Xapo Bank
Takes as collateral: bitcoin
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.
- BTC collateral — an estimate, not a reading: the desk does not publish its collateral. The range runs from every loan at the card's maximum LTV with the book at its low end (least bitcoin) to loans at half the maximum with the book at its high end (most); the figure shown assumes three-quarters of the maximum.
- Dollar debt against bitcoin — a bounded estimate ($20m–$500m); the midpoint is shown.
- Aggregate LTV — the highest LTV the desk's card allows — a policy limit, not the LTV of its book.
- Borrow rate (USD loans) — a price the desk posts, not one a market cleared.
- Lend rate (USD loans) — a rate the desk posts to lenders, not one a market cleared.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | posted_cardsourcePublished rate card at the desk's own site (cefi_credit_rates.source_url), re-fetched daily and last confirmed 2026-07-30. posted_card: the rate is an OFFER, not a transacted price — no desk publishes a loan book, which is why these venues' quantity and composition axes are declared unobtainable rather than missing. |
|---|---|
| Term structure | fixed_termsourceXapo rate card — four fixed terms offered (30, 90, 180, 365 days), re-confirmed against the live loan calculator 2026-07-21. Note the desk prices ONE rate across all four, so the term list is not a term structure. |
| Rate certainty | variablesourceXapo rate card — a single posted rate that tracks the base rate and accrues daily (rate_type = variable_fed_linked). Fixed TERM but variable RATE, which is why these two columns are separate. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceXapo rate card (https://www.xapobank.com/en/banking/borrow). Top-up at 65% LTV and liquidation at 80% are published; the price source is not. |
|---|---|
| Default & liquidation | thresholdsourceXapo rate card — LTV-triggered: origination LTV 20–40%, top-up at 65%, liquidation at 80%. |
| Custody & backing | third_party_custodialsourceXapo rate card — regulated bank custody, no rehypothecation (custody_model = custodial_no_rehypo / custodial_regulated_bank on the savings side). |
| Recourse | undisclosedsourceNot published on the rate card. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-07-21), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC (desk-held, representation not disclosed)sourcecefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date. quantity: partial — Statutory filings — Gibraltar bank annual accounts, the book read as loans and advances to customers; the strongest provenance class available in this layer, an audited account of a regulated entity. Staleness declared at the source's native annual cadence, not the 45-day card rule. The 2025 Digital Wealth Report is an issuer report and carries term distribution and regional mix but no absolute book figure; it is not merged with the accounts. composition: partial — Aggregate statistics only. Loan-level composition is unobtainable everywhere in this class and remains declared so. |
What the loans are denominated in
US dollars — as the venue's own pages state itAssets: USD (fiat, Xapo Bank USD account). "Borrow USD Without Selling Your Bitcoin" / "I have BTC I can borrow USD" — https://www.xapobank.com/en/banking/borrow, read 2026-10-05
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- desk established — the desk · third_party_custodial
source
attribute · custody_model = third_party_custodialXapo rate card — regulated bank custody, no rehypothecation (custody_model = custodial_no_rehypo / custodial_regulated_bank on the savings side). - sub_custodian incompletethe card does not name who holds the coins for the desk
source
card · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrow - reuse establishedthe card states the collateral is not rehypothecated
source
card · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrowcard · xapo · custodial_no_rehypo · published_card 2026-07-21https://www.xapobank.com/en/banking/borrow
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | +7.15 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | −3.89 pts vs Posted card · derived this venue's borrow rate minus its class's (14.39%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +6.37 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. Loans here carry terms of their own, which the bill does not match: it is the same 30-day reference used for every venue, not a matched maturity macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | 40.0% · ceiling the highest LTV the desk's card allows — a policy limit, not the LTV of its book; the aggregate only — no distribution is read here cefi_credit_rates — the desk's published card |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | unknown (not published by the venue) — the venue publishes no liquidations |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/cefi_xapo |
|---|---|
| MCP | get_venue({ venue_id: "cefi_xapo" }) get_venue({ venue_id: "cefi_xapo", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp