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About Ducat
Ducat is a decentralized stablecoin protocol built natively on Bitcoin L1, issuing the UNIT stablecoin soft-pegged to the US dollar. Users deposit BTC as collateral to open vaults and mint UNIT, with the entire process enforced by Bitcoin scripts and Partially Signed Bitcoin Transactions (PSBTs), requiring no trust in a third party.
Its core competitive advantage lies in true non-custodial design: BTC remains locked in a Bitcoin script and never leaves the L1 network, avoiding bridge risks common in cross-chain wrapped assets. A multi-party computation (MPC) network of "guardians" co-signs transactions without accessing user private keys, while canonical reference satoshis (CRSs) inscribe protocol rules on-chain for transparency and auditability.
The market pain point Ducat addresses is the centralization of existing stablecoins: USDT/USDC rely on bank custody and regulatory compliance, while DAI and Ethena depend on centralized collateral management or cross-chain bridges. Ducat offers BTC holders a permissionless, self-custodied borrowing option without leaving Bitcoin's security model.
Over the past six months (March–September 2026), Ducat completed its mainnet launch, underwent multiple independent audits, and released an open-source SDK. The protocol dashboard now provides real-time vault health and collateral ratio monitoring. No major security incidents or negative events were publicly reported during this period, though the ecosystem remains early-stage with limited third-party integrations.
Over the past six months, Ducat has achieved two major milestones. In March 2026, the protocol officially launched on Bitcoin mainnet, enabling users to deposit BTC and borrow UNIT, a dollar-pegged stablecoin settled entirely on Bitcoin L1, without bridging, custodians, or wrapped assets. Vaults use Taproot and FROST threshold signatures to ensure self-custody and non-custodial collateral management.
In June 2026, Ducat integrated Chainlink oracles to enable permissionless liquidations directly on Bitcoin, eliminating centralized intermediaries and enhancing censorship resistance. The protocol was also selected into CoinMarketCap's CMC Labs accelerator, boosting its ecosystem visibility.
Looking ahead, the official roadmap focuses on three areas: first, introducing governance mechanisms to allow UNIT holders to vote on protocol parameters; second, expanding integration partnerships to broaden UNIT's use cases in payments, trading, and yield generation; third, developing enhanced vault types for more sophisticated collateral management strategies. All upgrades will undergo rigorous auditing and testing before deployment.
Co-Founder & CEO: David Evans, with 17+ years of experience, previously Managing Director at Dojono, Head of Operations at Blis, and Technical Engineer at ITV.
Co-Founder & CTO: Lucas Rodriguez Benitez, previously Blockchain Lead at Arcual, Lead Platform Architect at END-Labs, Senior Consultant at EY, and CEO at Axioms.