--- title: "Crypto lending: the re-emergence of credit markets for digital assets" description: Explore the resurgence of institutional crypto lending, the impact of Basel III, and the role of tokenization in modern finance. Discover insights from industry leaders. image: https://blog.cryptio.co/hubfs/4.%20Panel%204_Crypto%20lending.jpg --- [![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-black.svg "Cryptio logo")](https://cryptio.co/) - Solutions ![accounting-firms-green-bordered.b2040145-3](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-3.svg) ##### [Accounting and Tax](https://cryptio.co/solutions/accounting-tax) [Automate GAAP & IFRS compliant reporting](https://cryptio.co/solutions/accounting-tax) ![internal-controls-green-bordered.eaefa46d-1](https://blog.cryptio.co/hubfs/internal-controls-green-bordered.eaefa46d-1.svg) ##### [Internal controls](https://cryptio.co/solutions/internal-controls) [Ensure completeness and accuracy of crypto data to an auditable standard](https://cryptio.co/solutions/internal-controls) ![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg) ##### [Reconciliation](https://cryptio.co/solutions/reconciliation) [Reconcile crypto balances and transactions with internal systems](https://cryptio.co/solutions/reconciliation) [![build-vs-buy-guide.64b11d10-1](https://blog.cryptio.co/hubfs/build-vs-buy-guide.64b11d10-1.svg)](https://landing.cryptio.co/build_vs_buy) ##### [Build your back-office](https://landing.cryptio.co/build_vs_buy) Learn why leading enterprises choose to buy rather than build their own back-office solutions [Download guide](https://landing.cryptio.co/build_vs_buy) - Use cases - **![banks-exchanges-green-bordered.349e49cf-1](https://blog.cryptio.co/hubfs/banks-exchanges-green-bordered.349e49cf-1.svg)** ###### Banks Enterprise back-office with internal controls to ensure accurate reporting - **![Nav bar icons_CeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_CeFi.svg)** ###### Exchanges & Brokers Get audit-ready and reconcile on-chain activities with internal systems - **![Nav bar icons_Stablecoins](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Stablecoins.svg)** ###### Stablecoins Auditable on-chain tracking for institutional grade reporting - **![Nav bar icons_Wallet](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Wallet.svg)** ###### Wallets Track and report on cross-chain revenue and expenses - **![Nav bar icons_DeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_DeFi.svg)** ###### DeFi Enterprise Transform on-chain DeFi activity into auditable financial statements - **![Nav bar icons_On & Off Ramp](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_On%20%26%20Off%20Ramp.svg)** ###### On & Off Ramps Reconcile crypto order fulfillment for auditable financial statements - **![Nav bar icons_Storage Provider](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Storage%20Provider.svg)** ###### Storage Providers Automated accounting for storage provision revenue and expenses - **![Nav bar icons_Miners](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Miners.svg)** ###### Miners GAAP and IFRS-grade financial reporting including impairments - **![Nav bar icons_Exchanges](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Exchanges.svg)** ###### Exchange Traded Crypto Auditable accounting and NAV reporting for on-chain activities - **![Nav bar icons_NFT_marketplaces](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_marketplaces.svg)** ###### NFT Marketplaces Transform on-chain NFT activities into auditable financial statements - **![Nav bar icons_NFT_Enterprises](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_Enterprises.svg)** ###### Enterprise NFTs Auditable revenue reporting for branded NFT activities inc. royalties - **![Nav bar icons_Videogame](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Videogame.svg)** ###### Gaming Transform on-chain activities into auditable financial statements - **![public-sectors-green-bordered.b77716e2](https://blog.cryptio.co/hubfs/public-sectors-green-bordered.b77716e2.svg)** ###### Public Sectors Verify financial statements and tax filing accuracy for digital asset - **![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg)** ###### Blockchain Foundations Help your ecosystem meet its accounting and reporting requirements - **![accounting-firms-green-bordered.b2040145-2](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-2.svg)** ###### Accounting Firms Join 50+ world-class accounting, audit, tax, and advisory firms - [Partners](https://cryptio.co/partners) - Learn ##### [Blog](https://blog.cryptio.co/) [Company