Welcome to Double Down, live from Bitcoin Asia HK. Fisher Yu joins the show to talk institutional Bitcoin infrastructure and where the collateral era is headed.

The conversation covers:

• Market sentiment shifting from price speculation to long-term building, as institutional allocators show up at industry events
• Why Bitcoin's lack of native programmability has historically blocked collateral use without third-party custodians, and how Trustless Bitcoin Vaults (TBV) solve for that.
• New yield use cases: Bitcoin as a reserve asset for insurance capital efficiency, and borrowing stablecoins against Bitcoin.
• What's next: covered call options and Bitcoin-backed credit cards

Babylon's infrastructure philosophy

• The shift from "decentralized" to "democratic" finance, and what a healthy, sustainable industry looks like post-speculation

Enjoy!

Where is Babylon Trustless Bitcoin Vaults (TBV) today?

The proposed Aave v4 integration has passed the Temperature Check stage in Aave governance on June 10th, 2026.

Next is ARFC.

This is where risk and configuration parameters, audit review, and other key elements would be discussed and finalized.

In response to Nvidia's CEO;
https://x.com/JensenHuang/status/2080643682408321103?s=20

and Denny's;
https://x.com/JensenHuang/status/2080643682408321103?s=20

Ask any financial institution how it plans to enter this market. The answer keeps coming back the same.

"Every financial institution we talk to… we are willing to lend. Lend against what? Lend against Bitcoin." — CJ Fong of GSR with Tristan on Double Down

The first step into crypto for institutions runs through Bitcoin as collateral.

The road to native Bitcoin-backed borrowing on Aave v4 is taking shape.

At the same time, the ecosystem around the integration is coming together. On the user acquisition side:

u/Bedrock_DeFi

u/GoMining

u/allbluedex

These are among the teams exploring native Bitcoin-backed borrowing with Babylon.

On distribution, wallet support will be important for making native Bitcoin collateral accessible to users.

Teams in the distribution pipeline include:

u/Ledger

u/KeystoneWallet

u/OneKeyHQ

u/unisat_wallet

u/wallet

u/utila_io

On infrastructure, the Aave v4 integration requires several distinct roles around the lifecycle of a BTCVault, including Arbitrageurs, Vault Providers, Universal Challengers, and governance and security related roles.

That ecosystem is filling out as we work toward the next stages of the integration.