BIMA

BIMA is a Bitcoin-native, omnichain stablecoin protocol. Its core business lets users deposit BTC or Liquid Staking Tokens (LSTs) as collateral to mint USBD, a USD-pegged stablecoin, through Collateralized Debt Positions (CDPs). Borrowers pay no interest; instead, they share a portion of future upside above an agreed threshold. The protocol also offers a strategy marketplace where USBD can be deployed into yield vaults, and a Stability Pool that absorbs liquidations.

The key narrative is unlocking idle Bitcoin without selling it. Traditional lending forces high interest, margin calls, and opaque custody. BIMA addresses this by keeping collateral with institutional custodians like Utila, using transparent smart contracts, and enabling cross-chain usage across EVM, Bitcoin L2s, Solana, and Stacks. Its design aims to make Bitcoin the ultimate collateral for DeFi while maintaining over-collateralization and automated liquidation to protect lenders.

Over the past six months (2026-03 to 2026-09), BIMA has focused on infrastructure and integrations. It announced a partnership with Utila for secure custody operations, and a collaboration with Bracket to allow USBD deposits into on-chain yield strategies. These moves expand the utility of USBD beyond borrowing, positioning BIMA as a liquidity hub for Bitcoin-backed stablecoins. No major negative events were reported in this period, though the protocol remains dependent on market conditions and the broader adoption of Bitcoin DeFi.