What if the future of credit markets is built on bitcoin? In this episode, we sit down with Jon Melton, Head of Lending at Unchained and a veteran of Morgan Stanley, Silvergate, and Xapo. Jon shares his journey from Wall Street to building a bitcoin-backed credit business, helping institutions safely borrow dollars against their bitcoin without losing control. We explore why bitcoin is pristine collateral, how interest rates in this market may evolve, and why re-hypothecation risk matters. Jon explains how collaborative custody transforms the borrowing experience and outlines the future of institutional credit on a bitcoin standard. We also discuss why the regulatory tide in America has turned—and what that unlocks for bitcoin’s next wave.

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TIMESTAMPS:

0:00 - Intro

4:45 - Conviction through doing the work

10:07 - Managing $1.5b in bitcoin loans with zero losses

16:08 - What Wall Street still doesn’t understand about bitcoin

20:11 - Why bitcoin embodies American values

26:27 - How interest rates might evolve in bitcoin lending

30:12 - Why Unchained never rehypothecates your bitcoin

36:22 - How big will bitcoin lending get in 10 years

41:10 - What unlocks the next wave of bitcoin credit markets

46:25 - The biggest risk to bitcoin

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