news, product updates, guides, and industry insights](https://blog.cryptio.co/) ##### [Courses](https://cryptio.co/learn) [Everything you've ever wanted to know about crypto accounting](https://cryptio.co/learn) [![stablecoin-reporting-nav.d2d366b0](https://blog.cryptio.co/hubfs/stablecoin-reporting-nav.d2d366b0.svg)](https://landing.cryptio.co/stablecoin-accounting-guide) ##### [Stablecoin Reporting](https://landing.cryptio.co/stablecoin-accounting-guide) Best practices for stablecoin accounting & reporting [Download guide](https://landing.cryptio.co/stablecoin-accounting-guide) [![fair-market-value-accounting-nav.2bb55e56](https://blog.cryptio.co/hubfs/fair-market-value-accounting-nav.2bb55e56.svg)](https://landing.cryptio.co/fmv-accounting-guide) ##### [Fair Market Value Accounting](https://landing.cryptio.co/fmv-accounting-guide) Transition to the newFASB FMV rules [Download guide](https://landing.cryptio.co/fmv-accounting-guide) [![month-end-reconciliation-nav.9eb360bc](https://blog.cryptio.co/hubfs/month-end-reconciliation-nav.9eb360bc.svg)](https://landing.cryptio.co/guides/end-of-month-reconciliation) ##### [Month-end reconciliation](https://landing.cryptio.co/guides/end-of-month-reconciliation) Best practices for your month-end processes [Download guide](https://landing.cryptio.co/guides/end-of-month-reconciliation) [![how-to-get-audit-ready-nav.a0fbb70b](https://blog.cryptio.co/hubfs/how-to-get-audit-ready-nav.a0fbb70b.svg)](https://landing.cryptio.co/guides/how-to-get-audit-ready) ##### [Get audit-ready](https://landing.cryptio.co/guides/how-to-get-audit-ready) Completeness & accuracyfor on-chain businesses. [Download guide](https://landing.cryptio.co/guides/how-to-get-audit-ready) [![build-your-back-office-nav.7bffac50](https://blog.cryptio.co/hubfs/build-your-back-office-nav.7bffac50.svg)](https://landing.cryptio.co/guides/back-office-playbook) ##### [Build your back-office](https://landing.cryptio.co/guides/back-office-playbook) Accounting & reportingfor crypto-native businesses [Download guide](https://landing.cryptio.co/guides/back-office-playbook) - [Pricing](https://cryptio.co/pricing) - [Careers](https://cryptio.co/careers) [![Sign in](https://no-cache.hubspot.com/cta/default/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425) [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) ![Menu](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/hamburger_menu.svg) ![Menu](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/cross.svg) ## Menu - Solutions ![accounting-firms-green-bordered.b2040145-3](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-3.svg) ##### [Accounting and Tax](https://cryptio.co/solutions/accounting-tax) [Automate GAAP & IFRS compliant reporting](https://cryptio.co/solutions/accounting-tax) ![internal-controls-green-bordered.eaefa46d-1](https://blog.cryptio.co/hubfs/internal-controls-green-bordered.eaefa46d-1.svg) ##### [Internal controls](https://cryptio.co/solutions/internal-controls) [Ensure completeness and accuracy of crypto data to an auditable standard](https://cryptio.co/solutions/internal-controls) ![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg) ##### [Reconciliation](https://cryptio.co/solutions/reconciliation) [Reconcile crypto balances and transactions with internal systems](https://cryptio.co/solutions/reconciliation) [![build-vs-buy-guide.64b11d10-1](https://blog.cryptio.co/hubfs/build-vs-buy-guide.64b11d10-1.svg)](https://landing.cryptio.co/build_vs_buy) ##### [Build your back-office](https://landing.cryptio.co/build_vs_buy) Learn why leading enterprises choose to buy rather than build their own back-office solutions [Download guide](https://landing.cryptio.co/build_vs_buy) - Use cases - **![banks-exchanges-green-bordered.349e49cf-1](https://blog.cryptio.co/hubfs/banks-exchanges-green-bordered.349e49cf-1.svg)** ###### Banks Enterprise back-office with internal controls to ensure accurate reporting - **![Nav bar icons_CeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_CeFi.svg)** ###### Exchanges & Brokers Get audit-ready and reconcile on-chain activities with internal systems - **![Nav bar icons_Stablecoins](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Stablecoins.svg)** ###### Stablecoins Auditable on-chain tracking for institutional grade reporting - **![Nav bar icons_Wallet](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Wallet.svg)** ###### Wallets Track and report on cross-chain revenue and expenses - **![Nav bar icons_DeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_DeFi.svg)** ###### DeFi Enterprise Transform on-chain DeFi activity into auditable