Borrow Stables Against Native DOGE
Unlock stablecoin liquidity without selling your Dogecoin. Rujira Money Market accepts native DOGE as collateral on THORChain — new for DOGE, non-custodial, no wrapping step.
Why this is new for DOGE
Until Rujira shipped, DOGE had no on-chain money market. The only way to borrow against Dogecoin was to send it to a centralized lending desk — custody risk, KYC, re-hypothecation.
- Native DOGE as collateral — your Dogecoin stays on its own chain; no WDOGE is minted.
- Non-custodial — the protocol, not a company, holds the lien against your address.
- No KYC, no term lock — open a loan, repay any time, close it out. No account, no waiting period.
- Transparent parameters — LTV, liquidation threshold, borrow rate are published on-chain and visible before you sign.
Step-by-step: deposit DOGE, borrow stables
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Open Rujira Money Market
Navigate to the Rujira Money Market app. It runs on top of THORChain and supports native DOGE as collateral — your DOGE stays on the Dogecoin chain until a liquidation event.
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Connect a DOGE-capable wallet
Use a wallet that signs standard DOGE sends with an OP_RETURN memo. THORChain-compatible wallets route deposits automatically. No WDOGE is minted at any step.
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Deposit DOGE as collateral
Send DOGE to the inbound address shown by the Money Market, with the deposit memo in OP_RETURN. Your DOGE is recorded as collateral against your address; the protocol does not re-hypothecate it.
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Pick borrow asset and amount
Choose a stablecoin (USDC, USDT, etc.) and an amount within the allowed loan-to-value. The interface shows the liquidation price and current borrow rate before you commit.
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Sign the borrow transaction
Confirm the borrow. The stablecoins are sent to the destination address you specify — another wallet, a hardware cold store, or an exchange deposit address if you are cashing out.
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Monitor collateral health
Track DOGE price against your liquidation threshold. Repay part or all of the loan any time to de-risk; top up collateral if DOGE drops.
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Repay to unlock your DOGE
Send stablecoins back with the repay memo. Once the debt clears, the protocol releases your native DOGE to the address you nominate. No wrapping step; no custodian handoff.
Risks to understand before you borrow
If DOGE drops enough that your collateral ratio breaches the liquidation threshold, part of your DOGE can be sold to repay the loan. Borrow conservatively; leave headroom.
The stablecoin borrow rate is algorithmic and moves with utilization. It can rise during periods of high demand. Check the live rate before opening.
Non-custodial does not mean risk-free. The Money Market runs on deployed contracts; a bug or exploit could affect deposits. Size positions accordingly.
Other things you can do with native DOGE
DOGE money-market questions
Is my DOGE ever wrapped or bridged?
No. Rujira Money Market treats native DOGE as first-class collateral on THORChain. Your DOGE stays on the Dogecoin chain, tracked on-chain against your account. No WDOGE, no IOU, no bridge.
Why is this new for DOGE?
Dogecoin has never had an on-chain money market. To take a loan against DOGE before Rujira, you had to send it to a centralized lending desk — custody risk, KYC, re-hypothecation. Rujira Money Market is the first non-custodial on-chain borrow market for native DOGE.
What LTV can I get on DOGE?
Loan-to-value is set per-collateral by the protocol and adjusts with DOGE market conditions. The UI displays the current max LTV, the liquidation threshold, and your liquidation price before you confirm. Conservative borrowers typically open loans well below the max.
What if DOGE price crashes?
If your collateral ratio falls below the liquidation threshold, part of your DOGE can be liquidated to repay the loan and keep the position solvent. Avoid this by repaying early or topping up collateral. All parameters are published on-chain and visible pre-sign.
What is the borrow rate?
Interest is set algorithmically by utilization in each market. Current rates are shown live in the Money Market UI. No origination fee, no term lock — repay any time.
Why not just sell DOGE for stables instead?
Selling is a taxable event in many jurisdictions and closes your DOGE exposure. A loan unlocks stable liquidity without disposing of the asset — useful if you believe DOGE will appreciate, or want to avoid realising a capital gain. It carries liquidation risk; selling does not.