Mezo
Mezo is a Bitcoin-native Layer 1 finance platform that enables retail and institutional users to borrow against, earn yield on, and transact with Bitcoin without selling it. It combines an EVM-compatible chain with segregated institutional custody via Anchorage Digital.
- Company typePrivate
- Founded2024
- HeadquartersMenlo Park, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Mezo does
Mezo is a Bitcoin-native Layer 1 blockchain and financial application platform that enables users to borrow against, earn yield on, and transact with Bitcoin without selling it. The platform is built by Thesis and operated by Supernormal OpCo (BVI) LTD, a wholly-owned subsidiary of the Supernormal Foundation (Cayman Islands). It combines an EVM-compatible smart contract chain (Solidity, proof-of-authority with planned proof-of-stake migration) with Threshold Network's tBTC bridge to bring Bitcoin liquidity into decentralized finance applications; over 24,000 BTC has been bridged via tBTC since 2020 and Mezo's reported TVL is approximately $72.4M.
Mezo's core products include MUSD (a stablecoin 100% backed by Bitcoin reserves with an algorithmic 1:1 USD peg), Mezo Borrow (offering a 1% fixed APR on BTC-collateralized loans up to 90% LTV), Mezo Earn (a vote-escrow tokenomics framework using veBTC and veMEZO ERC-721 NFTs with 7-day epochs and up to 5x voting boosts), Mezo Swap (a concentrated-liquidity AMM DEX), Mezo Pools, and Mezo Prime (an institutional product with segregated Bitcoin vaults via Anchorage Digital Bank). Cumulative MUSD lifetime volume is approximately $486.7M, and the MEZO token has a fixed genesis supply of 1,000,000,000.
Mezo pursues a hybrid go-to-market strategy: a self-serve web app (mezo.org) for retail Bitcoin holders with product-led onboarding, paired with a high-touch enterprise sales motion (Mezo Prime) targeting corporate treasuries and asset allocators. Revenue mechanics include a 1% fixed borrowing APR, 0.05%/0.3% DEX trading fees, approximately $3 bridge fees, stability-pool liquidation proceeds, and institutional lending spreads (4%+ APR on USDC/USDT). The company has raised approximately $30M in disclosed venture funding (Series A led by Pantera Capital in April 2024, strategic led by Ledger Cathay Fund in July 2024) and secured a $19.2M commitment from Bullish in April 2026.
Mezo firmographics
Firmographics- Name
- Mezo
- Legal name
- Supernormal OpCo (BVI) Ltd.
- Website
- https://mezo.org
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mezo is a Bitcoin-native Layer 1 finance platform that enables retail and institutional users to borrow against, earn yield on, and transact with Bitcoin without selling it. It combines an EVM-compatible chain with segregated institutional custody via Anchorage Digital.
- Ownership category
- akta.pro rank
Mezo industry classification
Industry- Product category
- Decentralized Finance Protocol
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Decentralized Exchanges (DEX) & AMMs (FSADAMAB)
- akta.pro secondary industries
- Spot AMM DEXs (FSADABAA), Crypto-Backed Consumer Loans (Secured) (FSADAFAG), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), DEX Liquidity Provision & Market-Making Protocols (FSADABAI), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL)
Keywords
Where Mezo is headquartered
LocationHeadquarters
- HQ city
- Menlo Park
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Mezo business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- MUSD borrowing interest: 1% fixed APR charged on MUSD loans collateralized by Bitcoin (BTC or wrapped BTC); protocol fee embedded in smart contracts and collected at transaction time.
- DEX swap fees: Trading fees on Mezo Swap AMM pools: 0.05% on stable pools and 0.3% on volatile pools; collected programmatically and distributed to governance voters (veBTC holders) and liquidity providers.
- Bridge service fees: Mezo service fee on two-way native bridge withdrawals for transferring digital assets to/from Bitcoin and Ethereum networks; flat ~$3 plus variable gas, with additional third-party tBTC and network fees.
- Liquidation proceeds and stability pool economics: Automated liquidations of undercollateralized MUSD positions repay debt from collateral; surplus/value flows through the MUSD Stability Pool mechanism, generating protocol economics.
- Institutional Enclave (Mezo Prime) yield and lending economics: Institutional-grade Bitcoin yield product with segregated Enclaves and custody via Anchorage Digital; borrowers pay fixed 1% APR on MUSD or 4+% APR on USDC/USDT, with protocol economics flowing from the lending spread.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | MUSD borrow: 1% fixed APR (institutional) |
| Transaction based/ take rate | Pay-as-you-go | Mezo Swap DEX fees: 0.05% stable / 0.3% volatile |
| Transaction based/ take rate | Pay-as-you-go | Bridging fee: ~$3 flat + variable gas |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels9 records
Mezo product offering
Product offeringCore offering
Mezo is a Bitcoin-native, EVM-compatible Layer 1 blockchain that lets users borrow, earn yield on, and swap their Bitcoin without selling it. Core offerings include Mezo Borrow (BTC-collateralized loans issuing the MUSD stablecoin at a 1% fixed APR), Mezo Earn (ve-tokenomics with veBTC/veMEZO for BTC-denominated yield), Mezo Swap (a concentrated-liquidity AMM), Mezo Pools, the MUSD Bitcoin-backed stablecoin, and Mezo Prime (institutional segregated custody vaults via Anchorage Digital). The platform is accessible via a self-serve web app at mezo.org and through an institutional direct-sales motion for corporate treasuries.
