加密借贷公司Ledn Inc．已发行1.88亿美元由比特币支持的证券化债券，成为资产支持债市场首宗此类 交易。 知情人士称，此次交易包括两只债券，其中一部分为投资级债券，定价较基准利率高出335个基点。 Jefferies Financial Group Inc．担任此次交易的唯一结构安排人及账簿管理人。 责任编辑：李桐 加密借贷公司Ledn Inc．已发行1.88亿美元由比特币支持的证券化债券，成为资产支持债市场首宗此类 交易。 知情人士称，此次交易包括两只债券，其中一部分为投资级债券，定价较基准利率高出335个基点。 Jefferies Financial Group Inc．担任此次交易的唯一结构安排人及账簿管理人。 根据标普全球评级的报告，这些债券以超过5400笔贷款组成的资产池作担保，消费者以其持有的比特币 作为抵押，从Ledn获得贷款。这份日期为2月9日的报告显示，这些贷款的加权平均利率为11.8%。 比特币价格波动剧烈，若价格大幅下跌，与加密货币挂钩的贷款可能出现资不抵债的情况。不过，标普 表示，Ledn的资产支持证券（ABS）投资者或在一定程度上免受这一风险影响，因为该贷款机构采用算 法清算机 ...

Core Insights - Nexo has officially relaunched its crypto lending platform in the United States on February 16, 2026, after withdrawing from the market in late 2022 [1] - The company manages approximately $11 billion in assets and has processed over $371 billion in transactions globally since 2018 [1] Group 1: Relaunch Strategy - The relaunch focuses on restructured versions of core products for U.S. users, emphasizing compliance and risk management [2][3] - New offerings include fiat on- and off-ramps via ACH and wire transfers, delivered through licensed U.S. partners [2] - The new yield and lending products are designed differently from the discontinued Earn Interest Product (EIP) that faced regulatory scrutiny [3] Group 2: Regulatory Context - Nexo's exit from the U.S. market was due to regulatory challenges related to its Earn Interest Product, which was deemed an unregistered security by the SEC [5][8] - The company paid $45 million in settlements in 2023 and has since redesigned its products to operate within a clearer regulatory framework [6] Group 3: Business Growth and Partnerships - Prior to its exit, Nexo engaged in global growth initiatives, including acquisitions and sponsorships, but now prioritizes compliance over aggressive expansion [4] - The company has established partnerships with regulated domestic entities to facilitate its return to the U.S. market [1][6]

加密借贷平台 Nexo 在退出美国市场约三年后正式重返美国，推出包括固定与灵活收益账户、加密资产 抵押信贷、集成式加密交易所及法币出入金在内的一揽子数字资产服务，相关交易与基础设施由美国合 规平台 Bakkt 提供支持。Nexo 曾于 2022 年因其 Earn 利息产品与美国州及联邦监管机构产生冲突而退 出美国市场。Nexo 表示，此次回归得益于当前更为友好的加密政策环境。目前 Nexo 资产管理规模约 110 亿美元，累计处理全球交易额达 3710 亿美元。（CoinDesk） （来源：吴说） ...

By Hannah Lang and Elizabeth Howcroft Feb 11 (Reuters) - Crypto liquidity provider and lender BlockFills has halted client deposits and withdrawals amid ‌a downturn in bitcoin (BTC-USD) prices, in a sign of knock-on impact ‌from the latest crypto market drop. BlockFills, which is based in Chicago, said in a statement ​on Wednesday that it halted withdrawals last week and has been working to restore liquidity to its platform. The company is in active dialogue with its clients, which include crypto hedge f ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Crypto lender BlockFills has temporarily suspended deposits and withdrawals, and restricted trading on its platform, according to an email to clients last week seen by Banking Dive. BlockFills cited “recent market and financial conditions” and the aim to “further the protection of clients and the firm” but did not detail a timeline by which the suspension would end ...

Core Insights - Bitcoin-backed borrowing is evolving from short-term cash solutions to long-term financial planning, with over 52% of loans in 2025 having 365-day terms [1][3][4] - The trend reflects a maturation of Bitcoin as an asset, with holders treating it more like property rather than a speculative investment [2][4] Group 1: Market Behavior - In 2025, Bitcoin-backed loan volumes reached approximately $2 billion, with regulated players dominating the market, replacing riskier lending models [6] - Borrowers are increasingly using Bitcoin as productive collateral, allowing them to unlock liquidity while retaining their holdings during price volatility [4][5] Group 2: Impact on Investors - The shift in borrowing behavior reduces the psychological pressure on regular investors to sell during market dips, promoting a mindset of planning around Bitcoin as a long-term asset [5] - The demand for loans tends to rise during periods of Bitcoin market volatility, as holders seek flexibility rather than immediate exits [5]

