Bitcoin-native lending protocol Mezo has listed its MEZO governance token and MUSD stablecoin on Bullish Exchange, an institutional digital asset platform operated by Bullish (NYSE: BLSH), according to an announcement shared with Finbold on April 21.
The listing provides both institutional and retail traders with direct access to MEZO and MUSD through a regulated exchange operating across the United States, Hong Kong, Gibraltar, and the EU.
Bullish operates a hybrid trading model combining a central limit order book with automated market making.
The exchange recorded more than $2 billion in average daily trading volume in 2025 and has processed over $1.8 trillion in cumulative volume since launch.
Custody services are provided by BitGo, with customer assets held on a 1:1 basis and segregated from company funds.
Why a listing on Bullish
Mezo said the Bullish listing removes access barriers for market participants unable to trade on decentralized exchanges, particularly institutional allocators that require regulated venues and qualified custody.
As a publicly traded exchange, Bullish offers compliance and infrastructure standards aligned with institutional requirements.
MEZO and MUSD overview
MEZO functions as Mezo’s coordination and governance token, enabling veBTC holders to lock MEZO into veMEZO to increase voting power on protocol gauges. These gauges direct emissions toward liquidity pools, the MUSD Savings Rate, and other protocol incentives. In return, veBTC holders earn a share of protocol revenue, including swap fees, interest generated from MUSD loans, and bridging fees.
MUSD is Mezo’s Bitcoin-backed stablecoin, issued against BTC collateral at a fixed 1% APR. The protocol has processed more than $550 million in lifetime MUSD volume and issued over 2,000 loans, with collateralization exceeding 168%. MUSD is designed to provide dollar-denominated liquidity for Bitcoin (BTC) holders without requiring asset liquidation.
Both MEZO and MUSD are available on Bullish via Ethereum Layer 1 at launch.
Protocol metrics and infrastructure
Mezo’s total value locked (TVL) currently stands at approximately $171.3 million, with more than 43,500 mainnet users. Yield on the platform is generated through borrower interest on MUSD loans, origination fees, and swap fees from Mezo’s native decentralized exchange.
Bitcoin lockers currently earn around 4% APR through early incentives, with MEZO emissions gradually transitioning toward a revenue-backed model. Mezo’s validator set includes P2P, Chorus One, and Validation Cloud. The protocol has undergone audits by Quantstamp and Thesis Defense, while Anchorage Digital provides custody and compliance infrastructure for institutional participants.
The Bullish listing follows Mezo’s recent partnership with Aerodrome Finance and the conclusion of its “Bring Bitcoin Home” campaign, which migrated approximately $23 million in Bitcoin-denominated assets from Ethereum to Mezo’s mainnet.
Commenting on the listing, Mezo founder and CEO Matt Luongo said, “Bullish gives MEZO and MUSD a regulated trading venue built for the participants we want to reach. BTC holders and institutions can now access Mezo’s tokens through a publicly traded exchange with segregated custody and compliance infrastructure. That matters more than volume numbers.”
Featured image via Shutterstock.
