MAPPING ONCHAIN BTC CREDIT SOLUTIONS

Summary from the TLDR Crypto newsletter

Surveys four approaches to unlocking bitcoin-backed credit without a fully taxable wrap: Anchorage's Atlas (a legal collateral-agent structure mainly for CeFi lenders, thin smart-contract layer), Komainu (a Nomura/Ledger/CoinShares JV using a legal "Notice of Exclusive Control" and Liquid Network settlement), Babylon Labs (fully non-custodial, BTC never leaves its own chain via Taproot dual-spending paths), and Concrete's AssetCX (BitGo custody plus a real 1:1 ERC-20 synthetic usable as DeFi collateral). Concrete is the most "DeFi-native" since it's the only one built around an actual onchain token rather than a legal wrapper.