❗ UPDATE: Mezo is now live ✅

You can now borrow against your BTC at fixed rates and spend globally with MUSD, a 100% Bitcoin-backed stablecoin.

Create your account to access Bitcoin-native borrowing, stablecoin yield, and real-world utility — all while staying anchored to Bitcoin.

Bitcoin promised us freedom — the ability to hold our own keys, control our own money, and move it without permission. For fifteen years, that promise has held true. Bitcoin has secured over a trillion dollars in value without a central authority. But that’s where the story pauses. We can hold Bitcoin, but we can’t really use it.

Self-custody is still cumbersome. Spending Bitcoin often means selling it. Earning yield on it requires leaving the network entirely. Every workaround takes us further from what Bitcoin was meant to be.

That’s why we’re creating Mezo.

Mezo is the onchain Bitcoin banking experience, enabling Bitcoin holders access to liquidity, yield, and credit while their BTC remains in self-custody.

Wen Mass Adoption?

The beauty of Bitcoin lies in its simplicity: anyone can mine Bitcoin and secure the network, and any user can connect, create a wallet, and use their Bitcoin without the threat of seizure. Global access, equitable distribution, and robust decentralization are core values of Bitcoin that can resonate with everyone.

But after 15 years, global adoption of Bitcoin is lacking. Self-custody remains complex and expensive; you can’t leverage your BTC for a beer at your local brewery, and getting paid in BTC requires jumping through countless legal, operational, and tax hoops. Bitcoin Layer 2s have tried to solve this with differentiated (and often complex) technology, but they don’t align with Bitcoin's core values.

To reach a future state where 25% of the world’s economy lives on Bitcoin, we need a scaling network that prioritizes the user journey.

Your Onchain Bitcoin Bank

Mezo is self-service banking built on Bitcoin principles. Your keys, your Bitcoin, your rules. No credit checks, no applications, no asking permission.

Mezo is self-service banking built on Bitcoin principles. Your keys, your Bitcoin, your rules. No credit checks, no applications, no asking permission.

The problem with holding Bitcoin has always been access. You own the most valuable asset in history, but you can't use it without selling it. Banks won't lend against it. DeFi protocols liquidate you. Centralized lenders disappear with your coins.

Mezo solves this by letting you borrow against your Bitcoin at a fixed 1% rate, or lock it to earn yield.

MUSD: Bitcoin-Backed Money
Borrow dollars against your Bitcoin at a 1% fixed rate. MUSD is a dollar-denominated stablecoin that keeps your BTC exposure intact while giving you liquid capital. Your Bitcoin stays locked in. Your liquidity flows out. Pay bills, invest, and build while your position appreciates. Read MUSD docs to learn more.

MUSD unlocks a host of defi activities that are now native to Bitcoin. To explore the full suite of products, check out Mezo's explore page.

Built on Bitcoin Values

Mezo connects to Bitcoin through tBTC, a trust-minimized bridge that has already moved more than 7,600 BTC safely on-chain. Every Bitcoin entering Mezo remains verifiably backed, redeemable, and governed by the same cryptographic guarantees that made Bitcoin credible in the first place.

Unlike centralized alternatives like WBTC where custody concentrates in corporate hands, tBTC operates through Threshold Network's distributed architecture. Random signer selection and threshold cryptography mean no single entity controls your Bitcoin, and existing bridged BTC remains secure regardless of future network conditions.

This battle-tested infrastructure is why tBTC has become the backbone of genuine decentralized Bitcoin finance, making it the natural foundation for Mezo. Read more about how tBTC and Mezo enable Bitcoin DeFi.

The Circular Bitcoin Economy

In a circular Bitcoin economy, value flows without leaving Bitcoin. You earn in BTC, borrow against it for liquidity, and transact globally without ever touching a bank or surrendering ownership. The paradox of “HODL or spend” disappears.

Mezo makes a wider world of commerce possible on Bitcoin. This is the essence of Bitcoin’s economic layer: borrow against your stack to pay for everyday things or investment opportunities. Bitcoin becomes both savings and spending power.

Mezo enables living on Bitcoin without leaving Bitcoin. Spending it without selling it. Using it without losing it.

Mezo users are already living on Bitcoin. One community member borrowed $1,800 MUSD against $8,500 in BTC, paid for groceries through BitRefill, and watched their collateral appreciate during the loan period — ending with a higher net position and “free groceries.” Others have financed phones, travel, or rent in the same way. See how people are living on Bitcoin without selling it.

Built By Thesis, For Bitcoiners

Thesis has been building on Bitcoin for over a decade, back when it was still "weird magic internet money." The strategy has always been pragmatic: build what people actually want, then layer in the principles that matter (ie, privacy, decentralization, freedom). Fold started as a spending tool in 2014, pivoted to become a Bitcoin rewards platform when users refused to part with their BTC, and now serves 600,000 active users as the first Bitcoin financial services company on NASDAQ. tBTC emerged as the trust-minimized bridge that has secured over $500 million and bridged 20,000+ BTC without centralized custody. Taho became the community-owned wallet for users tired of censorship, with 180,000+ downloads.

Mezo is the culmination of this work: your onchain bank where you borrow against BTC at 1% fixed rates, earn yield through vaults, and access liquidity without selling. Over $400 million deposited and growing.

The vision has always been simple: spend your dirty fiat, hold your BTC. Build infrastructure that lets Bitcoin work like money without forcing you to part with it.

Bank on yourself.