BitVault

BitVault is an institutional on-chain credit layer built around bvUSD, a bitcoin-collateralised dollar stablecoin, and sbvUSD, its yield-bearing claim. Whitelisted institutions borrow bvUSD at a fixed 50% loan-to-value ratio against BTC, WBTC, tBTC, bgBTC or bitcoin liquid staking tokens, giving a 2:1 bitcoin reserve cover; retail users mint one-to-one with USDC or USDT and redeem at dollar parity. sbvUSD allocates capital to delta-neutral, market-making and basis strategies run with institutional partners, targeting about 12% annual yield accrued through ERC-4626 vault shares. Because borrowing is permissioned and collateral sits with qualified custodians, liquidation is not automatic on chain: above a loan-to-value threshold of roughly 75%, the operator issues a margin call and then realises collateral under pre-agreed custody arrangements.

The product positions tokenised assets as borrowable credit instruments. Collateral and partner coverage listed on the site spans Ondo, Gemini, Robinhood, Kraken, Morpho, Aave, xStocks and Centrifuge, extending collateral from bitcoin to tokenised equity and treasury assets. The trade-off is compliance and predictable liquidation in exchange for gated borrower access and collateral scope, with less on-chain transparency than permissionless collateralised debt positions.