Dolomite Adds $100 Million in Concrete BTCcx Bitcoin Collateral

Dolomite has added $100 million in BTCcx as collateral in its lending and borrowing markets. Borrowing is already live following the integration's announcement on October 19, 2026.

BTCcx is Concrete's custody-native version of Bitcoin, backed 1:1 by coins held at BitGo. The coins never leave BitGo's qualified custody. The token is built on Concrete's AssetCX architecture, which issues ERC-4626 vault shares on Ethereum. ERC-4626 is a standard format for tokenized vaults, so other protocols can read and use the shares in a predictable way.

The result is that custodied Bitcoin can serve as collateral inside Dolomite without first moving to a wallet or passing through a third-party bridge. Dolomite runs the collateral market. Concrete supplies the link to regulated custody.

Access is narrow. Only Concrete can borrow against BTCcx collateral, so the market works less like an open pool and more like a dedicated credit line running on DeFi infrastructure.

Liquidations settle offchain

Liquidations also depart from the DeFi norm. When a position needs to be unwound, the process runs through offchain custody settlement rather than an instant onchain sale of the collateral. That avoids a sudden onchain sale, but it makes liquidation depend on custodian processes rather than code that executes in seconds.

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, which laid groundwork for custody-native yield strategies.

Risk profile

The structure carries trade-offs. With Concrete as the sole borrower, the market's risk is tied to a single counterparty. The token's value also rests on BitGo's records and the AssetCX structure, a different kind of trust than self-custody.

Context

The listing reflects a broader move toward regulated custody in DeFi. Earlier BCA coverage of Bitcoin-backed credit includes Coinbase and Better's Bitcoin-backed mortgages for the US market and Lombard Finance's Bitcoin-backed credit strategy with Flow Traders. The Dolomite market differs in that it is a closed arrangement: $100 million of collateral, one borrower, and settlement that depends on a custodian.