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

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2026-04-09
- Duration: 12:55
- Watch: https://streameth.org/watch/yt-69PII3JZ_oA
- YouTube: https://www.youtube.com/watch?v=69PII3JZ_oA

## Description

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.