CRYPTO 101 — Ep. 716: Institutions Want Yield on Bitcoin — Here’s How They’ll Get It
Date: March 30, 2026
Hosts: Bryce Paul & Brendan Viehman
Guest: Brendan Sedo, Initial Core Contributor
Episode Overview
This episode dives deep into how institutions and retail investors both seek to earn yield on Bitcoin—and how the Core blockchain is unlocking these opportunities without sacrificing the values of decentralization and self-custody. Guest Brendan Sedo, an early Core contributor and longtime tech entrepreneur, joins the show to discuss the evolution of Bitcoin utility, the rise of native Bitcoin staking, Core’s architecture, and future trends for Bitcoin and DeFi.
Key Discussion Points & Insights
1. Who is Brendan Sedo? [02:35]
- Brendan S.'s background: 15 years in tech, successful SaaS entrepreneur, entered crypto seriously post-Defi Summer (2020)
- Connection to Core: Joined ~3.5 years ago when Core was an early-stage project
“...sold it to a group that went public a year later on the Nasdaq... I’d always been interested as a hobby in crypto...”
— Brendan Sedo [02:35]
2. What is Core and How Does It Work? [05:16]
- Core is a Layer 1 blockchain secured by Bitcoin mining hashpower & Bitcoin stakers
- Brings EVM compatibility and DeFi primitives to Bitcoin holders (lending, borrowing, NFTs, perpetuals)
- Allows Bitcoin holders to “put their BTC to work” beyond simple send/receive
“...the push was, yeah, Bitcoin’s getting more adoption and people want to put it to work and do things with it but you can’t do that on the Bitcoin network itself… so we created Core...”
— Brendan Sedo [05:16]
3. Creating Utility and New Demographics for Bitcoin [07:40]
- Core opens new use-cases for both passive holders and those wanting to access DeFi without learning new chains
- Enhances liquidity and awareness, welcomes traditional and new crypto users
“...you’re essentially opening the doors to them and saying ‘hey, we have something for you too.’”
— Podcast Host 1 [08:39]
4. Institutional Interest in Yield on Bitcoin [09:27]
- Major drivers for Core’s adoption are increasingly from institutions (hedge funds, asset managers, custodians)
- Yield, security, and composability all relevant to institutional investors
“...most of the major pushes coming from institutions... actively looking to do things on chain.”
— Brendan Sedo [17:51]
5. Core’s Milestones & Innovations [10:33]
- World’s first yield-bearing bitcoin ETF (in partnership, not direct issuance)
- First self-custodial Bitcoin staking product with 7,000+ BTC staked
- Top Bitcoin DeFi chain by TVL (at times over $1B, with current TVL >$500M)
“...all of what you mentioned stems on this innovation that we had which was non-custodial Bitcoin staking...”
— Brendan Sedo [11:15]
6. How Does Non-Custodial Bitcoin Staking Work? [11:15/14:53]
- Users time-lock BTC in their own wallet (with their keys) to help secure the Core chain and earn yield (Core block rewards)
- No multisigs or custodial risk; after the lock period, users recover their BTC regardless of Core’s status
- Built on technical upgrades like Taproot
“...literally no risk of anyone taking your bitcoin, period. If the Core blockchain went down tomorrow, your bitcoin’s fine... that was really interesting because it brought yield to bitcoin for the first time ever in a permissionless fashion...”
— Brendan Sedo [12:34]
7. DeFi Features for Bitcoin: How It’s Done [14:53]
- Staking is not strictly DeFi, but sets foundation for Core’s EVM sidechain
- Users can bring wrapped BTC onto Core (via multiple partners) to utilize DeFi applications like lending/borrowing, Minting stablecoins, using as collateral
- Core’s focus: seamless user experience, creating a crawl-walk-run path for traditional Bitcoiners
“...we’re not asking you to bring your Bitcoin on chain, trust bridges, move it through exchanges—you’re time-locking it in your own wallet...”
