币界网报道：Cryptographer Peter Todd has proposed a novel method to create permissionless Bitcoin-backed stablecoins, addressing key limitations in existing approaches. The concept involves using Bitcoin covenants — smart contract-like conditions that restrict how coins can be spent — to enable non-custodial stablecoins without relying on trusted third parties. Todd's design specifically tackles the challenge of maintaining stablecoin collateral on Bitcoin's base layer while allowing transfers via secondary layers like the Lightning Network. The proposal suggests using OP_CHECKTEMPLATEVERIFY (CTV) to create "vaults" where users can deposit Bitcoin as collateral to mint stablecoins, with the system automatically liquidating positions if collateral values drop below thresholds. This contrasts with current Bitcoin-backed stablecoin models that typically require centralized custodians or federations. Todd acknowledges technical hurdles remain, particularly around implementing robust oracle systems for price feeds on Bitcoin's base layer, but believes the concept could significantly expand Bitcoin's financial utility while preserving its decentralized ethos. The proposal emerges as developers explore new ways to enhance Bitcoin's functionality following recent taproot upgrades.