Launched in March 2025, Xapo’s USD loan product allows qualified clients to borrow against Bitcoin with terms of up to one year and relatively conservative loan-to-value ratios. While loan issuance moderated later in the year, outstanding balances continued to rise, indicating borrowers were keeping loans open rather than using them for short-term cash needs.

CEO Seamus Rocca said the pattern reflects “disciplined, private-bank-style financial behaviour,” with Bitcoin increasingly treated as productive capital. Loan demand was strongest in Europe and Latin America, which together accounted for 85% of total loan volume.