We make Bitcoin productive
Institutional-grade yield on your BTC and USD, on-chain and transparent
Product Spotlight
Yield on USD exposure
Earn competitive, sustainable yield on dollars — backed by transparent on-chain collateral.
Bitcoin Dollar USDC Vault
Deposit USDC, earn USD-denominated yield via a 2× leveraged sBTCD loop.
USDC / bdUSD Morpho Pool
Lend USDC into the bdUSD looping market and earn above-market stablecoin yield.
Product Spotlight
Yield on BTC long exposure
Stay long Bitcoin and put it to work. BTC-denominated yield.
wBTC Carry Vault
Deposit wBTC, earn BTC-denominated yield via the leveraged sBTCD engine.
Morpho wBTC/sBTCD Pool
Lend wBTC into the overcollateralized BTCD Morpho market and earn yield from vault borrow demand.
How It Works
1. The BTCD portfolio generates yield from three sources. A continuously rebalanced 50/50 BTC/USD portfolio earns (a) yield on its BTC-side assets, (b) yield on its USD-side assets, and (c) a rebalancing premium from systematically buying low and selling high.
2. Yield is paid out through sBTCD. Staking BTCD into sBTCD entitles holders to the portfolio’s yield.
3. The Vaults package sBTCD and borrow away one side of the exposure — leaving depositors with either 100% USD exposure (USDC Vault) or 100% BTC exposure (BTC Vault), each with leveraged yield.
Objective
Institutional-grade yield on BTC and USD, on-chain and transparent.
Transparency
Transparent collateral reporting, third party price oracle
Protocol
Available on Ethereum blockchain with crosschain interoperability
Buy
Buy BTCD instantly on exchanges
Derisked Every Way Possible
Continuous Code Review
Continuous code review and automated security scans.
24/7 Monitoring
Round-the-clock alerting and monitoring on all protocol positions.
Built on Ethereum
Deployed on Ethereum, the most battle-tested smart-contract network.
Third-Party Price Oracle
Independent price oracle — no self-reported marks.
Built by trusted crypto pioneers
Audited and security reviewed by
Funded by
Put your Bitcoin and dollars to work
Larger deposits qualify for a private FISC incentive — get in touch to learn more.
Funds & Whales
Deploy size with confidence — fully on-chain yield on BTC and USDC, transparent collateral, and withdrawal terms built for large positions.
DeFi Users
Stake your BTCD for sBTCD and earn competitive yields on both Bitcoin and stablecoin exposure strategies through lending marketplaces
Treasury
Put idle treasury BTC and USDC to work. Institutional treasuries and DATs earn transparent on-chain yield while keeping assets productive and auditable.
The Bitcoin Dollar Ecosystem
BTCD
Bitcoin with 50% less volatility
The core token, backed by a continuously rebalanced 50/50 BTC/USD portfolio. It captures Bitcoin upside at half the volatility while the portfolio earns yield on both sides.
sBTCD
Stake BTCD to earn yield
Staked BTCD — the protocol’s yield-bearing token. Holders receive the portfolio’s yield, and the Vaults are built on top of it.
bdUSD
USD-denominated vault token
The token depositors receive from the USDC Vault. Backed by an overcollateralized sBTCD position and lendable on Morpho for additional yield.
FISC
Governance & value-accrual token
Fixed 10B supply with a buyback-and-burn mechanism. Hold FISC to vote on protocol parameters and earn protocol revenue.
