Bitcoin-backed stablecoins on Core expand as BTCfi sector evolves
Core Blockchain Overview - April 10, 2025
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The Core blockchain by the numbers
Network’s daily transactions: 380.5K (+10.16%)
Total unique addresses: 47.1M (+5.11%)
ERC-20 daily tokens transferred: 116.8K (+89.92%)
Total CORE delegated: 182.9M (+6.28%)
Total BTC staked: 5,196 (-12.73%)
Top 3 Core validators by hybrid score:
The metrics are accurate at the time of publication. The percentage change is over a 14-day period.
Inside the network
🔸What we’re watching: Core Ventures backed BIMA launched its bitcoin-backed stablecoin, USBD, to the Core network.
🔸Why it matters: USBD lets bitcoin holders access decentralized finance (DeFi) through its stablecoin rails, without giving up full control of their assets. While bitcoin-backed stablecoins on the Core network already exist, this provides an additional access point for bitcoin yield.
This deployment adds to the list of recent BTCfi integrations by Core alongside dual staking and self-custodial bitcoin staking for institutions. Even though there are plenty of stablecoins in circulation, USBD aligns with Core’s broader goal to help users put their bitcoin to work in DeFi. Since this digital asset is connected to the Core and Ethereum network, it provides interoperability for the Bitcoin ecosystem. In turn, the value of the asset can be used while accessing liquidity cross-chain.
Additionally, with this bitcoin-backed stablecoin, users can use their bitcoin as collateral, while maintaining self-custody. This allows them to earn yield on top of what it would be like holding bitcoin normally.
In general, stablecoins have found product market fit, showcasing its usefulness for payments and financial services across the broader crypto ecosystem. The total stablecoin value is about $227 billion, across 156.7 million holders globally, RWA.xyz data shows. Additionally, bitcoin has a $1.7 trillion market cap, but 99% of that amount sits idly, according to a report by Messari.
USBD looks to tap into that market as a new option focused on users who want bitcoin's security and stablecoin functionality. By integrating into Core's infrastructure, it could provide the technical foundation needed for BTCfi applications to operate in an interoperable way.
🔸The bigger picture: Bitcoin-backed stablecoins can create an entry point for traditional bitcoin holders to explore DeFi. By allowing bitcoin to become a multi-use asset, while preserving its security model, BIMA hopes to bridge the gap between bitcoin-focused users and the broader DeFi ecosystem.
As more bitcoin holders find ways to earn yield without giving it up, that could potentially create a more stable market with less selling pressure during downturns.
Scaling the ecosystem
CORE token staked on the network hit an all-time high at 180M, onchain data shows - some stats that stook out to us:
The network hit ~$380M+ in bitcoin staked alongside CORE
Total value locked hit $450M across 100 dApps
Dual staking saw an increase for its base rewards to a 15x multiplier
Dmail Network dApp metrics are up on the week, DappRadar data shows:
Unique active wallets: 210.11K (+71.56%)
Transactions: 210.22K (+70.13%)
Maple Finance hit $350M in active loans on its bitcoin yield and lending protocol on Core (shown below)
Source: Token Terminal
Check out the Core blog for more updates.
Into the Core community
Core Ventures shared it backed b14g’s marketplace to offer dual staking
BitFLUX, an asset swap tool on Core, partnered with WBTC for liquidity provision
Core gave Coretoshi holders, the networks NFT collection, a 1.5x multiplier for its Sparks campaign
Core Commit held its demo day for ecosystem projects to pitch in front of Core Ventures
Join in the fun
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.