Special report from our new project (zone21.com). Bitcoin-Backed Lending 2025—Decoding Cost, Control & Hidden Risk. We size the US $14 B market, compare CeFi vs CeDeFi vs True DeFi, and rate existing lenders with our 13-Factor Risk Model. The report also covers new rules from the GENIUS Act to Hong Kong’s VASP regime and offers a one-page borrower checklist. Special thanks to @eab0e756…7ab91f4f and @c7dccba4…667435f6 for their review. Read the Executive Summary or download the full PDF ⬇️ https://www.zone21.com/reports/bitcoin-backed-lending-2025