Providers

Bitcoin-only fixed-term loans and a revolving line of credit for individuals and businesses. Clean fee claims and a published margin path.

Best for: US borrowers who want fixed-term and revolving options with USD proceeds.

Qualified custodial · Max LTV 50% standard; 40% volatility-proof

Coinbase UI for Morpho on Base. BTC converts 1:1 to cbBTC as collateral. You borrow USDC. Rate is variable. Liquidation LLTV is 86% on the documented BTC path.

Best for: Coinbase users who accept wrapped BTC and a variable on-chain rate for convenience.

DeFi smart contract · Max LTV Up to just under 86% (market LLTV)

Permissionless Morpho Blue markets. Each market has its own LLTV and IRM. Major cbBTC/USDC markets use 86% LLTV. Other markets can differ (for example 62.5% LLTV on some non-BTC pairs). Midnight adds separate fixed-rate, fixed-term markets.

Best for: DeFi users who pick a specific market and accept on-chain liquidation rules.

DeFi smart contract · Max LTV Market-specific: borrow allowed up to just under that market’s LLTV (no single Morpho-wide max)

Bitcoin-focused 12-month loans with size-tiered APR, Open Book reporting, and a custodied-loan structure claim.

Best for: Borrowers who want Bitcoin-only loans, PoR-style transparency, and a longer track record.

Qualified custodial · Max LTV 50%

Multi-asset revolving credit with loyalty-tier pricing. US product details can differ from global marketing.

Best for: Small tickets or multi-asset collateral users already in the ecosystem.

Qualified custodial · Max LTV BTC up to 50% on US borrow page; other assets differ (stablecoins higher)

Long-running lender with 1-, 3-, and 5-year terms, multi-asset collateral options, and stabilization / Shield products.

Best for: Borrowers who want multi-year fixed terms.

Qualified custodial · Max LTV Up to 70% (30/50/70% tiers; 70% is 1-year only)

Traditional fintech lender offering crypto-backed loans with higher max LTV and optional liquidation protection in some states.

Best for: Borrowers comfortable with higher leverage and a non-crypto-native brand.

Lender-held custodial · Max LTV Up to 75%

Commercial-only collaborative custody loan. You hold a key. Higher cost trades for key control.

Best for: Business entities that need key control and larger tickets.

Collaborative multisig · Max LTV About 50% (200% collateral-to-principal example)

Size-tiered APRs, Anchorage Digital custody, published cure mechanics, and multi-asset collateral options.

Best for: Mid-to-large tickets that want clear cure rules and qualified custody.

Qualified custodial · Max LTV Up to 60% BTC

Bitcoin-native credit line with Taproot vault custody claims, variable and fixed rate markets, and on-chain verifiability.

Best for: Borrowers who want a non-custodial credit line without wrapping BTC to another chain.

Non-custodial vault · Max LTV 50% (marketing; expanding)

Lender-matched bilateral loans with 3-of-4 multisig Bitcoin custody. Offer-dependent rates and longer terms.

Best for: Borrowers who want non-custodial multisig structure and flexible offer terms.

Non-custodial P2P · Max LTV Up to about 70% (offer dependent)

DLC-based non-custodial loans (Atomic Finance lineage). Institutional ticket sizes and negotiated rates.

Best for: Larger borrowers who want DLC custody with deterministic oracle outcomes.

Non-custodial vault · Max LTV Negotiated; public sources disagree (about 50–70% class)

European-regulated P2P marketplace with multisig escrow. Fiat disbursement and market-driven rates.

Best for: EU and global users who want non-custodial escrow and EUR/CHF style proceeds.

Non-custodial P2P · Max LTV 50% initial (up to about 60% negotiated)

Major DeFi lending protocol. BTC exposure is typically via wrapped BTC on Ethereum or other chains.

Best for: DeFi-native users who already hold WBTC or similar and want open-ended borrows.

DeFi smart contract · Max LTV Market-specific. Ethereum V3 WBTC/cbBTC standard: max LTV 73% (not a global Aave max; eMode and V4 can differ)

Bitcoin L1-native credit and stablecoin protocol. Borrow UNIT or USDC against BTC while keeping keys in a non-custodial vault model.

Best for: Users who want Bitcoin-native non-custodial borrow without wrapping to Ethereum.

Non-custodial vault · Max LTV Up to 62.5% (min 160% collateral ratio)

Bitcoin line of credit and term loans. Custody model changed after 2025 reporting of a shift away from pure DLC design.

Best for: Short-term liquidity seekers after reviewing the current custody design.

Lender-held custodial · Max LTV 50%

Peer-to-peer multisig escrow marketplace. Rates and terms are offer-driven rather than a single rate card.

Best for: Sovereignty-focused borrowers comfortable with P2P offer books.

Non-custodial P2P · Max LTV 30–70% for fiat-backed cryptos; up to 80% for BTC-equivalent cryptos