Crypto exchange Kraken and on-chain asset manager Maple jointly announced on June 24 the launch of an institutional warehouse financing facility for crypto-backed loans. The structure mirrors traditional credit market frameworks, using a bankruptcy-remote special purpose vehicle (SPV) funded with USDC.
SPV Structure: Ring-Fencing Bankruptcy Risk
Unlike standard bilateral crypto loans, the transaction is arranged through an SPV. Maple supplies senior financing while Kraken retains an economic interest and handles loan origination, sale, and servicing. The setup allows Kraken to boost lending capacity without tying up additional balance-sheet capital. Bitcoin and Ether collateral are held by Kraken Financial, a Wyoming-chartered special purpose depository institution, with independent SPV administrator Zaria overseeing operations. Neither Kraken nor Maple disclosed the facility's size or commercial terms.
Tokenized Credit Market Now Exceeds $6.2 Billion
Maple said the structure gives institutional lenders senior, overcollateralized exposure to Bitcoin and Ether, with collateral and loan performance tracked on-chain. The bankruptcy-remote SPV separates the financing vehicle from the borrower's balance sheet — a framework common in commercial mortgage-backed securities and structured credit. RWA.xyz data shows tokenized credit distributed value has surged to more than $6.2 billion from roughly $1.87 billion a year earlier. Maple is the largest platform in the segment, managing about $1.4 billion in tokenized credit assets.
Institutional Crypto Lending Recovers From 2022 Turmoil
The launch comes as institutional crypto lending continues recovering from the 2022 market disruptions. After the collapse of lenders like Celsius and BlockFi, firms have prioritized collateral management, bankruptcy protections, and tokenized credit infrastructure for institutional borrowers. Earlier this year, Ripple secured a $200 million credit facility from Neuberger Berman for its prime brokerage lending. Recent weeks also saw Stablecore launch a stablecoin program for U.S. credit unions, Capital B unveil Bitcoin-backed credit for European investors, and Morpho release a white paper for fixed-rate, fixed-term on-chain lending. Not all projects thrived — Radiant Capital announced it would wind down after failing to bounce back from a $50 million exploit in 2024.
Analysts: Tokenized Credit Could Reach $4 Trillion
Despite setbacks, Bernstein analysts said in May that tokenized credit could represent a $4 trillion addressable market as blockchain-based lending expands into mortgages, auto loans, and small-business financing.