Coinbase and Ledn Strengthen Crypto Lending Push Despite Market Slump
Ledn securitized $188 million in Bitcoin-backed bonds while Coinbase expanded its crypto-backed USDC lending options.Summary
Despite a significant slump in the crypto lending market, which saw active loans drop 36% to $30 billion since September, both Ledn and Coinbase are strengthening their lending pushes. Ledn completed a first-of-its-kind transaction, selling $188 million in securitized bonds backed by 4,078.87 Bitcoin, with Jefferies Financial Group acting as the lead manager. S&P Global Ratings noted Ledn's effective liquidation engine, which has never resulted in a loss over seven years. Concurrently, Coinbase is expanding its crypto-backed lending, allowing users (excluding those in New York) to borrow up to $100,000 in USDC by pledging assets like XRP, DOGE, ADA, or LTC as collateral via the Morpho DeFi protocol. This activity occurs as overall lending protocol TVL fell by about 42% to $52 billion due to asset price depreciation and reduced risk appetite.
(Source：BeInCrypto)