Minted
Rates on debt minted against collateral by a protocol rather than lent by a depositor. There is no lender to pay, so the series has a borrow leg only.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
What these figures cover — and what they leave out
- BTC collateral — part of it is the supplied amount each pool reports, not what is pledged against a loan.
- Dollar debt against bitcoin — debt against bitcoin read for 4 of 5 venues.
- Aggregate LTV — both sides read for 4 of 5 venues.
- Borrow rate (USD loans) — weighted by dollar debt for 3 of 5 venues.
- Liquidates at — the priced books of 1 of 5 venues taken as one position — an aggregate, not a forecast.
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
| Family | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| crvUSD › | 872 BTC | 62% | $34.2m | 91% | 47.7% | 3.58% | — | $40,516 | 94.0%–96.5% LTV |
| Sky › | 132 BTC | 9.4% | $2.2m | 5.9% | 20.6% | 8.33% | — | — | |
| Threshold USD › | 26.76 BTC | 1.9% | $538k | 1.4% | 24.5% | — | — | — | |
| Felix CDP › | 20.76 BTC | 1.5% | $446k | 1.2% | 26.1% | 4.93% | — | — | |
| Frankencoin › | 361 BTC | 26% | — | — | — | — | — |
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this class's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. /v1/market/tree
As of 2026-10-15 · weighting: borrow by borrowed_usd, lend by supplied_usd; spread computed per pool-day then weighted, never as the difference of the two aggregates
The tenor is an averaging window, not a maturity. Every constituent pool is open-term floating and no borrower agreed a term, so a rising curve means rates were higher further back — not a term premium.
Denominations are different products. btc and usd are different products and are never aggregated. btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.
| Venue | Whole pool (rate weight) | Share of class rate | Pools | Criteria |
|---|---|---|---|---|
| Sky (Ethereum) › | $549m | 87% | 9 | 10 / 10 |
| crvUSD (Ethereum) › | $73.6m | 12% | 9 | 10 / 10 |
| Felix CDP (Hyperliquid L1) › | $9.7m | 1.5% | 4 | 10 / 10 |
get_credit_state · get_venueBorrow leg only — no lender side is observable for this series. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 8.25% | — | — | 25 | 3 | $626m | — |
| 14 | 7.92% | — | — | 25 | 3 | $627m | — |
| 30 | 7.72% | — | — | 25 | 3 | $632m | — |
| 60 | 7.68% | — | — | 25 | 3 | $631m | — |
| 90 | 7.80% | — | — | 25 | 3 | $641m | — |
| 180 | 7.66% | — | — | 25 | 3 | $617m | — |
| 365 | 7.37% | — | — | 25 | 3 | $607m | — |
| 730 | 7.53% | — | — | 25 | 3 | $778m | — |
Other currencies — CHF: each its own product, never added to dollars
Borrow leg only — no lender side is observable for this series. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 1.24% | — | — | 5 | 1 | $23.7m | — |
| 14 | 1.24% | — | — | 5 | 1 | $23.7m | — |
| 30 | 1.24% | — | — | 5 | 1 | $23.7m | — |
| 60 | 1.24% | — | — | 5 | 1 | $23.7m | — |
| 90 | — | — | — | 5 | 1 | $23.7m | — |
| 180 | — | — | — | 5 | 1 | $23.7m | — |
| 365 | — | — | — | 5 | 1 | $23.7m | — |
| 730 | — | — | — | 5 | 1 | $23.7m | — |
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve GET https://api.bitcoincreditstack.com/v1/market/tree |
|---|---|
| MCP | get_credit_state() compare_venues({ class: "minted" }) |
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