The Bitcoin Credit Stack
all rates APR, act/365 · as of 2026-09-04
MarketsClasses minted

minted

1 venues · $572m debt · 30d borrow 8.38%

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.

As of 2026-09-04 · 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. 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 (v2 V2). btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.

Dollar borrow rate — the class and its largest venues, over time
Collecting — no per-venue rate history is served for this class
The cross-venue surface has a daily series and the financing curve is a current cross-section, but neither carries a rate line per venue. The class and its constituents cannot be drawn against time until one exists.
The class's current cross-section is below, by lookback window. Drawing it on a time axis would say eight averaging windows were twelve months of history.
fill route: runbook_DI1_data_ingestion_coordination_v1.md
Venues — size and criteria coverage
VenueDebtShare of classPoolsCriteria
Sky (Maker)$17.10bn100.00%910 / 10
Sorted by debt weight, which is the size the payload carries per venue — there is no per-venue collateral or per-venue 30d rate served for this class. get_credit_state · get_venue
Denominated in usd

Borrow leg only — no lender side is observable for this series. Wrapper classes: custodial.

Window (days)BorrowLendSpreadPoolsVenuesDebtSupplied
78.283%121$549m$0
148.321%121$555m$0
308.376%121$572m$0
608.346%121$582m$0
908.265%121$561m$0
1807.987%121$546m$0
3657.489%121$555m$0
7307.433%121$732m$0
Compare these venues on your own terms — LTV, tenor, wrapper — by connecting.Connect your AI ↗