Mezo
ClaimMezo is a decentralized Bitcoin finance application that lets users borrow, earn yield, and hold a stablecoin using Bitcoin as collateral without selling it.
Key numbers · TVL $80M · per DefiLlama · updated Sep 23
Overview
Mezo provides a line of credit backed by Bitcoin collateral, allowing users to mint MUSD, a stablecoin 100% backed by Bitcoin reserves and pegged 1:1 to the U.S. dollar. Users can also earn yield on their Bitcoin through vaults and liquidity pools, and manage their portfolio of BTC, MUSD, and other onchain assets from a single interface. Mezo also offers Mezo Prime, an institutional product built in collaboration with Anchorage Digital that provides segregated custody, onchain yield, and fixed-rate BTC-backed lending. The platform is built by Thesis, a team also behind tBTC, Fold, and Taho.
Recent activity
Aerodrome and Velodrome merge into Aero, launching October 22.
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Mezo partners with Morpho Midnight to bring fixed terms and tradable credit to Bitcoin-backed lending.
Runs the Mezo Buildathon for building on MUSD and MEZO.
Merkl handles distribution to Curve and Uniswap, with direct incentives going to Aerodrome.
Mezo connects Midnight's fixed-term claim markets to Bitcoin collateral and institutions securing it.
Bullish deployed 1,000 BTC through Mezo Prime as the anchor customer.
Earlier
Mezo now supports earning STRC yield on its platform.
USDat and sUSDat launched in 2026 and currently hold a market cap of $108.87m
Runs a USDC Lending Vault funding mUSDC loans with depositor yield from borrower interest
Now available to Anchorage Digital institutional custody clients
Now supports borrowing USDC against BTC via the USDC Lending Vault
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Mezo Hackathon 2 featured 64 projects from 81 builders across Bitcoin Banking and other tracks
Now supports sUSDat live on Mezo for tokenized STRC yield
Patched an unexploited ERC-20 bridge vulnerability within 24 hours and awarded a $50k bounty
Mezo's liquidity pools and MUSD Savings Vault are live with triple-digit APRs.
MUSD is now launching on Base and live on Aerodrome with the MUSD/USDC pool open for deposits.
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Partnering with Aerodrome to become Mezo's primary DeFi liquidity hub on Base, deploying 2.25% of MEZO supply as incentives.
Launched MEZO Gauges letting veMEZO holders vote MEZO incentives to MUSD pools on Curve, Uniswap, and Aerodrome.
Migrated $23 million in Bitcoin assets from Ethereum to Mezo with partners Mellow Protocol and Turtle.
Now supports borrowing mUSDC against Bitcoin at 86% LTV via Morpho.
Now issues MUSD, a stablecoin 100% backed by Bitcoin reserves pegged 1:1 to USD.
Offers borrowing against BTC at 1% APR with no banks or selling required.
Launched Mezo Prime, institutional Bitcoin lending built with Anchorage Digital
