Palladium is a stablecoin protocol that is operated and scaled upon Bitcoin. Palladium at its core is a collateralized debt protocol. Anyone can mint PUSD using their BTC and get instant access to interest-free liquidity. Users can premissionlessly borrow up to 90% of their Bitcoin value in PUSD. The protocol implements a two-tier liquidation mechanism that allows for high capital efficiency while keeping the system stable even when the collateral ratio drops as low as 110%.