Core Insights - Nexo's planned return to the U.S. faces challenges due to regulatory actions in California, a key market for consumer finance [1][5] - The California Department of Financial Protection and Innovation (DFPI) has fined Nexo $500,000 for issuing unlicensed crypto-backed loans to over 5,000 residents [2][3] - The enforcement action raises concerns about Nexo's past compliance failures and their impact on re-entering the U.S. market [1][2] Regulatory Actions - The DFPI found that Nexo issued loans without the necessary state license and failed to assess borrowers' repayment ability [3][4] - Nexo has been ordered to transfer all California customer funds to a licensed U.S. affiliate within 150 days [4] - This penalty is part of a broader trend of regulatory scrutiny that has previously led to Nexo's exit from the U.S. market in 2022 [6][8] Market Implications - California's regulatory stance is significant as it serves as a bellwether for consumer financial services in the U.S. [5] - The recent fine and enforcement actions may hinder Nexo's efforts to rebuild its U.S. presence amidst a changing regulatory environment [2][6]

Core Insights - Nexo has been fined $500,000 by California regulators for issuing unlicensed crypto-backed loans to over 5,456 residents [1][2][8] - The California Department of Financial Protection and Innovation (DFPI) found that Nexo failed to assess borrowers' repayment ability, existing debt levels, or credit history [2] - Nexo has been ordered to transfer all funds belonging to California residents to a licensed U.S. affiliate within 150 days [3][8] Regulatory Actions - The conduct in question occurred between July 2018 and November 2022, during which Nexo expanded its crypto-backed lending business before exiting the U.S. market [4] - In 2023, Nexo faced a $22.5 million settlement over its unregistered Earn Interest Product, and the U.S. Securities and Exchange Commission charged the company, leading to an additional $22.5 million penalty, totaling $45 million in fines for the year [5] - The latest penalty adds to Nexo's growing list of U.S. penalties related to compliance failures in crypto lending [8] Industry Implications - The findings raise broader questions about compliance standards in the crypto lending industry [6] - Despite regulatory challenges, Nexo continues to pursue international expansion and high-profile marketing efforts, including a sponsorship deal with the Australian Open [6] - Nexo has indicated plans to reenter the U.S. market, suggesting a potential comeback [7]

Core Viewpoint - Ether may be on the verge of a short-term rebound, with on-chain data indicating that the market has not yet reached overheated conditions, suggesting potential price gains towards the $3,200 level [1][7]. Market Conditions - Current stablecoin yields are low, around 4%, indicating that the market has not reached a major top and could still push higher, with Ether trading near $3,001 at the time of the report [2][3]. - Stablecoin returns are between 3.9% and 4.5%, suggesting subdued borrowing demand and a measured risk-taking environment [3][7]. Recent Performance - Ether has experienced a challenging month, sliding over 21% in the past 30 days amid a broader digital asset selloff, exacerbated by a $19 billion liquidation event and trade uncertainties following tariff announcements [4]. - Technical indicators are beginning to show constructive signs, indicating potential for recovery [4]. Investor Sentiment - The ETH-BTC weekly chart is nearing a "bullish ribbon flip," a historical signal of potential outperformance against Bitcoin [5]. - Spot Ether ETFs have seen a reversal with $312.6 million in net inflows after three weeks of withdrawals, indicating renewed interest from institutional buyers [5]. - The Crypto Fear & Greed Index has improved, moving from "extreme fear" to the "fear" zone, suggesting that panic-driven selling may be subsiding [6].

Core Insights - Tether has made a strategic investment in Ledn, a prominent provider of Bitcoin-backed loans, indicating a deeper involvement in the crypto-backed credit markets [1][7] - The crypto lending sector is experiencing a resurgence, with loan originations surpassing $1 billion in 2025, marking a significant recovery from the downturn of 2022-2023 [1][2] Company Insights - Ledn has originated over $2.8 billion in Bitcoin-backed loans since its inception, with more than $1 billion issued in 2025 alone, making it the strongest year on record [2] - Ledn's annual recurring revenue has exceeded $100 million, reflecting increasing demand from both retail and institutional borrowers [3] - The company's loan book is projected to nearly triple from 2024 levels, driven by rising demand for Bitcoin financial services [6] Industry Insights - The broader crypto-collateralized credit market is expected to grow from $7.8 billion in 2024 to over $60 billion by 2033, with the sector currently valued at $65.87 billion [5] - The recovery of the industry is attributed to improved risk management practices following the failures of several lenders during the last bear market [5] - Ledn's focus on Bitcoin-backed products aligns with the industry's shift towards safer lending structures [6]