Stacks stacking on May 28 as an initial institutional proof of concept. Stacks added Fireblocks custody support earlier in 2026, while the PoX-5 hard fork activated around July 29-30 to enable the Genesis Bond's bonding and yield-distribution features. The 5% STX requirement creates exposure to a second asset, meaning a significant STX decline could reduce dollar-denominated returns. A second bonding period is planned for early October 2026 with greater capacity, followed by a roadmap toward permissionless participation for institutions and eventually all holders.