lending

According to CoinDesk, Silicon Valley Bank has released a report stating that Bitcoin lending has entered a new institutional era after experiencing the 2022 crypto credit crisis, with stronger risk control, increased institutional participation, and declining borrowing costs. Bitcoin is being viewed as a collateral asset with immediate global liquidity, fast settlement, and interchangeability. Currently, several major banks in the United States have offered Bitcoin-backed credit services, with the total amount of crypto mortgages increasing by 49% year-on-year to $67 billion. Bitcoin lending platform Ledn estimates that the current consumer BTC mortgage market is about $3 billion, which could expand to $1 trillion over the next decade.The report points out that the collapses of Celsius, BlockFi, and Genesis from 2022 to 2023 exposed issues such as maturity mismatches and excessive leverage, making conservative underwriting and transparent risk management the foundation of the industry. Currently, Bitcoin mortgage interest rates range from 7.5% to 16%, and Silicon Valley Bank expects that participation from banks and private credit funds will gradually narrow the spread.

XRPLRipple is actively promoting the addition of a layer of lending infrastructure on the XRP Ledger (XRPL), enabling institutions to use on-chain tokenized assets as collateral for financing, while the loan terms are automatically executed by the protocol, with credit assessments and lending decisions still made by off-chain institutions.According to reports, the proposal is named the XRPL Lending Protocol (corresponding to the XLS-65 and XLS-66 standards), which is currently still in the technical draft stage and must be approved through validator voting before it can go live on the mainnet, but it is already available for developer testing on the test network.The design of the protocol splits the lending process into two parts: on-chain mechanisms responsible for fund pool management, interest calculation, repayment execution, and default handling; while borrower credit assessments and loan term settings remain with traditional financial institutions to meet compliance requirements in different jurisdictions.Ripple states that this mechanism is primarily aimed at institutional short-term liquidity needs, such as in cross-border payment scenarios, where temporary financing is obtained through stablecoins or collateralized assets before settlement, to enhance capital efficiency.Analysts believe that this solution attempts to introduce a "rule-based lending infrastructure" similar to traditional finance while maintaining the open network attributes of XRPL, but it still faces competition from established on-chain lending protocols like Aave, Compound, and Maple.

According to CoinDesk, Tether stated that XAUT is backed 1:1 by physical gold stored in Swiss vaults, with each token corresponding to 1 troy ounce of gold, currently corresponding to approximately $23 billion in gold reserves.Ledn stated that the XAUT used by users for collateral will continue to be held at a 1:1 ratio and will not be lent out or used to generate income.

Aave founder Stani Kulechov posted that Aave is expanding its business boundaries from crypto assets to traditional assets, launching securities collateral loans and securities lending services.Aave executive Luigi D'Onorio DeMeo pointed out that the global securities lending market has a borrowing scale of approximately $4.6 trillion and annual revenue of about $35 billion, but most of the profits are captured by brokers and platforms (such as Robinhood, Schwab), and users typically only receive a small percentage of the lending fees.Aave plans to allow users to directly tokenize stocks (such as AAPL, TSLA) on-chain as collateral or lending assets through V4, earning the full lending rate, and providing advantages such as real-time transparent pricing, no re-collateralization, and no intermediary cuts, in order to compete for market share in the traditional securities lending market.

The Sui ecosystem lending protocol Suilend officially announced that the DeFi development team Bluewater Labs will acquire Suilend and its ecological products SpringSui and STEAMM (AMM), and will take over its subsequent development and operational work. In addition, Bluefin co-founder Zabi will serve as the new CEO of Suilend.The announcement stated that after the acquisition is completed, Suilend will continue to operate as an independent platform, retaining its own brand, product direction, and underlying infrastructure. During the transition period, the team will adopt a security-first strategy, and users will not need to take any action; all current protocol functions such as deposits, lending, staking, and trading will continue to operate as usual.

According to The Block, Kraken has partnered with the on-chain institutional lending platform Maple to launch an on-chain storage facility for digital asset collateralized loans. This facility will provide USDC liquidity to Kraken's over-the-counter lending clients, allowing borrowers to use crypto assets such as BTC and ETH as collateral.

