Ledn growth accounts and loans

A custodial bitcoin lender whose stablecoin growth accounts fund BTC-backed consumer loans, with a published loan book.

Run by

Ledn, via Ledn Cayman SEZC Inc.

Route

Custodial lender

Size

≈ $757M loans outstanding (ledn.io, Sep 2026)

Launched

2018

License

Lender is Ledn Cayman SEZC Inc., registered with the Cayman Islands Monetary Authority as a virtual asset provider. Its Spanish unit, Ledn EEC, is registered with the Bank of Spain.

Backing

Stablecoin growth accounts, not offered in the US, fund mainly its BTC backed retail loans, made at 50% LTV. Ledn reports no losses on that book through Jun 2026.

Reports

Open Book Report: monthly loan data compiled by The Network Firm. Latest proof of reserves, attested by The Network Firm: Sep 30, 2026.

Networks

Bitcoin for collateral; stablecoin deposits on the networks Ledn supports.

Access

KYC required. Loans are not offered in about ten US states, including California, or in some Canadian provinces.

Yield

USDC and USDT growth accounts: 6.5% up to $100K, 8.5% on the rest (Nov 5, 2026), paid from interest on its bitcoin loans.

Rules

Pays interest from its own loan book, as BlockFi did before the SEC's 2022 case. Growth accounts are not offered to US residents.

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Public information as of September 2026, simplified. Not legal or investment advice. Open the full earn and borrow world.