Jeff

Building @bsdmoney

[Jeff @stackatron]

The new corporate playbook: don't sell your BTC, borrow against it. Saylor's been showing how for 4 years. Every BTC treasury is figuring out the same trick. STRC at 9%, MicroStrategy convertibles at 0.75%, Twenty One via USDT. BSD is the same machine for everyone else. 0.1%. No board approval needed.

[CoinDesk @CoinDesk]

JUST IN: Michael @Saylor's @Strategy acquires 24,869 $BTC for $2.01B at $80,985 per coin, bringing total holdings to 843,738 $BTC acquired for $63.87B at an average price of $75,700.

[Jeff @stackatron]

The dollar you use today depends on Washington staying friendly to you. World history suggests that is a fragile assumption. @bsdmoney is the dollar that works regardless. Backed by Bitcoin, issued by code. Neutral money for a neutral collateral asset.

[Roxom TV @RoxomTV]

While Wall Street debates ETF flows, Tehran built BITCOIN infrastructure for the Strait of Hormuz 🇺🇸🇮🇷

"BTC is a neutral savings technology. People are starting to realize that in different countries and different places around the world." — @TychoOnnasch

[Jeff @stackatron]

"6.5% APY on your USD" sounds great until you ask: where does that yield come from?

It comes from charging borrowers ~10%. Lava is selling depositors a margin on someone else's loan.

@bsdmoney eliminates the middleman. Rates start at 0%. Depositors don't exist.

[lava @lava_xyz]

Most savings accounts pay under 1%. Lava pays you 6.5% APY on your USD.

Your dollars earn yield by funding fully collateralized, bitcoin-backed loans.

Over 100% collateralized, backed only by BTC. Deposit or withdraw at any time.

[Jeff @stackatron]

BlackRock just filed two tokenized money market funds (BSTBL, BRSRV) designed to be the yield-bearing reserve for stablecoin issuers under the CLARITY Act.

Issuer-side answer: BlackRock engineers a workaround so issuers can keep capturing yield spread.

Holder-side answer: BSD lets you skip the issuer entirely and borrow against your own Bitcoin.

[Jeff @stackatron]

The agentic economy needs three things:
Wallets ✓
(Stacks) Settlement ✓
BTC credit at machine scale (?)

Agent borrowing math doesn't work above 1%. BSD is 0.1%. We're already here.

[x402 Stacks @x402stacks]

HTTP 402 “Payment Required” isn’t new, legacy payment rails just never made it useful for micropayments.

With the @Stacks blockchain, getting paid on the internet finally works.

Start monetizing your APIs 👇

https://t.co/gpAR8WIhaw

[Jeff @stackatron]

Twenty One (Strike acquirer, 40k+ BTC) is launching BTC-backed loans internationally — using USDT as the dollar leg.

Translation: they hold your BTC, you borrow Tether's IOU, Tether captures the float.

BSD: No Tether middleman. No float captured by anyone but you.

[Jeff @stackatron]

Huge upgrade for Bitcoin staking on Stacks. Will have large impacts on Bitcoin defi ecosystems, BTC yield, and lending products! 👀

[stacks.btc @Stacks]

Hold BTC. Earn BTC. That's what Bitcoiners want.

Today we're publishing the Bitcoin Staking whitepaper.

Self-custodial. BTC-denominated yield.

Here's what it is and why it matters 🧵

[stacks.btc @Stacks]

Hold BTC. Earn BTC. That's what Bitcoiners want.

Today we're publishing the Bitcoin Staking whitepaper.

Self-custodial. BTC-denominated yield.

Here's what it is and why it matters 🧵

[Jeff @stackatron]

Every stablecoin is collateral for a trust assumption.

USDC: trust Circle.
USDT: trust Tether.
USDe: trust Ethena's hedge desk.
DAI: trust Maker's RWA picks.
BOLD or BSD: trust smart contracts.

Eventually the only stablecoins or synthetic dollars will be the ones that don't ask you to trust anything, aka trust math.

[Jeff @stackatron]

Galaxy CEO predicts the CLARITY Act passes in May. Current draft bans passive yield on stablecoins. Three years of legislation to protect bank deposits—if you can't beat them on product beat them with regulation.

[BSD | Based Dollar @bsdmoney]

🧵 A quick primer on BSD's peg:

BSD trades at $1 not because someone defends the peg — but because the math rewards/punishes anyone who lets it drift for too long.