According to BBX data, yesterday two leading publicly listed companies in the cryptocurrency sector completed key historical matters and strategic upgrades. The core updates are as follows:Hut 8 Corp. (Nasdaq: $HUT) officially disclosed on June 23 that the company agreed to pay investors $2.35 million in cash to settle a securities class action lawsuit arising from the merger with U.S. Bitcoin Corp (USBTC) in 2023. The case is being handled by the U.S. District Court for the Southern District of New York, with the plaintiffs being investors who held Hut 8 securities from February 13, 2023, to January 18, 2024. The core allegation is that the company significantly omitted disclosures regarding infrastructure issues at its King Mountain Texas Bitcoin mine (including energy limitations and network connectivity failures) during the merger process, constituting substantial misrepresentation to investors. The trigger for this case was a report released by short-selling firm J Capital Research on January 18, 2024, which questioned the company, leading to a single-day drop of over 23% in Hut 8's stock price. The $2.35 million settlement amount represents approximately 19.6% of the plaintiffs' estimated maximum recoverable damages of $12.08 million, exceeding the historical median settlement ratio for similar cases involving only Securities Act claims; the settlement is still subject to final court approval, and Hut 8 denies any wrongdoing or legal liability. This settlement eliminates the last significant historical legal uncertainty in the company's AI/HPC data center transformation narrative, allowing the valuation logic for the timely delivery of its River Bend ($7 billion contract) and Beacon Point ($9.8 billion contract) dual campuses within the year to unfold against a cleaner balance sheet backdrop.Galaxy Digital Inc. (Nasdaq: $GLXY) announced on June 23 a strategic investment in Digital Prime Technologies (a securities lending technology platform), with specific financial terms not disclosed. This investment builds on Galaxy's existing role as a participant in the Tokenet platform—Tokenet is developed in collaboration between Digital Prime Technologies and institutional securities lending infrastructure provider EquiLend, set to officially launch in May 2026, aiming to bring mature workflows, risk control mechanisms, and full lifecycle management systems from the institutional securities lending sector into the digital asset lending market. By upgrading from a platform participant to an equity investor, Galaxy directly ties the operation of the Tokenet platform to its own institutional lending and trading business, forming a triple synergy of "product + balance sheet + equity." This move is highly consistent with Galaxy's overall business strategy: based on the stable cash flow foundation provided by the CoreWeave 15-year AI data center lease (Phase 1 133MW delivered in April), it aims to deepen its institutional digital asset lending infrastructure layout, further reducing reliance on the single Beta of Bitcoin prices—on the same day, Galaxy was also listed in institutional research reports as one of the few cryptocurrency concept stocks capable of maintaining business resilience during Bitcoin price downturns, with its diversified layout seen as a core reason for being relatively decoupled from pure BTC price exposure.

According to The Block, the mGLOBAL security token launched by Midas has been integrated into the Aave institutional lending market Aave Horizon, allowing holders to use mGLOBAL as collateral to borrow USDC while retaining full exposure to the underlying assets.mGLOBAL tracks the Global Diversified Alternative Debt short-duration private credit portfolio managed by Fasanara Capital, which includes trade receivables and digital invoices among its underlying assets. mGLOBAL is issued by a bankruptcy-remote entity under a Luxembourg asset securitization vehicle, with net asset value calculated monthly by JTC Luxembourg.Redemption is achieved through Midas's Open Liquidity Architecture, combining 10% internal liquidity on Aave, credit lines, and OTC networks, enabling atomic redemption and destruction without the need to reserve large amounts of idle cash.

According to Cryptopolitan, the decentralized lending protocol Goldfinch, supported by a16z, announced it will gradually shut down. Last Friday, an anonymous investor, Edward Morra, publicly accused the protocol of mismanagement, leading to over $50 million in user fund losses, stating that borrower defaults and failed loan restructurings made it nearly impossible for depositors to recover their funds. Just a day after the post was published, the project announced it would enter a gradual shutdown phase.The protocol's native token GFI fell from a peak of $32.94 in January 2022 to below $0.07, a decline of 99.8%, with its market capitalization dropping from over $390 million to less than $6 million. Goldfinch was founded in 2021 by former Coinbase employees, aiming to connect crypto capital with credit enterprises overlooked by traditional banks, with a16z leading its $25 million financing in January 2022. Problems began to emerge months after the funding: the Kenyan motorcycle financing company Tugende Kenya defaulted, two underlying positions in the $2 billion loan from the U.S. credit fund Stratos nearly went to zero, and the Singapore borrower Lend East could only repay 58% of the principal. As the loan portfolio deteriorated, the protocol turned to institutional credit funds but ultimately could not turn the situation around.

According to Protos, the decentralized lending protocol Goldfinch, led by a16z and aimed at serving the unbanked population in Africa, is in crisis.On-chain data shows that among the 8 borrowers in the project, 2 have officially defaulted, and 6 have entered debt restructuring, with total losses exceeding $18 million. Depositors are lamenting that "the $50 million has gone down the drain." Its native token GFI has fallen from a peak of $32.94 in January 2022 to below $0.07, a decline of 99.8%, and the project's market value has shrunk from a peak of $390 million to less than $6 million.Goldfinch had previously lent over $100 million to borrowers in 18 countries, including motorcycle rental companies in Kenya and salary advance platforms in Nigeria, but the core issue lies in the severe lack of off-chain credit verification, with borrowers frequently misappropriating funds and refusing to repay. As the default rate rises, the project has quietly abandoned its positioning in emerging markets in Africa, shifting towards institutional credit funds like Ares and Apollo, rendering its original vision of inclusive finance a mere facade.

JustLend DAO officially announces the launch of the U market lending feature. Users can now directly deposit or borrow U assets on the platform.

