数字资产贷方莱德（Ledn

该公司在5月23日披露，莱德（Ledn）将不再借出客户资产来产生利息。相反，比特币抵押品将被莱德（Ledn）或其指定资助合作伙伴之一完全拘留。

Digital asset lender Ledn is transitioning to fully collateralized Bitcoin lending and discontinuing support for Ethereum, in moves designed to consolidate its BTC-focused business and further safeguard client assets against credit risks.

数字资产贷款人莱德（Ledn）正在过渡到完全抵押的比特币贷款，并停止对以太坊的支持，这是旨在巩固其BTC专注业务的举动，并进一步保护客户资产，以防止信用风险。

In adopting a full custody structure for Bitcoin (BTC) loans, Ledn will no longer be lending out client assets to generate interest, the company disclosed on May 23. Instead, Bitcoin collateral will remain in full custody with Ledn or one of its designated funding partners.

该公司于5月23日透露，在采用比特币（BTC）贷款的完整监护结构（BTC）贷款时，将不再借出客户资产来产生利息。相反，比特币抵押品将与Ledn或其指定的资金合作伙伴之一完全保管。

“This means assets aren’t rehypothecated, reused, or loaned out to generate yield,” Ledn co-founder and CEO Adam Reeds told Cointelegraph.

Ledn联合创始人兼首席执行官亚当·里德斯（Adam Reeds）告诉Cointelegraph：“这意味着资产不会重新装扮，重用或借出来产生收益。”

Reeds said the move brings the company back to its roots and aligns more closely with Bitcoin’s founding principles.

里德斯说，此举使该公司恢复了根源，并与比特币的创始原则更加一致。

“Bitcoin was created as a direct response to the risks of fractional reserve banking and unchecked use of client assets to generate interest,” said Reed, adding:

里德补充说：“比特币是作为对分数储备银行业务的风险和未经检查的客户资产来产生利息的直接回应。”

Bitcoin is best used as money, not an asset to be exploited by lenders for maximal return.

比特币最好用作金钱，而不是贷方利用最大回报的资产。

However, the company is closing the final chapter on its Ethereum lending operations as part of a broader strategic shift, given that Bitcoin comprises over 99% of Ledn’s client activity.

但是，鉴于比特币占LEDN客户活动的99％以上，该公司将关闭其以太坊贷款业务的最后一章。

“Rather than fragmenting the platform to chase marginal volume, we’re going all-in on Bitcoin and simplifying our stack to reflect what our clients actually value,” said Reed.

里德说：“我们没有将平台分裂以追逐边缘量，而是全力以赴，简化了我们的堆栈以反映客户实际重视的价值。”

Founded in 2018, Ledn has become one of the largest lenders in the digital asset space, with a loan book value of $9.9 billion, according to Galaxy Research. The company enables Bitcoin holders to borrow against their assets, providing them with liquidity without having to sell their holdings or trigger a taxable event.

根据Galaxy Research的数据，莱德成立于2018年，已成为数字资产领域最大的贷方之一，贷款账面价值为99亿美元。该公司使比特币持有人能够借贷其资产，为他们提供流动性，而无需出售其持股或触发应税活动。

This approach is commonly used by wealthy investors, who take out low-interest loans against stocks, real estate, and other assets to access cash.

富裕的投资者通常使用这种方法，他们对股票，房地产和其他资产进行低息贷款以获取现金。

Related: ‘Before Bitcoin, my most successful investment was shorting the Bolivar’ — Ledn co-founder

相关：“在比特币之前，我最成功的投资是在宣传玻利瓦尔” - 莱德联合创始人

Digital assets are disrupting TradFi

数字资产正在破坏Tradfi

Bitcoin’s genesis block was mined in the wake of the global financial crisis in 2008, offering the world a sound money alternative to the inflation-prone fiat monetary system.

在2008年全球金融危机之后，Bitcoin的Genesis Block被开采，为世界提供了容易出现通货膨胀的菲亚特货币体系的合理货币替代品。

Bitcoin has since flourished within traditional finance, especially after the successful launch of spot exchange-traded funds (ETFs) in 2024.

此后，比特币在传统的财务中蓬勃发展，尤其是在2024年成功推出现货交易所资金（ETF）之后。

While financial institutions are increasingly embracing Bitcoin, some members of the banking lobby are reportedly concerned about other blockchain innovations disrupting their business models.

尽管金融机构越来越拥抱比特币，但据报道，银行大厅的一些成员担心其他区块链创新破坏了他们的商业模式。

Specifically, the banking lobby is “panicking” over yield-bearing stablecoins, which can pay higher interest rates and other financial incentives that traditional banks have largely abandoned, according to New York University professor Austin Campbell.

纽约大学教授奥斯汀·坎贝尔（Austin Campbell）表示，具体来说，银行业大厅对承担屈服的稳定币感到“惊慌”，这可以支付更高的利率和传统银行在很大程度上放弃的其他经济激励措施。

Referring to banks as a “cartel,” Campbell said financial institutions rely on fractional reserves to maximize profits while offering depositors minimal interest.

坎贝尔将银行称为“卡特尔”，他说，金融机构依靠分数储备来最大程度地利润，同时为存款人提供最小的利息。