Dolomite has added $100 million in BTCcx as collateral in its lending and borrowing markets. BTCcx is Concrete's custody-native version of Bitcoin, backed 1:1 by coins held at BitGo. The integration was announced on October 19, 2026, and borrowing is already live. The coins themselves never leave BitGo's qualified custody.
How the BTCcx setup works
BTCcx is built on Concrete's AssetCX architecture. AssetCX issues ERC-4626 vault shares on Ethereum. ERC-4626 is a standard format for tokenized vaults, so other protocols can read and use these shares in a predictable way.
Each BTCcx token reflects Bitcoin held in a 1:1 ratio at BitGo. The result is that custodied Bitcoin can serve as collateral inside Dolomite without first being moved to a wallet or wrapped by a third-party bridge.
Dolomite runs the collateral market. Concrete supplies the link to regulated custody.
There are two notable limits. First, only Concrete can borrow against BTCcx collateral. Second, liquidations work differently from the DeFi norm. If a position needs to be unwound, the process runs through offchain custody settlement rather than an instant onchain sale of the collateral.
Building on the WLFIcx playbook
BTCcx extends an earlier integration involving WLFIcx, another institutional asset wrapped through the same AssetCX model.
Concrete and BitGo began their partnership in June 2026, laying groundwork for custody-native yield strategies. Roughly four months later, that partnership is now handling a nine-figure Bitcoin deployment inside a live lending market.
What this means for institutional Bitcoin in DeFi
The core pitch is simple. Institutions holding Bitcoin often want yield or liquidity from it. They also want the coins to stay with a regulated custodian, not in a smart contract they cannot fully control.
BTCcx tries to give them both. The Bitcoin stays at BitGo, while a token representing it borrows against Dolomite's markets.
The tradeoffs are worth spelling out, because they cut both ways.
- Concentration. With Concrete as the only borrower, the market's risk is tied closely to a single counterparty. That simplifies underwriting, but it also means this is less a public lending market and more a dedicated credit line running on DeFi rails.
- Liquidation speed. Offchain settlement removes the risk of a sudden onchain sale knocking down prices. It also means a liquidation depends on custodian processes rather than code that executes in seconds.
- Custody dependency. The 1:1 backing at BitGo is the foundation of the token's value. Users are trusting the custodian's records and the AssetCX structure, which is a different kind of trust than holding native Bitcoin in self-custody.
For Dolomite, the integration signals a willingness to host collateral that does not behave like ordinary DeFi tokens. For Concrete, BTCcx shows that AssetCX can handle Bitcoin at scale, not just smaller institutional assets like WLFIcx.
