Ledn has securitized $188 million in Bitcoin-backed fixed-rate loans into rated, tradable notes, marking Bitcoin consumer credit's move toward mainstream asset-backed securities. The investment-grade rating by S&P signals investor appetite but highlights the risks of abrupt collateral repricing and forced liquidations tied to Bitcoin’s volatility. This new finance model could scale Bitcoin-backed borrowing but introduces systemic risks due to the interconnected liquidation mechanics.

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