Kraken has expanded its institutional lending business through a new financing partnership with Maple, introducing a structure commonly used in traditional finance to the crypto lending market.
The new facility is built around a bankruptcy-remote special purpose vehicle (SPV) funded with USDC and is designed to support Kraken’s over-the-counter (OTC) crypto lending operations.
Under the arrangement, Kraken will continue originating and servicing crypto-backed loans, while Maple provides senior financing. Kraken will also retain an economic interest in the loans, allowing the exchange to expand its lending capacity without using additional capital from its own balance sheet.
The companies said the structure offers greater protection for lenders because the SPV is legally separated from the borrower’s balance sheet. Similar structures are widely used in traditional credit markets, including mortgage-backed securities and other asset-backed financing products.
Bitcoin and Ethereum collateral backing the loans will be held by Kraken Financial, the company’s Wyoming-chartered banking entity, while an independent administrator will oversee the facility’s operations.
Neither Kraken nor Maple disclosed the total size or financial terms of the agreement.
The launch reflects a broader shift in institutional crypto lending toward structured credit products that emphasize transparency, collateral protection, and risk management. Following the collapse of major crypto lenders such as Celsius and BlockFi in 2022, the industry has placed greater focus on stronger safeguards and more institutional-grade lending frameworks.
The move also comes as the tokenized credit sector continues to grow rapidly. Industry data shows tokenized credit assets have expanded to more than $6.2 billion, up significantly from roughly $1.9 billion a year ago. Maple is currently one of the largest platforms operating in this segment.
Interest in blockchain-based lending products has accelerated throughout 2026. Several companies have launched new credit initiatives, including stablecoin-based lending programs, Bitcoin-backed financing products, and fixed-rate on-chain lending protocols aimed at institutional and professional investors.
Despite ongoing challenges in the sector, including the recent closure of some lending projects, many analysts remain optimistic about the long-term opportunity. Research firm Bernstein has estimated that tokenized credit could eventually grow into a $4 trillion market, expanding beyond crypto into areas such as mortgages, auto loans, and small-business financing.
The Kraken-Maple partnership highlights how crypto firms are increasingly adopting traditional financial structures as the industry continues to mature and attract institutional participation.
