A financial system should be evaluated on more than performance.

For institutional users, the baseline is auditability, defined risk controls, and continuous oversight.

Bitcoin set a higher standard by making settlements and balances publicly verifiable in real-time. This contrasts with much of traditional finance, where transparency is often periodic and relies heavily on intermediaries.

hBTC is designed to meet Bitcoin’s standard.

The hBTC Transparency Dashboard is an operational view of the protocol.

All displayed metrics are derived from on-chain activity and can be independently verified using public Bitcoin and Stacks infrastructure, including block explorers. Updates occur as blocks are confirmed, ensuring that the dashboard reflects the live state of the system.

Below, we outline what the dashboard reports and why these metrics matter for underwriting hBTC.

In hBTC, leverage is measured as loan-to-value (LTV), defined as borrowed liabilities relative to BTC collateral. The dashboard shows current and historical LTV alongside predefined upper and lower limits. The protocol targets a conservative LTV and enforces these bounds automatically, with rebalancing executed on-chain and visible in real time.

The Transparency Dashboard includes a live Allocations view showing how capital is allocated across assets and liabilities. For each position in the vault, it shows position size, leverage, strategy APYs, and borrow APRs.

All protocol actions, including borrows, repayments, staking, swaps, and withdrawals, are publicly observable.

Each action is timestamped, attributed to the relevant venue, and linked to its transaction ID for independent verification. 

If hBTC moves capital, it does so in public.

Daily rewards are reported transparently in BTC terms, alongside implied APY and the corresponding transaction IDs.

The full return series is shown, including positive, neutral, and negative days, enabling independent analysis and risk review.

Risk Disclosures make governance, control structure, and residual risks explicit. It surfaces the original contract deployment date and the active upgrade timelock, which enforces a mandatory delay between approval and execution of changes to reduce governance and upgrade risk.

Protocol administration is held by a 3-of-6 multisignature wallet with geographically distributed signers, and the dashboard displays the live on-chain Reserve Fund balance in BTC terms so the existence and size of the buffer can be verified in real time.

Allocators should be able to underwrite a yield product from live state, not periodic reports or retrospective explanations.

hBTC publishes the inputs and constraints that drive risk and return, so you can observe exposures and control actions as they occur and verify them on-chain.

hBTC is live, with transparency embedded from day one.

Allocators with access are using the transparency dashboards for real-time monitoring and independent verification of the protocol.

Access is limited, with new cohorts admitted as capacity becomes available.

If continuous, on-chain verifiability is a requirement for your allocation process, request access for the next cohort.

If underwritability is a requirement for your allocation process, request access for the next cohort.