Threshold USD (Ethereum)
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 — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
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. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administeredsourceThreshold USD TroveManager 0xfC7d41A684b7dB7c817A9dDd028f9A31c2F6f893 on Ethereum (chain 1) — the one-off fee is 0.5% plus a base rate that rises with redemptions and decays with time (baseRate 0.37% before decay, read 2026-09-30), bounded at 5%. It is set by that formula: the TroveManager has no owner (owner() is the zero address) and no setter. The registry's value for this venue is administered; the formula, not an administrator, sets the fee. |
|---|---|
| Term structure | open_endedsourceThreshold USD on Ethereum (chain 1) — a trove has no expiry (published source; none of the TroveManager's trove getters returns one); it persists until repaid, liquidated or redeemed against. |
| Rate certainty | fixed_at_originationsourceThreshold USD on Ethereum (chain 1) — no interest accrues: the only charge is a one-off fee taken when the debt is drawn (getBorrowingRateWithDecay() 0.5%, floor 0.5%, cap 5%, read 2026-09-30). CHECKED on chain: all 5 troves' debts are identical to the wei at block 26040319, 50400 blocks earlier. The cost of a loan is therefore known in full at origination. This dataset publishes no annual rate for the venue, because a one-off fee is not one. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceThreshold USD PriceFeed 0x83aE3931C5D03773755311372c0737F856657a43 on Ethereum (chain 1) (TroveManager.priceFeed()), read 2026-09-30 — a primary and a fallback: priceAggregator() = Chainlink 0xF4030086522a5bEEa4988F8cA5B36dbC97BeE88c ("BTC / USD") and tellorCaller() = 0x0278aC7067F66a66a91466cd420f6F8Efae15C32; status() reads chainlinkWorking. The feed times out after 4 hours and tolerates 5% between the two. ⚠ It prices BITCOIN, not tBTC: a tBTC depeg would not show. The feed's owner is a timelock, 0x87F005317692D05BAA4193AB0c961c69e175f45f (48 hours), not renounced. Which Tellor query the fallback asks for was not read. |
|---|---|
| Default & liquidation | thresholdsourceThreshold USD TroveManager 0xfC7d41A684b7dB7c817A9dDd028f9A31c2F6f893 on Ethereum (chain 1) — read 2026-09-30: MCR 110%, CCR 150%; a trove under the MCR can be liquidated, and in recovery mode (system ratio under the CCR; not the case now, at 420%) so can troves under the system ratio. StabilityPool 0xF6374AEfb1e69a21ee516ea4B803b2eA96d06f29 holds 49,985,471 thUSD. Per the published source anyone may liquidate; the stability pool absorbs the debt first and the rest is redistributed to other troves. ⚠ A healthy trove can also lose collateral to REDEMPTION: thUSD is exchanged at face value for collateral from the lowest-ratio troves (fee 0.5%, read). |
| Custody & backing | protocol_custodialsourceThreshold USD on Ethereum (chain 1) — read 2026-09-30: the tBTC sits in the ActivePool 0x4dbcb0cFf525B91E8b9D18b224c1B45feF008549 (its token balance equals the pool's own account, 26.7641). The TroveManager, BorrowerOperations and the pools are not proxies and their owner() is the zero address. thUSD 0xCFC5bD99915aAa815401C5a41A927aB7a38d29cf, the PCV and the PriceFeed are owned by the timelock 0x87F005317692D05BAA4193AB0c961c69e175f45f (48 hours), which per the published source can add a minter or a new collateral system after thUSD's governance delay of 90 days; none is pending. Who controls the timelock was not read. |
| Recourse | non_recoursesourceThreshold USD on Ethereum (chain 1) — per the published source (no view function states it) liability is bounded by the trove's collateral; a shortfall is absorbed by the stability pool or redistributed to other troves, and nothing pursues the borrower. |
| Track record | 1 month observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2026-08-23; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC (1): tBTCsourceThreshold USD TroveManager 0xfC7d41A684b7dB7c817A9dDd028f9A31c2F6f893 on Ethereum (chain 1) — getEntireSystemColl()/getEntireSystemDebt() and each trove (registry/resolution/2026-09/threshold.json; root: github.com/Threshold-USD/dev deployments/default/tbtc/v1/mainnet.json). Read 2026-09-30 at block 26090719: 26.7641 tBTC 0x18084fbA666a33d37592fA2633fD49a74DD93a88 (18 decimals) against 537,702 thUSD in 5 troves; the largest trove owes 73.85% of it; lowest collateral ratio 354%. tBTC: asset_peg holds it as a bitcoin. A second deployment takes ether (TroveManager 0x27D7D02AED6C4F95Ada2faf02DcCB9666D3abB8C): 2,200 thUSD in 1 trove, not bitcoin. ⚠ thUSD's supply is 200,539,902: 200,000,000 of it was minted to the protocol's own PCV contracts as bootstrap loans, backed by no trove, and 49,985,471 of that sits in the tBTC stability pool. |
|---|---|
| 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 — Observed through the venue's own contracts (scripts/direct-reads.mjs). The contract reads are daily, at a recorded block. As of 2026-10-01. quantity: partial — Observed through the venue's own contracts (scripts/direct-reads.mjs): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Each row names its observer. As of 2026-10-01. composition: none — Not observed: composition is loan-level, and neither the aggregator nor a daily contract read of pool or vault totals gives it. As of 2026-10-01. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | THUSD | $538k | — | contract read, 2026-10-13 |
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.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialThreshold USD on Ethereum (chain 1) — read 2026-09-30: the tBTC sits in the ActivePool 0x4dbcb0cFf525B91E8b9D18b224c1B45feF008549 (its token balance equals the pool's own account, 26.7641). The TroveManager, BorrowerOperations and the pools are not proxies and their owner() is the zero address. thUSD 0xCFC5bD99915aAa815401C5a41A927aB7a38d29cf, the PCV and the PriceFeed are owned by the timelock 0x87F005317692D05BAA4193AB0c961c69e175f45f (48 hours), which per the published source can add a minter or a new collateral system after thUSD's governance delay of 90 days; none is pending. Who controls the timelock was not read. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- tBTC established · direct_wrapped · identified by symbolTBTC established · issuer Threshold Network · threshold-signature · holders []No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
source
issuer_docdocs.threshold.network/applications/tbtc-v2
- tBTC established · direct_wrapped · identified by symbol
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) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Rate volatility (30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Spread to the pair aggregate | collecting (not read yet) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | collecting (not read yet) — this venue has no borrow rate to compare |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 24.6% latest day, as each market reports it; dollar loans only; the aggregate only — no distribution is read here defi_rates_llama — read from the venue's own contracts, pool by pool |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
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/liquity_forks_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "liquity_forks_ethereum" }) get_venue({ venue_id: "liquity_forks_ethereum", 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