Tenure — Lender Research

About you

01Which best describes you?Optional Individual Bitcoin holder Family office / private investment company Fund / asset manager Corporate treasury Professional allocator / adviser Other Prefer not to say

02Where are you based?Optional

Country is enough.

Core proposition

03Would you consider lending USDT against native Bitcoin collateral if the return were predefined in BTC terms? Yes Maybe, depending on the terms I would need to understand the structure better first No

04What is the longest term you would realistically consider for a position like this? 3 years 5 years 7 years 10 years 20 years More than 20 years I would not consider a long-duration position

BTC vs fiat

05You lend USDT against BTC collateral. The borrower repays the USDT principal, and your return was predefined in BTC terms when the contract began. How would you evaluate that return? Attractive — I'm comfortable measuring the return primarily in BTC terms Potentially attractive, but I would also want to know the fiat-equivalent return I would evaluate it primarily by its fiat return I would not want a return defined in BTC terms

06What return, predefined in BTC terms for the full term, would make lending worthwhile for you?

This return is paid in BTC terms — separate from any change in BTC's dollar price.

Under 1% a year 1–2% a year 2–3% a year 3–5% a year More than 5% a year No return would make it worthwhile

07If you decided to take a lending position like this, what would the return mainly need to compensate you for? BTC falling in fiat terms — market risk Not holding BTC directly during the term — opportunity cost Both, roughly equally Something else

08Considering a 5+ year contract: if the borrower doesn't repay, you end up owning the BTC collateral. Compared with simply buying BTC on the day you committed, how much more BTC would you need to end up with to be comfortable with that ending? About the same — I'd be glad to own the BTC anyway Up to 25% more 25–50% more 50–100% more More than 100% more No amount would make me comfortable

09How does a structure with no liquidation mechanism, margin calls or price oracle affect your interest? Materially more attractive Somewhat more attractive Makes little difference Somewhat less attractive — I'd want to understand what replaces those protections Less attractive I would need more explanation before judging

Risk and requirements

10What would make you hesitate most?

Select up to three.

Duration / capital lock-up BTC price risk USDT / stablecoin risk Borrower / contract risk Regulatory or legal uncertainty Liquidity / inability to exit early Protocol / technical risk Custody / key-management risk Unfamiliarity with BTC-denominated returns Other

Position size

11If the legal setup, technical risk and economics were acceptable to you, what size position would you realistically consider initially? Under US$25k US$25k–50k US$50k–100k US$100k–250k US$250k–500k US$500k–1m US$1m–5m US$5m+ I would not allocate Prefer not to say

12If initial positions performed as expected, what total exposure could you imagine allocating to this type of lending? Under US$100k US$100k–250k US$250k–500k US$500k–1m US$1m–5m US$5m–10m US$10m+ I would not allocate Prefer not to say

13What capital would you most likely use for a position like this?Optional

Select all that apply.

Idle USDT / stablecoins Fiat I would convert into USDT Capital currently earning yield elsewhere Capital earmarked for future BTC purchases Treasury / investment-portfolio capital Capital with limits on buying BTC directly (mandate, policy or operational) Other I would not allocate capital to this

Overall

14Overall, how do you react to the proposition? I would seriously consider allocating Interesting enough to explore further Interesting concept, but probably not for me Not compelling to me

15What would you need to understand or change before you would seriously consider this position?Optional

Optional follow-up

16If you'd be open to a short follow-up — or would like the findings — leave an email or Telegram handle.Optional

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