Special report from our new project (zone21.com).

Bitcoin-Backed Lending 2025—Decoding Cost, Control & Hidden Risk.

We size the US $14 B market, compare CeFi vs CeDeFi vs True DeFi, and rate existing lenders with our 13-Factor Risk Model. The report also covers new rules from the GENIUS Act to Hong Kong’s VASP regime and offers a one-page borrower checklist.