BIMA

• Name: BIMA
• URL: https://bima.money/
• Category: Bitcoin-backed stablecoin protocol / BTC-yield routing layer / over-collateralized CDP and stability-pool infrastructure
• Tags: bitcoin-ecosystem ethereum-ecosystem
• Summary: BIMA is better categorized as a hybrid between a Bitcoin-backed CDP stablecoin system and a managed yield-routing stack than as a simple BTC borrowing app. Its official materials describe USBD as an over-collateralized stablecoin backed by BTC and Bitcoin-adjacent collateral, but they also emphasize a Stability Pool, a Peg Stability Module, multi-strategy vaults, and sUSBD as a yield-bearing wrapper for deposited stablecoins. The most important analytical point is that BIMA is trying to bundle a trove-like borrowing core with a separate vault-curation layer, so the real control surface is not only collateral and liquidation policy but also who curates the downstream yield strategies.
• What it does:
  • Lets users deposit BTC or liquid-staked / wrapped Bitcoin-style collateral to mint the USBD stablecoin
  • Uses over-collateralized borrowing with protocol-set collateralization ratios, debt ceilings, stability fees, and oracle-based collateral valuation
  • Runs a Stability Pool that absorbs liquidations and rewards depositors with discounted liquidated collateral and incentives
  • Adds a Peg Stability Module that swaps USBD against approved stablecoins at near-1:1 terms to help anchor the peg
  • Offers an Earn layer where users stake USBD into yield-bearing vaults and receive sUSBD, with monthly unlock windows and auto-rollover if not redeemed
  • Publishes strategy examples for delta-neutral, arbitrage, trend, and lending-market vaults supplied by independent entities within the BIMA ecosystem
  • Maintains public docs, chain deployment references, and a GitHub audit repository for core contracts
• Key claims:
  • The official docs say BIMA enables users to access “permissionless institution-grade yield strategies” without selling their Bitcoin and does so through the over-collateralized stablecoin USBD
  • The docs say lenders deposit USBD into a lending pool for variable yield, while borrowers mint USBD against over-collateralized BTC or LST collateral
  • The Secure Bitcoin Preservation docs describe a Stability Pool that absorbs liquidated collateral and an Earn program where staked USBD becomes sUSBD and can be routed into multiple strategies
  • The vault-strategy docs say BIMA exposes “dozens of institutional-grade yield opportunities” and that vaults are provided by independent entities, not only by a single protocol-owned strategy desk
  • The risk-management docs say a 160% minimum collateralization ratio is used in at least one described flow, liquidations are manual and executed by outside liquidators, and liquidators receive 0.5% of collateral plus 200 USBD
  • The FAQ, however, describes “automatic liquidation mechanisms,” which creates a meaningful documentation inconsistency around a core risk surface
  • The Peg Stability Module docs explicitly say the PSM enables direct swaps between USBD and approved stablecoins and acknowledge that this introduces centralized counterparty risk such as USDC exposure
  • The security docs say assets backing USBD are held in cold storage, while the mainnet-address docs show BIMA live across Ethereum, Core, Hemi, Plume, Sonic, Goat, Botanix, BSC, and Nibiru mainnets
  • The public audit repo says BIMA’s smart contracts underwent security audits, code review, and formal verification, and the GitHub org exposes core, yield-bearing, vault, and governance-related repos
• Whitepaper: No canonical standalone BIMA whitepaper or litepaper surfaced in this pass. The clearest current sources of truth were the official site, docs corpus, mainnet-address page, and GitHub/audit surfaces; see ../whitepapers/bima-primary-sources-2026-05-08.md.
• Sources:
  • https://bima.money/
  • https://docs.bima.money/about-bima.md
  • https://docs.bima.money/sitemap.md
  • https://docs.bima.money/yield-with-usbd-+-susbd/secure-bitcoin-preservation.md
  • https://docs.bima.money/yield-with-usbd-+-susbd/institutional-grade-vault-strategies.md
  • https://docs.bima.money/risk-management-+-liquidations.md
  • https://docs.bima.money/risk-management-+-liquidations/the-peg-stability-module.md
  • https://docs.bima.money/security.md
  • https://docs.bima.money/security/mainnet-addresses.md
  • https://docs.bima.money/faq.md
  • https://github.com/Bima-Labs
  • https://github.com/Bima-Labs/bima-core-audits

Internal linkages

• Best liquidation-and-backstop contrasts: b-protocol and llamma.

• Best BTC-backed credit sibling: mezo.

• Keep the note on collateral admission, peg-module policy, and vault-curation power. That is where the real leverage sits.

• Last reviewed: 2026-06-01 UTC