Sats Terminal is building the leading infrastructure layer for Bitcoin-backed loans.
Bitcoin holders today can borrow against BTC across DeFi protocols, wrapped BTC assets, chains, and centralized lenders, but the market is still fragmented and difficult to access. Sats Terminal solves this by giving users and partners one unified interface and SDK to compare live rates, deposit native BTC, route collateral into the best available lending venue, and receive stablecoin liquidity without selling Bitcoin.
The product is live today as a web application and already supports lending across Aave, Morpho, Kamino, Venus, and Vesu on Base, BNB Chain, Ethereum, Arbitrum, Solana, and Starknet. Users can execute a Bitcoin-backed loan in minutes, with one-block BTC execution, automated wrapping/bridging, gas abstraction, collateral routing, and liquidation monitoring handled by Sats Terminal. For partners, wallets and exchanges can embed the same borrowing experience through the Sats Terminal SDK instead of building lending infrastructure themselves.
The roadmap is designed to move Sats Terminal from aggregation to ownership of the Bitcoin lending stack.
Phase 1 expands coverage across every major Bitcoin lending chain, protocol, wrapped BTC format, and lender.
Phase 2 scales distribution through wallet, exchange, fintech, iGaming, and prediction market SDK integrations while growing the active loan book.
Phase 3 introduces native Bitcoin lending, enabling users to borrow against their BTC without relying on wrapped assets or third-party bridges. In partnership with Utexo, Sats Terminal has already secured $50M in TVL commitments ahead of launch and is developing an institutional lending product that allows borrowers to lock native BTC with a secure custodian and receive USDT issued directly on Bitcoin via RGB. By keeping the entire lending process on Bitcoin, the product gives institutions access to liquidity without requiring them to sell their BTC or assume the risks associated with bridges and wrapped assets.
Sats Terminal has raised $2.3M from Coinbase Ventures, YZi Labs, Gate Ventures, Draper Associates, and others. The company is now raising additional capital to accelerate product development, expand its loan book and integrations, and become the default infrastructure for Bitcoin-backed lending.
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.
Institutions face an additional problem: they hold Bitcoin on their balance sheets and need secure, compliant, native lending infrastructure to access liquidity against their BTC without selling it or relying on bridges and wrapped assets.
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.