Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Tech
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Peter Thiel and Galaxy-backed Citrea wants to t
Tech
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Peter Thiel and Galaxy-backed Citrea wants to t
Peter Thiel and Galaxy-backed Citrea wants to turn idle bitcoin into a high-speed bank account
6 min read
Peter Thiel and Galaxy-backed Citrea wants to turn idle bitcoin into a high-speed bank account
Founders Fund and Galaxy-backed Citrea is aiming to unlock Bitcoin-denominated credit markets with a new mainnet and a Treasury-backed stablecoin designed for USD settlement.
By Jamie Crawley, AI Boost|Edited by Aoyon Ashraf
Jan 28, 2026, 3:10 p.m.
Make us preferred on Google
What to know:
- Citrea has debuted its mainnet, enabling Bitcoin-backed lending, trading and structured products directly tied to the Bitcoin network.
- The platform introduced ctUSD, a Treasury-backed stablecoin issued by MoonPay and designed to align with forthcoming U.S. stablecoin rules.
- Citrea says the rollout aims to mobilize idle BTC and provide an institutional-grade settlement layer for Bitcoin-based capital markets.
Citrea, a Bitcoin-focused application platform backed by Peter Thiel's Founders Fund and Galaxy Ventures, has unveiled its mainnet, opening the door for bitcoin to be used more directly across lending, trading and U.S. dollar settlement, according to an announcement on Tuesday.
The debut also includes ctUSD, a native stablecoin fully backed by short-term U.S. Treasury bills and cash. The token is issued by MoonPay, with Citrea positioning it as compliant with the GENIUS Act framework.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the The Protocol Newsletter today. See all newsletters
Sign me up
The project built ctUSD as a settlement and liquidity layer that can support institutional-grade activity, natively anchored to Bitcoin rather than relying on intermediaries or wrapped BTC.
Citrea, which has raised $16.7 million across two funding rounds, is one of numerous Bitcoin-focused projects looking to enable functions on the world's original blockchain. Rather than just holding bitcoin and letting it sit idle in the long term, these firms hope to enable further monetization of investors' bitcoin, including lending and stablecoin issuance. Prominent examples of such competitors include layer-2s Botanix and Stacks.
Orkun Kilic, co-founder and CEO of Chainway Labs, which is building Citrea, said the mainnet is designed to bring Bitcoin-secured financial activity onchain, enabling BTC-backed lending and institutional credit with settlement through ctUSD.
Citrea said more than 30 Bitcoin-native applications are already prepared to serve users across additional financial use cases, as platforms increasingly look to expand Bitcoin’s role beyond passive holding.
Bitcoin NewsStablecoinLendingRollups
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Pudgy Penguins: A New Blueprint for Tokenized Culture
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
View Full Report
More For You
Deus X CEO Tim Grant: We aren't replacing finance; we're integrating it
The Deus X CEO discussed his journey into digital assets, the company's infrastructure-led growth strategy, and why his Consensus Hong Kong panel promises "real talk only."
What to know:
- Tim Grant entered crypto in 2015 after early exposure to Ripple and Coinbase, drawn by blockchain’s ability to improve traditional finance rather than replace it.
- Deus X combines investing and operating to build regulated digital finance infrastructure across payments, prime services, and institutional DeFi.
- Grant will be speaking at Consensus Hong Kong in February.
Read full story
Latest Crypto News
Strive clears Semler debt off books, buys more bitcoin after $225 million preferred stock sale
CoinDesk 20 Performance Update: AAVE Gains 2.9%, Leading Index Higher
Criminal use of crypto spikes after years of steady decline, TRM report says
UK advertising watchdog bans Coinbase ads as 'irresponsible'
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
Bullish bitcoin traders grab crash protection as Friday's $8.9 billion expiry nears
Top Stories
Tether is buying up to $1 billion of gold per month and storing it in a 'James Bond' bunker
The Fed has an interest rate announcement today — crypto traders think it will be boring
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
Ethereum unveils new rules to make AI agents trustworthy
Altcoins jump as dollar slides, bitcoin holds steady: Crypto Markets Today
Here's how China's response to Trump tariffs silently rocks bitcoin
Latest Crypto News
Strive clears Semler debt off books, buys more bitcoin after $225 million preferred stock sale
CoinDesk 20 Performance Update: AAVE Gains 2.9%, Leading Index Higher
Criminal use of crypto spikes after years of steady decline, TRM report says
UK advertising watchdog bans Coinbase ads as 'irresponsible'
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
Bullish bitcoin traders grab crash protection as Friday's $8.9 billion expiry nears
Top Stories
Tether is buying up to $1 billion of gold per month and storing it in a 'James Bond' bunker
The Fed has an interest rate announcement today — crypto traders think it will be boring
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
Ethereum unveils new rules to make AI agents trustworthy
Altcoins jump as dollar slides, bitcoin holds steady: Crypto Markets Today
Here's how China's response to Trump tariffs silently rocks bitcoin
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Japan-Based Bitcoin Treasury Company Metaplanet Completes $1.4 Billion IPO! Will It Buy Bitcoin? Here Are the Details
The post Japan-Based Bitcoin Treasury Company Metaplanet Completes $1.4 Billion IPO! Will It Buy Bitcoin? Here Are the Details appeared on BitcoinEthereumNews.com. Japan-based Bitcoin treasury company Metaplanet announced today that it has successfully completed its public offering process. Metaplanet Grows Bitcoin Treasury with $1.4 Billion IPO The company’s CEO, Simon Gerovich, stated in a post on the X platform that a large number of institutional investors participated in the process. Among the investors, mutual funds, sovereign wealth funds, and hedge funds were notable. According to Gerovich, approximately 100 institutional investors participated in roadshows held prior to the IPO. Ultimately, over 70 investors participated in Metaplanet’s capital raising. Previously disclosed information indicated that the company had raised approximately $1.4 billion through the IPO. This funding will accelerate Metaplanet’s growth plans and, in particular, allow the company to increase its balance sheet Bitcoin holdings. Gerovich emphasized that this step will propel Metaplanet to its next stage of development and strengthen the company’s global Bitcoin strategy. Metaplanet has recently become one of the leading companies in Japan in promoting digital asset adoption. The company has previously stated that it views Bitcoin as a long-term store of value. This large-scale IPO is considered a significant step in not only strengthening Metaplanet’s capital but also consolidating Japan’s role in the global crypto finance market. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/japan-based-bitcoin-treasury-company-metaplanet-completes-1-4-billion-ipo-will-it-buy-bitcoin-here-are-the-details/
Share
BitcoinEthereumNews2025/09/18 08:42
‘High Risk’ Projects Dominate Crypto Press Releases, Report Finds
The post ‘High Risk’ Projects Dominate Crypto Press Releases, Report Finds appeared on BitcoinEthereumNews.com. More than six in 10 crypto press releases published
Share
BitcoinEthereumNews2026/02/04 13:09
Why Vitalik Says L2s Aren’t Ethereum Shards Now?
The post Why Vitalik Says L2s Aren’t Ethereum Shards Now? appeared on BitcoinEthereumNews.com. Vitalik says Ethereum’s scaling and higher gas limits mean L2s no
Share
BitcoinEthereumNews2026/02/04 13:18