— Brendan Sedo [14:53]
8. Who is the Core Ecosystem For? [17:09]
- Not aimed at die-hard “Bitcoin maximalists,” but at the wider majority wanting utility from BTC
- Core sees greatest product-market fit right now from institutions & more risk-aware users
- Retail adoption is rising, particularly those seeking yield or simple DeFi/BTC products
“Bitcoin maximalists are not going to bother... but that’s actually not the majority of the bitcoin community... there’s some pent up demand to do things.”
— Brendan Sedo [17:51]
9. Institutional-Grade BTC Yield Products & SatPay [20:10]
- Core is building professionally managed Bitcoin yield products (akin to staked ETH tokens)
- SatPay: user-friendly “bitcoin neobank” app launching in April with BTC savings, loans, and spending functionality—designed for seamless mainstream adoption
“It’s like a bitcoin neobank that has a savings account for bitcoin, you can deposit, earn interest, take a loan... spend stables or spend bitcoin.”
— Brendan Sedo [21:25]
10. Core’s Vision for the Future of Bitcoin [23:10]
- Brendan’s ideal: Bitcoin’s continued market cap growth & broad adoption—paired with growth of parallel, permissionless DeFi infrastructures
- Advocates for users having real custody alongside increased utility
“I’d like to see this parallel system where there’s a ton of utility and ways you can put your bitcoin to work... but you actually custody and control the asset yourself.”
— Brendan Sedo [24:12]
11. Reflections on Altcoins, Tokens & Industry Maturation [27:01]
- Brendan: most altcoins lack necessity; tokens often launched before real product delivery (opposite of Web2 startups)
- Shift seen toward revenue-focus, sustainability, realistic utility
“...token incentives... you get paid up front in tokens for promises of the future, that’s the opposite of every tech business ever built...I think a lot of that’s being rethought.”
— Brendan Sedo [29:06]
12. Outlook on Crypto Regulation & The Market [31:37/33:44]
- Discussion around the US market structure bill (odds, timing, bipartisan support)
- Long-term bullish on crypto irrespective of volatility—team and guests advocate for dollar cost averaging and zoomed-out perspective
“If you don’t have the time, knowledge, and resources... and you really do believe in bitcoin and crypto long-term, you can look to dollar-cost average... don’t overcomplicate it.”
— Podcast Host 1 [36:22]
Notable Quotes & Memorable Moments
-
On Bitcoin Staking:
“Literally no risk of anyone taking your bitcoin, period... in your own wallet... that was really interesting because it brought yield to bitcoin for the first time ever in a permissionless fashion…”
— Brendan Sedo [12:34] -
On Opening BTC Utility to New Users:
“You’re essentially opening the doors to them and saying, hey, we have something for you too.”
— Podcast Host 1 [08:39] -
On Institutional Adoption:
“Every digital asset treasury company in the world is looking to do stuff with their bitcoin... there’s some pent up demand to do things.”
— Brendan Sedo [17:51] -
On SatPay:
“Puts a nice interface on a lot of these dapps... just a very simplified, streamlined, easy to use app called SatPay...”
— Brendan Sedo [21:25]
Key Timestamps
- [02:35] Brendan Sedo’s background & journey to Core
- [05:16] Core explained: bridging Bitcoin and DeFi
- [11:15] How non-custodial Bitcoin staking works & impact
- [14:53] Technical details on integrating DeFi with BTC
- [17:09] Core’s target users: institutions vs. retail
- [20:10] Institutional engagement, yield products, SatPay launch
- [23:10] Brendan’s vision for the future of Bitcoin
- [27:01] Thoughts on altcoins, token models, and market maturation
- [31:37] Crypto legislation timing and impact
- [36:22] Prudent crypto investment: buy and hold, DCA strategy
Where to Follow
- Core DAO Twitter: @coredao_org
- Website: coredao.org
- SatPay updates: Via CoreDAO social pages
“The group at Core is awesome... two million followers, a lot of engagements, an awesome account.”
— Brendan Sedo [38:10]
Summary Prepared For:
Anyone interested in how institutions and retail can now earn yield on Bitcoin, with insights on technical innovation, institutional market fit, product evolution, and the maturing landscape of crypto.