Differentiator
Problem solved
Functional benefit
Brands
- Mezo Borrow: Borrow against Bitcoin at 1% fixed APR by depositing BTC as collateral to mint MUSD stablecoin.
- Mezo Earn
- MUSD
- Mezo Prime
- MEZO
Products and services
- Mezo Borrow Decentralized BTC-collateralized lending product that allows Bitcoin holders to obtain a fixed-rate line of credit (1% APR) in MUSD without selling their BTC, with up to 90% LTV and smart-contract-set loan terms.
- Mezo Earn Bitcoin-native incentive framework using vote-escrowed positions (veBTC and veMEZO ERC-721 NFTs) that enable holders to direct emissions, vote on gauges weekly, and earn BTC-denominated fees from real network activity.
- MUSD Stablecoin Decentralized stablecoin 100% backed by Bitcoin reserves, minted against BTC collateral and designed to maintain a 1:1 peg with the U.S. dollar through algorithmic redemptions and a Stability Pool mechanism.
- Mezo Swap (AMM DEX) Concentrated-liquidity automated market maker enabling swaps between BTC, MUSD, USDC, USDT, and other assets with 0.05% fees on stable pools and 0.3% fees on volatile pools.
- Mezo Prime Institutional-grade Bitcoin yield product offering segregated Enclave vaults (no commingling, no rehypothecation, on-chain proof of reserves) custodied with Anchorage Digital Bank, with fixed-rate MUSD borrowing at 1% APR and USDC/USDT loans from 4%+ APR.
- Mezo Native Bridge Two-way native bridge enabling deposits and withdrawals between Bitcoin/Ethereum and the Mezo network using tBTC, with a Mezo service fee of approximately $3 plus variable gas.
Companies that use Mezo
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Mezo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature7 records
Mezo partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered flagship, minor and core.
- BullishflagshipPublicly listed institutional digital asset platform that became Mezo Prime's debut customer by deploying 250 BTC into segregated vaults; Bullish exchange lists MEZO and MUSD; Bullish plans to invest over $19 million into the Mezo finance platform.
- BitgetminorMEZO token listed for spot trading on Bitget's Innovation Zone on April 1, 2026.
- Aerodrome FinancecoreSelected as Mezo's primary liquidity hub on the Base network for MEZO and MUSD trading. Mezo allocated 2.25% of its total token supply to Aerodrome's veAERO voters to attract liquidity and governance participation.
- OKX Europe LtdcoreTrading platform where Supernormal OpCo BVI LTD has applied for admission to trading of MEZO tokens under the EU MiCA framework, with Malta as home member state and broad EEA/UK/EFTA host member state coverage.
- Anchorage DigitalflagshipStrategic partnership to provide institutional Bitcoin financial services. Anchorage Digital provides segregated custody infrastructure for Mezo's Enclaves; jointly developed Mezo Prime for institutional BTC yield and borrowing. Features include low-cost borrowing, BTC lockup rewards, and governance rights.
- LedgerflagshipFeatured in Mezo's Partners & Backers logo wall as a Bitcoin Startup partner. Ledger plans to integrate Mezo into its product suite as part of the strategic round.
- WormholecoreFeatured as a Mezo ecosystem partner on the institutional landing page; powers cross-chain bridging of MUSD and other tokens via the Wormhole MUSD Bridge.
- SafecoreFeatured as a Mezo ecosystem partner; Safe multisig wallets can be used on Mezo to manage shared funds with multi-signature security.
- Upshift FinancecorePowers Mezo's yield vaults ("Grow your Bitcoin stack with vaults powered by Upshift Finance"), providing expert-managed yield strategies for BTC holders.
- Threshold NetworkflagshipProvides the tBTC decentralized Bitcoin bridge infrastructure that Mezo is built on; over 24,000 BTC has been bridged via tBTC since 2020. All BTC on Mezo is technically tBTC held within smart contracts.
- ThesisflagshipMezo is built by Thesis, the company that launched Mezo; Thesis has dedicated 10+ years to expanding Bitcoin with security as top priority and is also the creator of tBTC, Fold, and Taho.
- River Delta, Inc.flagshipCore contributor to the Mezo site and services under a Master Services Agreement; owns intellectual property to Mezo Earn under open-source license; co-defendant/operating entity named in Terms of Use.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
Mezo competitors and assessment
Company assessmentDirect peers
- Stacks: Stacks is a Bitcoin L2 that brings smart contracts and DeFi to Bitcoin via its proof-of-transfer consensus, directly comparable to Mezo's positioning as an EVM-compatible Bitcoin L1 with DeFi primitives (lending, swaps, stablecoin).
