Taurus on Nostr: Ledn says the bitcoin backed lending market could hit $1 trillion. The projection is ...
Ledn says the bitcoin backed lending market could hit $1 trillion. The projection is interesting. The fact behind it is more interesting.
In February, Ledn closed a $188 million Bitcoin backed asset backed security, and S&P Global rated it BBB-. That is investment grade. The lowest rung, but investment grade. The rating was possible because Ledn has eight years of consumer loan performance data. The loans are the credit story, not the Bitcoin.
The same month, Moody's rated a different Bitcoin collateralized bond, a $100 million New Hampshire municipal style deal, Ba2. That is two notches below investment grade. Moody's cited Bitcoin's volatility as the primary risk factor. Direct Bitcoin collateral is still speculative. A pool of Bitcoin backed loans, rated on the loan performance, can be investment grade.
Pension funds and endowments can now buy the structured product under their standard mandates. They cannot buy the direct collateral product. The unlock is the structure, not the asset.
Published at
2026-06-17 05:25:22 CESTEvent JSON
{
"id": "abac0d40c21160327be0b74371ded3a328c7dc781a696d37888575a4ce0243f4",
"pubkey": "9c53485849518fa429cca814ba10eea9599bdf4e183d8202c53bb4b719427d3c",
"created_at": 1781666722,
"kind": 1,
"tags": [
[
"imeta",
"url https://blossom.primal.net/0ee0b06e060780dd746371291f860a695a8d3e5dc564a15bfc083ae839653f47.png",
"m png",
"dim 1280.0x720.0"
]
],
"content": "Ledn says the bitcoin backed lending market could hit $1 trillion. The projection is interesting. The fact behind it is more interesting.\n\nIn February, Ledn closed a $188 million Bitcoin backed asset backed security, and S\u0026P Global rated it BBB-. That is investment grade. The lowest rung, but investment grade. The rating was possible because Ledn has eight years of consumer loan performance data. The loans are the credit story, not the Bitcoin.\n\nThe same month, Moody's rated a different Bitcoin collateralized bond, a $100 million New Hampshire municipal style deal, Ba2. That is two notches below investment grade. Moody's cited Bitcoin's volatility as the primary risk factor. Direct Bitcoin collateral is still speculative. A pool of Bitcoin backed loans, rated on the loan performance, can be investment grade.\n\nPension funds and endowments can now buy the structured product under their standard mandates. They cannot buy the direct collateral product. The unlock is the structure, not the asset.\nhttps://blossom.primal.net/0ee0b06e060780dd746371291f860a695a8d3e5dc564a15bfc083ae839653f47.png",
"sig": "7f030f796f99745e3e841932b842daf0bfd25be0e8a6292eae61f1c21762ac6e4c7c45a547402aa22daafec5acb68a5d31adcb79c3170e1e3f23d997bc3b2a91"
}
