Synthetic Assets
The Three Synthetics: cBTC, cUSD, and cBRL
cmBTC represents the protocol's flagship product for the global Bitcoin community. When users mint cmBTC, they're essentially creating the first legitimate yield-bearing Bitcoin synthetic backed by real-world assets rather than ponzi tokenomics or opaque lending desks. Bitcoin maxis are a tough, risk adverse crowd, but institutions (crypto-native or not) are done overlooking the value of having BTC in their treasuries. And yield-bearing BTC? That's what puts smiles on shareholders faces.
The continuous rebase means that 1 cmBTC today becomes 1.0001 cmBTC tomorrow (assuming 4% APY), creating a Bitcoin that grows. Instead of convincing Bitcoin maxis to take on RWA risk, we target institutions and family offices already interested on services like Coinbase Bitcoin Yield Fund (CBYF) or Maple Finance so cmBTC offers something previously impossible: Bitcoin exposure plus real yield from one of the world's highest-yielding fixed income markets.
The value proposition:
Earn 3-5% base yield from institutional Bitcoin lending
Maintain full liquidity (unlike CBYF's lock-ups)
Mint cmUSD/cmBRL against cmBTC for operational needs without selling Bitcoin
Benefit from CCYOE boosts (potentially achieving even double digit yields)
cmUSD serves as the dollarization vehicle for Latin Americans and the perfect DeFi collateral for crypto natives. By minting cmUSD against Bitcoin collateral, users get a dollar-denominated asset that automatically appreciates through RWA yields. This solves a critical problem in Latin America where accessing dollars typically requires expensive remittance services or gray market exchanges.
For DeFi users, wrapped cmUSD (wcmUSD) becomes superior collateral – imagine using a stablecoin that earns 10%+ while sitting in a lending protocol. The psychological impact for Latin American users cannot be overstated: they're saving in dollars that grow, protected from local currency devaluation while earning yields their banks could never offer.
Through our partnership with Brazilian tokenizers / bond providers, we deal with originated receivables from Brazilian exporters, tech companies, other USD-earning businesses as well as fast-yielding markets such as e-commerce, creator economy and marketing projects that need BRL financing.
How it works:
Brazilian companies earning USD revenues but with BRL expenses issue dollar-denominated receivables or receivables with embedded hedge
These companies pay Brazilian interest rates (12-18%) for USD funding
No currency risk because repayment is in dollars/ hedge is embedded
Every other yield-bearing stablecoin is limited to US Treasury yields (4-5%). cmUSD breaks this ceiling by accessing emerging market rates without emerging market currency risk. A user holding cmUSD sees their balance grow from 1,000 to 1,120-1,180 over a year, automatically.
cmBRL addresses the practical reality that despite currency concerns, people still need to pay rent, buy groceries, and live their daily lives in local currency. By minting cmBRL against Bitcoin collateral, users get a Brazilian Real that appreciates daily while maintaining local purchasing power.
Through partnerships with credit card providers and off-ramp services, cmBRL becomes spendable everywhere while the underlying Bitcoin collateral appreciates over time. This creates a powerful dynamic: spend depreciating fiat while your appreciating Bitcoin collateral grows, gradually increasing your purchasing power without active management. High cmBRL adoption subsidizes yields for cmUSD and cmBTC through CCYOE, creating a flywheel effect.
Advantages:
20-25% yields from Brazilian receivables and bonds
Spend in BRL while collateral appreciates
No supply cap - drives yield for entire protocol
Natural hedge against local inflation
Cambi's three synthetic assets serve distinct user segments and use cases, but all share our core innovations such as daily rebasing yield distribution and active yield management. Each synthetic maintains its own risk profile and yield source, but excess yields are strategically redistributed to maximize protocol-wide returns.
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