- Rootstock (RSK): Rootstock is a Bitcoin sidechain that is EVM-compatible and supports DeFi applications built on Bitcoin, making it the closest functional analog to Mezo's EVM-compatible, Bitcoin-native execution environment.
- Threshold Network: Threshold Network operates the tBTC decentralized Bitcoin bridge that Mezo is built on, and shares the same Thesis/Supernormal parent organization. It is the most direct infrastructure peer given the shared IP and bridge dependencies.
- Sovryn: Sovryn is a decentralized Bitcoin DeFi protocol offering lending, borrowing, swaps, and stablecoin functionality on Bitcoin (via Rootstock), directly comparable to Mezo's Borrow, Earn, Swap, and MUSD product set.
Emerging players
- Babylon Chain: Babylon is building Bitcoin staking and restaking infrastructure that lets BTC holders earn yield on their BTC without bridging to another chain. It overlaps with Mezo's BTC yield narrative but approaches it via staking rather than DeFi lending/AMMs.
Broad incumbents
- Liquid Network: Liquid Network is a Bitcoin sidechain operated by Blockstream that supports asset issuance and trading, with a longer operating history than Mezo. It overlaps with Mezo's broader Bitcoin-financial-infrastructure positioning, though without an EVM-compatible DeFi stack.
- MakerDAO / Sky: MakerDAO/Sky is the largest decentralized stablecoin (DAI/USDS) issuer and a major on-chain credit protocol, and is the most relevant peer for Mezo's MUSD stablecoin and BTC-collateralized lending product, though it is Ethereum-native rather than Bitcoin-native.
- Spark Protocol: Spark is a Sky/MakerDAO-affiliated on-chain lending and savings protocol that includes BTC-collateralized borrowing and stablecoin (USDS) credit, directly comparable to Mezo's MUSD Borrow flow in product shape if not in Bitcoin-native infrastructure.
Others
- Aave: Aave is a leading DeFi lending protocol that has begun supporting BTC wrappers and is exploring Bitcoin L2 deployments. It is comparable to Mezo's MUSD Borrow product but operates as a broad multi-asset lending market rather than a Bitcoin-focused credit venue.
- Anchorage Digital: Anchorage Digital is a federally chartered crypto bank and institutional custody provider that serves as Mezo's flagship institutional custody partner. It is adjacent rather than competitive: it supplies the regulated custody rails that Mezo Prime's Enclaves are built on.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Mezo social profiles
Digital presenceMezo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mezo leadership team
Management profileNumber of profiles
Profiles3 records
Mezo subsidiaries and ownership
Company hierarchySubsidiaries2 records
Mezo funding detail
Funding detailFunding overview
Funding rounds3 records
Investors22 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mezo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mezo
What does Mezo do?
Mezo is a Bitcoin-native, EVM-compatible Layer 1 blockchain that lets users borrow, earn yield on, and swap their Bitcoin without selling it. Core offerings include Mezo Borrow (BTC-collateralized loans issuing the MUSD stablecoin at a 1% fixed APR), Mezo Earn (ve-tokenomics with veBTC/veMEZO for BTC-denominated yield), Mezo Swap (a concentrated-liquidity AMM), Mezo Pools, the MUSD Bitcoin-backed stablecoin, and Mezo Prime (institutional segregated custody vaults via Anchorage Digital). The platform is accessible via a self-serve web app at mezo.org and through an institutional direct-sales motion for corporate treasuries.
Is Mezo a public or private company?
Mezo is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mezo founded?
Mezo was founded in 2024. It employs 11 to 50 people.
Where is Mezo based?
Mezo is headquartered in Menlo Park, United States, in the North America region.
How does Mezo make money?
Five revenue lines are on record. MUSD borrowing interest is the primary driver. The others are DEX swap fees, bridge service fees, liquidation proceeds and stability pool economics and institutional Enclave (Mezo Prime) yield and lending economics.
Who are Mezo's main competitors?
Direct peers on record are Stacks, Rootstock (RSK), Threshold Network and Sovryn. Babylon Chain is listed as an emerging player. Broad incumbents are Liquid Network, MakerDAO / Sky and Spark Protocol. Others are Aave and Anchorage Digital.
Does Mezo have an API?
Yes. Mezo provides developer-facing infrastructure for building on the Mezo blockchain, including the Mezod chain client (for running nodes/validators), oracle infrastructure for reading market data, Mezo Pools integration, Mezo Earn smart contract development, MUSD minting/redemptions, the Wormhole MUSD bridge, and the x402 protocol for MUSD payments. Documentation targets Solidity/EVM-compatible dApp developers building permissionless financial products using standard Ethereum tooling. No public REST/GraphQL API is described; access is through EVM JSON-RPC interfaces and the Mezod node client. Developer documentation is at mezo.org/docs/developers.
What industry is Mezo in?
Mezo's product category is Decentralized Finance Protocol. Its primary akta.pro industry code is FSADAMAB, Decentralized Exchanges (DEX) & AMMs, with a secondary code of FSADABAA, Spot AMM DEXs. Its NAICS code is 523210 and its SIC code is 6200.