Tether, the world’s largest issuer of stablecoins—crypto assets pegged to the value of a central-bank-issued currency—said it invested in Ledn to expand access to credit backed by digital assets. The companies didn’t disclose the terms of the deal. (The Logic)
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Tether, the world’s largest issuer of stablecoins—crypto assets pegged to the value of a central-bank-issued currency—said it invested in Ledn to expand access to credit backed by digital assets. The companies didn’t disclose the terms of the deal. (The Logic)
Talking point: Crypto-backed lending is recovering from its tarnished reputation following the digital asset crash of 2022, which saw such lenders as BlockFi and La Caisse-backed Celsius collapse. ATB Financial, a bank owned by the Province of Alberta, has expressed interest in offering loans collateralized by bitcoin. Canada’s provincial securities regulators gave crypto-backed lender APX their blessing to operate in April. Ledn, which moved its global headquarters to the Cayman Islands in 2023, was one of the only crypto-backed lenders to survive the crash of 2022. The company has annual recurring revenue of more than US$100 million and has originated more than US$2.8 billion in bitcoin-backed loans since inception, according to a release from Tether.
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