Wall Street · Bitcoin · Ethereum · CryptoSlate
Crypto lending turns to Wall Street credit rules to win back institutional trust after 2022 collapse
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Celsius froze withdrawals in June 2022 before filing for Chapter 11 in July 2022, and Genesis froze redemptions after FTX's collapse and filed for bankruptcy in January 2023, owing approximately $3.4 billion to its 50 largest creditors.
Key facts
- RWA.xyz shows tokenized credit at $5.73 billion in distributed value as of June 25, with Maple as the largest platform by value at approximately $1.4 billion and a 24.6% market share
- SIFMA reported $232.3 billion in US ABS issuance through May 2026, up 12.6% year over year, the scale standardized structured credit reaches when its infrastructure is trusted
- DeFi lending apps still held $28.22 billion in outstanding loans, down 13.82% in the first quarter, while CeFi lenders had $25.43 billion in open borrows, down 7.23% on the quarter
- Galaxy said DeFi open borrows had already fallen to $23.29 billion as of May 1, down 50.58% from their Sept
Summary
01 Maple and Kraken launched a warehouse-style USDC facility for BTC and ETH-backed lending, with senior capital and junior exposure. 02 The structure adds custody, servicing, and bankruptcy-remote protections that DeFi lending has lacked, aiming to attract institutional credit capital. 03 Its real test is whether the facility can handle sharp BTC or ETH drops without forced-liquidation spirals or legal and execution failures. BlockFi, Celsius, Genesis, and Voyager together accounted for 40% of the crypto lending market and 82% of CeFi lending at their peaks, per Galaxy data.