Ebisu at $0TVL Hour: Fixed-Rate Open-Term Stablecoin Credit Markets in DeFi

Thu, Apr 2, 2026, 12:00 AM

Ethan from Ebisu presents a stablecoin credit market built around fixed-rate, open-term loans against blue-chip tokenized collateral. Ethan tells how Ebisu works, why all debt is denominated in ebUSD, how the peg is maintained through redemptions, and how the protocol uses just-in-time liquidations instead of relying primarily on a stability pool. The judges also question the model’s demand-side constraints, DEX liquidity bottlenecks, LTV design, and liquidation mechanics.