INSTITUTIONAL

Bitcoin-Backed Credit for Institutional Borrowers

Non-custodial vaults on Bitcoin L1. Zero ongoing interest. On-chain verification. Programmatic access via SDK.

Why Ducat

0%

No ongoing interest

A flat 1% origination fee. No APR, no compounding, no hidden charges. CeFi lenders charge 2-12% annually. On a $10M loan held for 12 months, that difference is $200K-$1.2M saved.

2-of-2

Non-custodial by design

Your BTC sits in a Taproot multisig vault on Bitcoin L1. One key is yours, the other belongs to the Guardian MPC network. No single party can move funds. No counterparty risk from a custodian balance sheet.

L1

Bitcoin-native settlement

No bridges, wrapped tokens, or sidechains. Every vault, liquidation, and redemption settles directly on Bitcoin. The security model is Bitcoin's security model. Your compliance team can verify every transaction on-chain.

1:1

USDC liquidity

Borrow UNIT (Bitcoin-native stablecoin) or receive USDC directly. UNIT converts 1:1 to USDC via the Circle SDK. No need to find a secondary market or manage a new token position.

Technical Architecture

Built for auditability. Every component is independently verifiable.

Taproot Vaults

2-of-2 multisig structured as a tap tree with two spending paths: redemption (borrower repays) and liquidation (collateral falls below 135%). Script-enforced, deterministic, auditable.

Guardian Network

11-of-15 FROST threshold signature scheme. Guardians co-sign vault operations but cannot alter transactions, redirect funds, or sign paths that don't exist in the tap tree. Full DKG key rotation without vault interruption.

Chainlink CRE Oracle

Custom-built integration for Bitcoin. Price attestations delivered via hash-lock commitments in OP_RETURN data. The oracle signs prices, not transactions. Guardians cross-check against an independent secondary feed.

Open Validators

Anyone can run a validator. Validators parse Bitcoin data, reconstruct full protocol state from on-chain OP_RETURN metadata, and produce a deterministic ledger. No signing power, only verification.

Ducat SDK

Rust-based SDK for programmatic vault management. Build BTC transactions locally, manage positions, monitor collateral ratios, and automate redemptions. All operations are standard Bitcoin transactions.

Ecash Layer

UNIT transfers via Cashu ecash protocol. Instant, feeless, and private. Useful for treasury operations, inter-entity settlement, and high-frequency UNIT movements without on-chain fees.

How to Integrate

1

Technical assessment

We walk through your custody setup, compliance requirements, and borrowing needs. Typical call takes 30 minutes. No commitment.

2

SDK integration

Integrate the Ducat SDK into your existing infrastructure. The SDK handles vault creation, collateral management, and redemption. Your team maintains full control of key material.

3

Testnet validation

Run your full workflow on testnet. Open vaults, borrow UNIT, test redemption, simulate liquidation scenarios. Verify everything before committing real BTC.

4

Go live

Deploy to mainnet. Your BTC stays in non-custodial vaults on Bitcoin L1. Monitor positions via the SDK or the Ducat dashboard. Redeem at any time in a single Bitcoin block.

Talk to the team

Institutional borrowers, funds, and treasury managers can reach us directly. We'll walk you through the architecture and discuss your specific requirements.

Get in Touch

Non-custodial Bitcoin credit at institutional scale.

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