Libre: Transparent Bitcoin Lending
Borrow USDT against Bitcoin, or lend USDT to earn interest — with every borrower's Bitcoin held in its own vault you can verify on-chain.
Libre is a lending market with two sides.
Borrowers lock Bitcoin and take out a USDT loan against it. Lenders deposit USDT and earn interest on it. The Bitcoin securing every loan sits in its own address on the Bitcoin blockchain, which anyone can look up.
Borrow USDT · Lend USDT · Live protocol stats
Borrowing
You keep your Bitcoin's upside; you just can't move it until you repay.
Open a vault. You get your own Bitcoin address — not a shared wallet.
Send BTC to it. Once confirmed, it counts as your collateral.
Borrow USDT, up to 60% of your collateral's value. You also set the highest interest rate you're willing to pay; if the rate would land above your ceiling, the request waits in the queue rather than opening at a price you didn't agree to.
Repay whenever you want, in part or in full, and withdraw your Bitcoin.
Interest accrues while the loan is open. There is no fixed term and no repayment schedule — the only thing you must watch is the value of your collateral.
Lending
Deposit USDT into the lending pool.
Receive TPF tokens — your share of the pool. They don't pay out; they get worth more as interest accrues.
Earn whatever borrowers are paying. The rate moves with demand: roughly 3% when the pool is idle, 9% when it's 80% lent out, up to 20% when fully lent out. Your yield is that rate times the share of the pool actually on loan.
Redeem your TPF for USDT plus interest. If most of the pool is out on loan, your redemption queues and fills as borrowers repay.
Trading
Libre also runs an on-chain orderbook for BTC/USDT and LIBRE/BTC, with no protocol trading fee — none, not a low one — and no listing process or KYC.
Because your collateral and your trading live on the same chain, the two compose: borrow USDT against Bitcoin and trade it without a bridge, an exchange deposit, or a custodian in between.
Built for agents as much as people
There is no API key on Libre, because there is no gatekeeper to issue one. Anything a person can do here, a program with a key can do — place and cancel orders, open a vault, borrow, repay, watch its own collateral.
The MCP server exposes all of it as typed tools for AI agents, and never holds a key: it hands back unsigned transactions for you to sign.
What keeps a lender safe
Every loan is over-collateralized. A borrower can only take 60% of their collateral's value, so there is far more Bitcoin behind the loan than there is USDT in it.
If collateral value falls, the loan is closed out. Loan health is measured as loan-to-value — what you owe, divided by what your Bitcoin is worth:
Up to 60%
Where a loan starts. Nothing to do.
60–70%
Fine, but drifting. Worth watching.
70–80%
Warning. Add collateral or repay some.
Above 80%
72-hour timer starts. Get back below 70% before it runs out, or enough collateral is sold to clear the debt plus a 5% liquidation fee.
Getting back under 80% is not enough to stop the timer — it has to come below 70%.
The Bitcoin price comes from the chain, not an exchange. An on-chain oracle averages the reports of several independent price feeders — requiring at least three of them, and only when they agree within 10% — and the loan contract refuses any price older than five minutes.
→ How liquidation works · The price oracle
Why the vaults matter
Most lending platforms put every borrower's Bitcoin in one pool. If the platform gets into trouble, you're a creditor standing in line for a share of it.
On Libre, your Bitcoin has its own address for the life of your loan. It is not pooled, not lent out to anyone else, and not rehypothecated. You can look it up on the Bitcoin blockchain and see your exact coins.
Next
Building on Libre — chain APIs, contracts, and the MCP server for agents
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