On-chain data shows that assets under Coinbase have become the most important source of traffic for the decentralized lending protocol Morpho. USDC and cbBTC together account for 53% of total deposits on the Morpho platform, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. The lending side is also highly dependent on the Coinbase ecosystem. Of the $2.3 billion USDC loans on the Morpho platform, approximately $1.2 billion comes from Coinbase users using cbBTC as collateral, accounting for more than half.Analysts point out that a deep symbiotic relationship has formed between the two: Coinbase takes on the role of user acquisition and asset flow, while Morpho acts as the yield layer that brings these assets into on-chain operations. This case once again confirms that in the crypto industry, the moat of distribution channels is often stronger than the technology itself.

Venus Protocol announced the launch of tokenized stock (bStocks) collateral lending functionality on the BNB Chain. Users can now deposit on-chain US stock assets such as TSLAB, NVDAB, SPCXB into the Venus Core Pool as collateral, allowing them to borrow assets like USDT and USDC while maintaining exposure to stock prices, without the need to sell their holdings. This is the first time Venus supports tokenized stocks as collateral assets.With the launch of bStocks, tokenized stocks officially join the on-chain liquidity market shared by Venus with BTC, ETH, BNB, and stablecoins. Following tokenized assets like XAUm, Venus further expands the range of on-chain collateral to include stock assets, promoting the deep integration of RWA and DeFi.

The DeFi lending protocol Ionic Protocol announced on platform X that due to the ongoing impact of a security breach incident that occurred in 2025, the project has been forced to immediately cease all operations, and all users need to withdraw their assets from various deployments as soon as possible. Ionic Protocol added that this closure decision was "without choice," and relevant services have now entered the termination process.

Curve Finance announced that its lending product LlamaLend V2 has officially launched on the Ethereum Layer 2 network Optimism. Users can engage in borrowing, lending, or circular leverage operations in the isolated market based on the Curve LLAMMA mechanism. It is reported that this upgrade will open a new market and distribute OP rewards to eligible users through Merkl.

JustLend DAO officially launched SBM V2 (Supply and Lending Market V2), introducing an innovative independent collateral lending protocol that adopts a dual-layer architecture of treasury and market, and introduces an adaptive curve interest rate model. In the new architecture, the treasury is responsible for aggregating liquidity, while the market supports independent lending and bears its own risk exposure, achieving risk isolation; the borrowing interest rate is dynamically adjusted based on capital utilization, with each market operating independently to effectively prevent cross-market risk contagion. This upgrade significantly enhances the protocol's risk management capabilities and capital efficiency, further strengthening the security and flexibility in multi-asset independent lending scenarios.

JustLend DAO officially launched SBM V2 (Supply and Lending Market V2), introducing an innovative independent collateral lending protocol that adopts a dual-layer architecture of treasury and market, and introduces an adaptive curve interest rate model.In the new architecture, the treasury is responsible for aggregating liquidity, while the market supports independent lending and bears its own risk exposure, achieving risk isolation; the borrowing interest rate is dynamically adjusted based on capital utilization, with each market operating independently to effectively prevent cross-market risk contagion.This upgrade significantly enhances the protocol's risk management capabilities and capital efficiency, further strengthening the security and flexibility in multi-asset independent lending scenarios.

According to The Defiant, after the market correction in early June, the fees for major DeFi lending protocols and DEXs have significantly declined.In the past 7 days, Aave V3 fees decreased by 60% to $6.72 million, Morpho Blue decreased by 60% to $3.27 million, and Maple Finance decreased by 59% to $1.25 million; on the DEX side, Uniswap V3 decreased by 57% to $3.74 million, and Curve decreased by 65% to $891,000.However, from a 30-day perspective, Morpho Blue fees increased by 23%, Maple increased by 49%, Uniswap V3 increased by 27%, and Curve increased by 71%. This indicates that the sharp drop in weekly fees is mainly a short-term phenomenon caused by the unwinding of leveraged positions, rather than a structural decline in on-chain lending and trading demand.

According to monitoring by Lookonchain, as the market rebounds, a certain whale has once again borrowed 19,000 ETH (approximately 33.48 million USD) from Aave for sale today.This whale has currently borrowed a total of 44,389 ETH (approximately 80.56 million USD) from Aave for sale and may sell more in the future.

Coinbase announced on Wednesday the launch of two on-chain USDC lending vaults on Morpho, with Steakhouse Financial serving as the risk curator, providing users with lending options at different risk levels for the first time. The Prime vault adopts a conservative strategy, using blue-chip crypto assets like BTC and ETH as collateral, with yields ranging from approximately 3.5% to 4%. The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena, with an annualized yield of about 8.79% supported by Ethena's government bond-backed stablecoin USDtb.Morpho provides a non-custodial lending infrastructure, with Steakhouse Financial managing approximately $2.03 billion in Morpho vault TVL, leading the second place by about $1 billion. Coinbase's collaboration with Ethena predates the launch of these vaults, as Coinbase Ventures purchased ENA tokens on the open market in June as part of a broader distribution agreement.