BTC1 is a Bitcoin‑backed stablecoin that aims to maintain a dollar‑like value while offering on‑chain transparency and weekly rewards for holders. Users deposit Bitcoin‑derived tokens as collateral (minimum 110% ratio) to mint BTC1, then benefit from low‑cost, sub‑second transactions and a 1¢‑per‑token weekly reward when reserves grow.
Funding
Funding not disclosed
Founders
Product
Problem
Stablecoins often rely on fiat reserves or centralized custodians, creating trust and regulatory concerns, while Bitcoin’s high volatility and transaction costs limit its use for everyday payments.
Solution
BTC1 is a Bitcoin‑backed stablecoin that aims to combine Bitcoin’s on‑chain security with dollar‑like price stability. Users lock Bitcoin‑derived tokens (WBTC, cbBTC, tBTC) as collateral at a minimum 110 % ratio to mint BTC1 tokens on the Base network. The over‑collateralized design and weekly reward distribution help maintain the peg and provide upside when Bitcoin reserves grow. BTC1 can be spent instantly with a MetaMask‑compatible Mastercard, and all collateral is verifiable on‑chain, offering transparent, low‑fee (≈ $0.01) and sub‑second transactions.
Target Audience
Primary users are crypto‑savvy individuals and merchants seeking a stable, Bitcoin‑backed medium of exchange, as well as developers building DeFi or payment applications on the Base network.
Features
- Over‑collateralized minting requiring at least 110 % Bitcoin‑derived token collateral
- Weekly reward payouts (1–10 ¢ per token) when reserve ratio exceeds 1.12, sharing Bitcoin upside with holders
- Integration with a MetaMask‑compatible Mastercard for direct spending on the Base network
- Transaction fees under $0.01 and confirmation times under one second thanks to Base’s L2 scaling
- Full on‑chain transparency of Bitcoin reserves, allowing users to verify backing at any time
- Support for multiple Bitcoin‑wrapped assets (WBTC, cbBTC, tBTC) to facilitate collateral deposits