Bitcoin-backed credit,
on-chain
Borrow USDC against your Bitcoin at a fixed 7.9% APR — or supply USDC and earn yield, backed by overcollateralized BTC. Non-custodial, on HyperEVM.
Built on a credible Bitcoin-DeFi stack
Borrow without selling
Unlock USDC liquidity against your BTC at a fixed 7.9% APR, up to 60% LTV. Keep your upside, skip the taxable sale.
Borrow USDC →Earn real yield
Supply USDC and earn ~5–7% APY paid by borrowers, backed by overcollateralized Bitcoin. Withdraw anytime, subject to liquidity.
Supply USDC →Questions, answered honestly
Including the risks. If something here is unclear, ask before you deposit.
What happens if BTC price drops?
Your loan is overcollateralized. If your loan-to-value reaches the 75% liquidation threshold, part of your collateral is sold to repay debt and restore a safe ratio. You can add collateral or repay at any time to avoid this — you're responsible for monitoring your position.
What is LBTC and why use it?
LBTC is Lombard's wrapped Bitcoin — a tokenized representation of BTC that works on EVM chains. It lets your Bitcoin serve as on-chain collateral while remaining redeemable for BTC.
Can I lose my Bitcoin?
Your LBTC is only at risk through liquidation if your position breaches the 75% threshold, or in the event of a smart-contract exploit. It is never held or rehypothecated by a company. The code is audited and covered by a bug bounty, but smart-contract risk still exists.
Why HyperEVM and not Ethereum or Solana?
HyperEVM offers native USDC, fast finality and low fees on Hyperliquid's L1 — a strong fit for a responsive lending market. It's one of the fastest-growing on-chain ecosystems.
Why no KYC at launch?
Merum is a non-custodial protocol — you interact directly with smart contracts. At v1 there is no KYC. US residents are geoblocked and OFAC-sanctioned jurisdictions are excluded.
How is yield generated for suppliers?
Supplier yield comes from the interest borrowers pay. It is variable, based on utilization, and backed by overcollateralized Bitcoin. It is not a guaranteed return.
What's the protocol fee?
Merum takes 10% of the interest paid by borrowers. The rest accrues to suppliers.
Who built this, and what if Merum shuts down?
Merum is built by Jan Schneider and operated by Merum Finance FZ-LLC in Dubai. Because the protocol is non-custodial, your funds live in smart contracts — you can repay and withdraw directly on-chain regardless of the company's status.