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Sats Terminal is a non-custodial Bitcoin loan marketplace that aggregates major onchain and offchain lenders so users can compare rates, fees, and terms in one place and borrow stablecoins without giving up custody.
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Bitcoin is the world's most trusted asset, yet accessing liquidity against it remains structurally impossible to optimize. The Bitcoin-backed lending market spans over $53 billion across on-chain DeFi protocols and off-chain centralized lenders, but the two worlds have never been unified into a single interface. On the DeFi side, more than 50 wrapped Bitcoin formats exist across at least 12 chains, each with their own lending pools, utilization rates, and borrowing costs that shift in real time. On the centralized side, a growing roster of institutional and retail lenders offer Bitcoin-backed loans under opaque terms that vary significantly by provider and jurisdiction.
The result is a rate discovery problem that is practically unsolvable for any individual user. At any given moment, the best available rate for a Bitcoin-backed stablecoin loan exists somewhere across this landscape, but finding it would require monitoring dozens of on-chain pools across more than a dozen chains while simultaneously comparing terms from multiple centralized lenders. No individual borrower has the tooling, the time, or the technical infrastructure to do this. They either accept whatever rate a single venue offers, hand over custody to a centralized lender for the sake of simplicity, or leave their Bitcoin entirely unproductive.
Sats Terminal solves the rate discovery problem by aggregating the leading on-chain Bitcoin lending protocols into a single non-custodial interface, giving users a unified view of available rates, fees, and terms across venues they would otherwise have to navigate independently.
The product flow is straightforward. Users log in and set up an account through Privy, deposit native Bitcoin, and Sats Terminal handles the rest. Proprietary integrations with Garden Finance and Rift automatically bridge and swap native Bitcoin into the correct wrapped format required by the target lending protocol, whether that is collateral for Aave, Morpho, or Kamino. The user never manually manages bridging, wrapping, or wallet configuration. Once the loan is executed, USDC is delivered directly to the user's wallet within a single Bitcoin block. Position management and account views are unified inside Sats Terminal so the user can monitor and manage their exposure in one place.
The result is that a Bitcoin holder can compare live rates across integrated protocols, execute against the best available terms, and receive dollar liquidity without selling their Bitcoin, without surrendering custody, and without touching a centralized lender. What previously required deep technical knowledge, multiple wallets, and hours of manual comparison now takes minutes.
Sats Terminal is live today as a fully functional web application. Users can log in, compare rates across integrated lending protocols, execute a Bitcoin-backed stablecoin loan, and manage their position entirely within the interface.
Under the hood, several features distinguish the Sats Terminal experience from anything else in the market: