Kraken, the crypto exchange, and Maple Finance have unveiled a $6.2 billion onchain lending facility aimed at institutional credit. The pool, funded in USDC, uses a bankruptcy-remote special purpose vehicle (SPV) structure where Maple provides senior funding and Kraken retains an equity stake in each deal. The goal is to let Kraken scale its institutional lending business without adding balance-sheet exposure.
Key Design of the Onchain Lending Facility
Announced on June 25, the facility supports Kraken’s over-the-counter (OTC) lending operations. Maple said the structure gives institutional lenders senior, overcollateralized exposure secured by Bitcoin and Ether, with both collateral movements and credit performance monitored transparently onchain. Maple is a leading platform in the tokenized credit sector, overseeing about $1.4 billion in tokenized credit assets. Kraken-affiliated entities handle loan origination, sale, and operational tracking; collateral is safeguarded by Kraken Financial, a Wyoming-chartered special purpose depository institution. Independent SPV administrator Zaria provides oversight. Financial terms and exact facility size were not disclosed.
Explosive Growth in Tokenized Credit
According to RWA.xyz, the tokenized credit market has skyrocketed from about $1.87 billion a year ago to over $6.2 billion today. Maple stands as the largest player, managing roughly $1.4 billion in tokenized credit assets. The announcement comes as the crypto lending sector tries to reinvent itself after the 2022 crash and failures of firms like Celsius and BlockFi. Companies are again expanding institutional credit channels and building blockchain-based lending infrastructure.
Parallel Moves and Sector Weak Spots
In May, Ripple secured a $200 million credit line from Neuberger Berman to scale lending capacity for its institutional prime brokerage, supporting margin loans and similar products for hedge funds and trading firms. That same month, Bernstein analysts projected that if blockchain-based lending moves beyond niche use, tokenized credit could access a $4 trillion addressable market, including mortgages, auto loans, and small business finance. Despite this optimism, pressure persists in DeFi. Earlier this month, Radiant Capital announced it would gradually wind down after failing to recover from a $50 million exploit in 2024 and failing to attract new capital.
Disclaimer: This article is for informational purposes only. Cryptocurrencies carry high volatility and risk; readers should conduct their own research.