Customers and message - Writz Protocol

Writz serves holders who borrow, lenders who fund them, institutions and reserves that can act on either side, and projects that integrate the protocol. Each wants something different, so the plan names one starting group for each.

The groups below are working hypotheses. So far we have a small number of recorded interviews, which give us direction, not proof. Step 1 of the plan tests them, and this page changes if the evidence disagrees.

The first borrower

A Bitcoin holder who keeps their own keys and has recently sold Bitcoin they wanted to keep, to cover an expense.


The moment that matters	A bill, a purchase or an opportunity arrives, and the only large asset they have is Bitcoin
What they do today	Sell and try to buy back later, borrow from a custodial lender, or wrap part of their Bitcoin
What they care about	Keeping their coins, not being surprised by a liquidation, and being able to get out alone
Why they come first	The promise of Writz, that the Bitcoin stays in a script tied to their own key, matters most to someone who already acts on it
Where we start looking	Latin America, where our first conversations and developer community are. Who may use Writz at launch is a separate legal question

The first lender

A Stellar team with idle USDC in its treasury, or supplied to a Stellar lending pool.


The moment that matters	USDC sits idle in a treasury, on the network the team already uses
What they do today	Hold it, or supply it to an existing Stellar lending market
What they care about	Where the interest comes from, how losses are handled, and how fast they can withdraw
Why they come first	They need no Bitcoin wallet and no new network, so they can start with the fewest steps

These teams can also route their users’ USDC to Writz Lend through the developer tools. Individual USDC holders on Stellar are the natural next group on this side.

Institutions and reserves

Organizations that hold Bitcoin for the long term: treasury companies, funds, custodians, family offices, and the public bodies behind sovereign and state Bitcoin reserves.


The moment that matters	The organization needs liquidity or wants its reserve to do more, and selling is not an option
What they do today	Hold without using it, sell, or borrow through a custodial lender
What they care about	Mandate and legal fit, control of keys, reporting, and an audit trail
Why they matter	One agreement can carry more weight than many small loans, and it shows others that the design holds up to serious review

Institutions take longer, and they will need the audit, the legal entity and limits suited to their size. Early agreements are therefore evaluations and pilots, and no real funds are involved until mainnet.

Projects that integrate Writz

Stellar teams whose product would improve by verifying Bitcoin activity, or by offering Bitcoin-backed credit or yield on USDC.


The moment that matters	Their users ask about Bitcoin, or they need yield or credit they do not want to build
What they do today	Skip Bitcoin, or depend on wrapped assets and trusted parties
What they care about	Clear docs, stable interfaces and a clean integration
Why they matter	Every integration brings its own users, and it can start on testnet today

Who we are not starting with

Saying no is what makes a small team effective. These groups are not rejected forever.

Group	Why not yet
People new to Bitcoin	They have no collateral to lend against and no reason to compare options
Traders looking for leverage	A conservative, capped launch does not serve them, and they are the most likely to leave
Privacy-focused users	Writz Lend positions are public on chain. Privacy is a separate edition, in progress

The message

One sentence, for anyone who needs to hear it once:

Borrow dollars against native BTC, without a custodian holding it and without wrapping it.

Each side then needs an answer to the question they actually ask.

For the borrower

What they ask	What we say
Why not just sell?	Selling ends your position. A loan keeps it, at the cost of interest and the risk of liquidation. If you would be glad to rebuy later at any price, selling may be the better choice
What happens if the price falls?	You see your ratio, you can repay at any time, and liquidation has a known threshold. We explain this before the first borrow, not after it
Who can touch my Bitcoin?	It stays on Bitcoin, in a script that needs your key on every path. See the script
What if Writz disappears?	A timelock lets you recover the Bitcoin alone. The procedure is public
Is it audited?	Not yet, and there is no mainnet until it is. Audit status

For the lender

What they ask	What we say
Where does the interest come from?	From borrowers. The rate is variable, and it can be zero while nothing is borrowed. We never promise a fixed return
What backs the loans?	Bitcoin locked in scripts on Bitcoin, verified on Stellar by a light client contract. Today a liquidation moves no Bitcoin, and the borrow cap bounds that exposure. How liquidation works
What can go wrong?	Smart contract failure, a bad price, or a loan that is not repaid. The security model states each one
Can I withdraw?	You can withdraw what is not lent out. High borrowing can make you wait

For institutions and reserves

What they ask	What we say
Does the Bitcoin leave our control?	No. It stays on Bitcoin in a script that requires your key on every path, and no custodian is added
Can we verify it?	Positions and proofs are public on chain, so an auditor or the public can check them. An institution that needs confidentiality should weigh this
What is the risk?	Liquidation, smart contract failure and price feed failure, as stated in the security model
What is the first step?	A technical evaluation and a testnet pilot, with no real funds

For projects that integrate

What they ask	What we say
What can we build today?	Bitcoin payment verification and lending flows on testnet. Start here
Do we need to know Soroban?	Not for every integration. See the options

What the message must not do

Hide liquidation. It is the first thing a careful holder asks about, so it comes first in our explanations too.
Promise a return. We describe how interest works, never how much it will be.
Claim more than we have. Testnet is called testnet, a letter of intent is never called a partnership, and a conversation is never called an agreement.
Make the safe option look bad. Selling or holding can be the right answer. People trust advice that sometimes says no.

​The first borrower

​The first lender

​Institutions and reserves

​Projects that integrate Writz

​Who we are not starting with

​The message

​For the borrower

​For the lender

​For institutions and reserves

​For projects that integrate

​What the message must not do

The first borrower

The first lender

Institutions and reserves

Projects that integrate Writz

Who we are not starting with

The message

For the borrower

For the lender

For institutions and reserves

For projects that integrate

What the message must not do