Below $1: I can buy 1 BSD for $0.99 and redeem it for $1.00 of sBTC. The protocol burns my BSD and pays me out. Arbitrage closes the gap.

Above $1: I open a vault, mint 1 BSD against my BTC, sell it for $1.01. The supply expands and price returns to $1.

The lowest-rate vaults get redeemed first. Set a higher rate = more redemption protection. Set a lower rate = cheaper loan, but you're earlier in line. The borrower picks the tradeoff. No votes. No central peg manager. Just two arbitrage paths and a redemption queue proven by years of running on Bold/Liquity.

[Jeff @stackatron]

Saylor's playbook: borrow against your balance sheet to buy more Bitcoin.

His cost: ~9% (STRC, this week).
Your cost on BSD: 0.1%.

Same trade, 90x cheaper.

[Jeff @stackatron]

Morgan Stanley is rolling out a spot Bitcoin ETF to 16,000 financial advisors. That's 16,000 people about to field the same question from clients: "I own Bitcoin now. What do I do with it?"

Three answers:
1. Hold it and hope (no yield, no liquidity)
2. Sell some when you need dollars (permanent loss of upside)
3. Borrow against it at 0% (keep the BTC, get the dollars, no tax event)

Option 3 is BSD. The advisors won't mention it.

[BSD | Based Dollar @bsdmoney]

"BTC-backed synthetic dollars can't work."

We hear three versions of this. Let's walk through each one. 👇

1. “BTC is too volatile for collateral”

BSD requires 110% collateral ratio. If BTC drops, the protocol has automatic liquidation + a stability pool that absorbs undercollateralized vaults. Same mechanism Liquity battle-tested on Ethereum since 2021. It's not theory — it's been through every crash since.

2. “Stacks is too small”

Stacks just posted two-year highs in transaction volume, active accounts, and contract deployments. Zest hit 700 BTC deployed. Bitflow crossed $160M+ volume. The liquidity isn't hypothetical — it's measurably growing every quarter.

3. “No CEX listings. How do I exit?”

BSD is redeemable for BTC collateral at any time, at face value. That's not a CEX listing — it's better. Your exit is protocol-guaranteed, not exchange-dependent. Redemption is the peg mechanism, not a convenience feature.

The objections assume BTC-backed assets work like everything else in DeFi. They don't. The collateral is the hardest money on earth. The contracts are immutable. The mechanism is proven.

[Jeff @stackatron]

The spread between sBTC stacking yield and BSD's borrow rate is still wide open:

sBTC yield: ~3.8% BSD borrow rate: 0.1%

Net: you collect 3.7% for borrowing dollars.

Meanwhile Lava charges 6.5% and your collateral earns nothing.

[Jeff @stackatron]

Strategy just bought 13,927 BTC. Funded entirely by issuing preferred stock. Read that again: they issued paper to acquire Bitcoin, because holding BTC is worth more than the cost of the paper.

BSD does the same thing — without the Wall Street plumbing. Lock BTC, mint dollars, 0% interest rate, no shareholder dilution, no prospectus, no board approval.

The institutional thesis and the DeFi thesis just converged. The only question left is how much middleman you want in between.

[Jeff @stackatron]

15% of all Bitcoin now sits on institutional balance sheets. 80% of institutional leaders view BTC as a core portfolio asset. Most of them still sell BTC to cover expenses. With BSD you can borrow dollars against your Bitcoin at 0% APY. Keep the stack. Fund the runway. The math is not complicated.

[Jeff @stackatron]

Congress spent three years trying to regulate stablecoins. The latest draft bans the one thing that makes them competitive with bank deposits: yield. If your dollar requires legislative permission to be useful, it was never really yours.

[Jeff @stackatron]

The latest CLARITY Act drafts don't just regulate stablecoins. They ban passive yield on them. Three years of legislation and the result is: you can hold a dollar on-chain, but you can't earn anything on it. Because bank deposits...

[Jeff @stackatron]

Biggest DeFi UX friction: 'I have to write down 24 words and pray I don't lose them.' Clarity 5 enables smart contract wallets on Stacks. Passkeys. Biometrics. No seed phrase. Combined with originator mode, this is Bitcoin DeFi that your non-crypto friends could actually use.