Providers / Ducat Protocol
Ducat Protocol
Bitcoin L1 non-custodial credit
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.
Product and eligibility
Product type
Protocol credit / stablecoin mint path
Collateral
Native BTC on L1
Eligible borrowers
No KYC claimed
US availability
Not available to US persons (official FAQ)
Custody and counterparty
Custody model
Non-custodial (DLC / vault)
Non-custodial vault; no company holds keys claim
Rehypothecation
PoR / audits / insurance
FROST vault / L1 design claims
Track record
Newer Bitcoin L1 credit protocol
Call, cure, and liquidation
Notice, grace period, partial vs full sale, and fees all differ by provider.
1. Starting LTV
62%
2. Margin call
Protocol rules
3. Cure window
Protocol rules
4. Liquidation
74%
At 62% starting LTV, Bitcoin must fall about 16.2% for LTV to reach 74%.
- Max initial LTV
- Up to 62.5% (min 160% collateral ratio)
- Liquidation style
- Protocol liquidation path
- Liquidation fee
- 1% origination class marketing; 0% ongoing interest claim
- Collateral retrieval
- On repay / vault rules
Cost and terms
| Rate range | 0% ongoing interest with 1% one-time origination (official homepage; prefer over older self-blog rate ranges) |
|---|---|
| Origination fee | 1% |
| Prepayment fee | Not disclosed |
| Renewal / refinance | Not disclosed |
| Minimum loan | No minimum claimed |
| Term options | Protocol dependent |
| Liquidation fee | 1% origination class marketing; 0% ongoing interest claim |
| Collateral retrieval | On repay / vault rules |
| US availability | Not available to US persons (official FAQ) |
| Unique features | Bitcoin L1 vaults; UNIT/USDC borrow paths |
Who this is best for
Users who want Bitcoin-native non-custodial borrow without wrapping to Ethereum.
Who should skip
You need a licensed CeFi APR quote and a bank wire today.