Kraken has expanded its institutional lending business through a new Maple-backed financing facility built around a bankruptcy-remote SPV.
Summary
- Kraken and Maple launched a USDC-funded SPV facility for institutional crypto-backed loans.
- Maple will provide senior financing while Kraken retains exposure and services the loans.
- Tokenized credit has grown past $6.2 billion, with Bernstein seeing a $4 trillion market.
According to a joint June 24 announcement, crypto exchange Kraken and on-chain asset manager Maple have launched an institutional warehouse financing facility for crypto-backed loans, bringing a lending structure commonly used in traditional credit markets into digital asset finance.
The companies said the facility will support Kraken’s over-the-counter lending business through a bankruptcy-remote special purpose vehicle (SPV) funded with USDC.
Unlike standard bilateral crypto loans, the transaction is arranged through the SPV, with Maple supplying senior financing while Kraken retains an economic interest in the facility. According to the companies, this setup allows Kraken to increase lending capacity without committing additional balance-sheet capital.
Institutional lending is moving toward structured credit
Under the announced structure, Kraken affiliates will originate, sell and service the loans while maintaining a position in each transaction. The underlying Bitcoin and Ether collateral will be held by Kraken Financial, the Wyoming-chartered Special Purpose Depository Institution, and independent SPV administrator Zaria will oversee administration of the facility.
Neither Kraken nor Maple disclosed the size of the financing arrangement or its commercial terms.
Maple said the structure gives institutional lenders senior, overcollateralized exposure backed by Bitcoin and Ether while allowing collateral and loan performance to be monitored on-chain. According to the company, using a bankruptcy-remote SPV separates the financing vehicle from the borrower’s balance sheet, a framework commonly used in commercial mortgage-backed securities and other structured credit transactions.
RWA.xyz data shows tokenized credit has increased to more than $6.2 billion in distributed value from roughly $1.87 billion a year earlier. The same dataset identifies Maple as the largest platform in the segment, managing approximately $1.4 billion in tokenized credit assets.
The latest launch arrives as institutional crypto lending continues to recover from the market disruptions of 2022. Following the failures of lenders, including Celsius and BlockFi, companies have increasingly focused on collateral management, bankruptcy protections, and tokenized credit infrastructure designed for institutional borrowers.
Tokenized credit products continue to multiply
The Kraken-Maple facility arrives as more firms expand blockchain-based credit products. Earlier this year, Ripple secured a $200 million credit facility from investment manager Neuberger Berman to support its institutional prime brokerage lending business.
Recent weeks have brought several new blockchain-based credit initiatives. As reported by crypto.news, Stablecore launched an early-access stablecoin and digital asset program for U.S. credit unions.
At the same time, Capital B unveiled plans for a Bitcoin-backed credit product for European investors. Morpho also released its Midnight white paper for a fixed-rate, fixed-term on-chain lending protocol.
However, not every project has succeeded. Earlier this month, Radiant Capital said it would wind down after failing to recover from a $50 million exploit in 2024.
Even so, analysts at Bernstein said in May that tokenized credit could represent a $4 trillion addressable market as blockchain-based lending expands into markets such as mortgages, auto loans, and small-business financing.
