BTC/EUR
Bitcoin collateral against euro-denominated debt, almost entirely via euro stablecoins.
Collateralall rates APR, act/365
Loan denomination
These are EUR rates, comparable to any other EUR loan. Collateral is the other axis.
Price
Borrow · lend
4.08% · 2.95%
algorithmic class, 30-day window
Intermediation margin
1.06pp
over 141 pools publishing both legs
Spread over SOFR
+0.43pp
algorithmic borrow over SOFR, the secured overnight rate
Quality
LTV · liquidation
60.2% · 87.2%
163 markets where both a threshold and both sides publish
Fall to liquidation
31%
how far bitcoin falls before the average position liquidates
Bad debt
none
on $3.68bn published; $3.22bn sits in 11 withheld markets
Composition
Collateral mix
cbBTC 53%
of 10 bitcoin wrappers posted
Venue concentration
44%
aave_v3_ethereum of 15 venues · top three 88%
Valuation. Euro stablecoins are valued at par to the euro by documented convention, not by measurement, and several of them sit outside parity monitoring — so this figure carries a valuation assumption that the dollar pair does not. Outside parity monitoring across all pairs today — the euro names among them are the ones behind this figure: EURC, EURCV, EURe, EUROP, jEUR, USD₮0, USDT0.
What this pair does not have yet. No term structure, credit surface or composition is published for BTC/EUR. The figure above is read from the same aggregate that serves BTC/USD, so it is as current as that one — but this pair has never had a curve fitted to it, and a rate axis will not appear here until it does. The venues behind it are in the coverage matrix.
Informational purposes only — not financial advice or a recommendation.