> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gomaestro.org/llms.txt
> Use this file to discover all available pages before exploring further.

# Why BTC-denominated

> myBTC brings Bitcoin-denominated yield, similar to yield-bearing stablecoins.

export const Banner = ({src, alt = "", ratio = "16 / 7", position = "center", radius = "2px"}) => <img src={src} alt={alt} style={{
  display: "block",
  width: "100%",
  aspectRatio: ratio,
  objectFit: "cover",
  objectPosition: position,
  borderRadius: radius,
  margin: "0.25rem 0 1.75rem"
}} />;

myBTC offers **Bitcoin exposure while earning yield** — denominated in BTC, built for Bitcoiners wanting to compound their Bitcoin holdings.

The yield-bearing stablecoin market has grown to **\~\$20B**, with protocols offering diverse yield sources:

* [Sky's sUSDS](https://sky.money/) — powered by T-bills and credit
* [Ethena's sUSDe](https://ethena.fi/) — powered by funding-rate arbitrage
* [USD.ai's USDai](https://usd.ai/) — powered by hardware-backed loans

> **myBTC brings the first yield-bearing Bitcoin**, backed by mining block rewards and productive capital markets.

<Banner src="/images/mybtc-section-2.jpg" alt="A green glacial valley carved between steep Himalayan walls" />

## How myBTC compares

myBTC applies the lessons of the yield-bearing stablecoin market to Bitcoin — powered by **real economic activity**, mining credit and sustainable yield strategies like [Bitcoin Solver](/yield-vaults/offerings/bitcoin-solver), rather than token emissions like staking rewards.

| Dimension    | myBTC                        | USD yield tokens           | BTC staking     |
| ------------ | ---------------------------- | -------------------------- | --------------- |
| Denomination | Native BTC                   | USD                        | Protocol token  |
| Yield source | Mining credit · liquid yield | T-bills · credit · funding | Token emissions |

## Why it matters

* **No FX drag** — yield compounds in Bitcoin, not dollars. A USD-denominated return can still be a loss in BTC terms if Bitcoin outperforms it over the holding period.
* **No conversion tax** — there's no BTC↔USD round-trip on deposit or redemption, so earning yield creates no taxable conversion event.
* **Real economic yield** — mining credit and live liquid strategies produce the return; nothing depends on an emissions schedule that compresses as more capital arrives.
* **Institutional alignment** — built for balance sheets that hold and report in Bitcoin, so yield is denominated in the same asset the balance sheet already holds.

The myBTC vault also carries the **delta-neutral, dynamic BTC hedge**, protecting the pool's principal through cycles. See [Dynamic hedging](/concepts/dynamic-hedging).

<Note>
  myBTC is a yield-bearing Bitcoin asset, not a stablecoin. See [How myBTC works](/mybtc/how-it-works#mnav-how-value-accrues) for how value accrues.
</Note>