financial statements - **![Nav bar icons_On & Off Ramp](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_On%20%26%20Off%20Ramp.svg)** ###### On & Off Ramps Reconcile crypto order fulfillment for auditable financial statements - **![Nav bar icons_Storage Provider](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Storage%20Provider.svg)** ###### Storage Providers Automated accounting for storage provision revenue and expenses - **![Nav bar icons_Miners](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Miners.svg)** ###### Miners GAAP and IFRS-grade financial reporting including impairments - **![Nav bar icons_Exchanges](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Exchanges.svg)** ###### Exchange Traded Crypto Auditable accounting and NAV reporting for on-chain activities - **![Nav bar icons_NFT_marketplaces](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_marketplaces.svg)** ###### NFT Marketplaces Transform on-chain NFT activities into auditable financial statements - **![Nav bar icons_NFT_Enterprises](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_Enterprises.svg)** ###### Enterprise NFTs Auditable revenue reporting for branded NFT activities inc. royalties - **![Nav bar icons_Videogame](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Videogame.svg)** ###### Gaming Transform on-chain activities into auditable financial statements - **![public-sectors-green-bordered.b77716e2](https://blog.cryptio.co/hubfs/public-sectors-green-bordered.b77716e2.svg)** ###### Public Sectors Verify financial statements and tax filing accuracy for digital asset - **![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg)** ###### Blockchain Foundations Help your ecosystem meet its accounting and reporting requirements - **![accounting-firms-green-bordered.b2040145-2](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-2.svg)** ###### Accounting Firms Join 50+ world-class accounting, audit, tax, and advisory firms - [Partners](https://cryptio.co/partners) - Learn ##### [Blog](https://blog.cryptio.co/) [Company news, product updates, guides, and industry insights](https://blog.cryptio.co/) ##### [Courses](https://cryptio.co/learn) [Everything you've ever wanted to know about crypto accounting](https://cryptio.co/learn) [![stablecoin-reporting-nav.d2d366b0](https://blog.cryptio.co/hubfs/stablecoin-reporting-nav.d2d366b0.svg)](https://landing.cryptio.co/stablecoin-accounting-guide) ##### [Stablecoin Reporting](https://landing.cryptio.co/stablecoin-accounting-guide) Best practices for stablecoin accounting & reporting [Download guide](https://landing.cryptio.co/stablecoin-accounting-guide) [![fair-market-value-accounting-nav.2bb55e56](https://blog.cryptio.co/hubfs/fair-market-value-accounting-nav.2bb55e56.svg)](https://landing.cryptio.co/fmv-accounting-guide) ##### [Fair Market Value Accounting](https://landing.cryptio.co/fmv-accounting-guide) Transition to the newFASB FMV rules [Download guide](https://landing.cryptio.co/fmv-accounting-guide) [![month-end-reconciliation-nav.9eb360bc](https://blog.cryptio.co/hubfs/month-end-reconciliation-nav.9eb360bc.svg)](https://landing.cryptio.co/guides/end-of-month-reconciliation) ##### [Month-end reconciliation](https://landing.cryptio.co/guides/end-of-month-reconciliation) Best practices for your month-end processes [Download guide](https://landing.cryptio.co/guides/end-of-month-reconciliation) [![how-to-get-audit-ready-nav.a0fbb70b](https://blog.cryptio.co/hubfs/how-to-get-audit-ready-nav.a0fbb70b.svg)](https://landing.cryptio.co/guides/how-to-get-audit-ready) ##### [Get audit-ready](https://landing.cryptio.co/guides/how-to-get-audit-ready) Completeness & accuracyfor on-chain businesses. [Download guide](https://landing.cryptio.co/guides/how-to-get-audit-ready) [![build-your-back-office-nav.7bffac50](https://blog.cryptio.co/hubfs/build-your-back-office-nav.7bffac50.svg)](https://landing.cryptio.co/guides/back-office-playbook) ##### [Build your back-office](https://landing.cryptio.co/guides/back-office-playbook) Accounting & reportingfor crypto-native businesses [Download guide](https://landing.cryptio.co/guides/back-office-playbook) - [Pricing](https://cryptio.co/pricing) - [Careers](https://cryptio.co/careers) [![Sign in](https://no-cache.hubspot.com/cta/default/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425) [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) - ![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg) - ![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg) ![](https://blog.cryptio.co/hubfs/4.%20Panel%204_Crypto%20lending.jpg) **[Tunde Zhu](https://blog.cryptio.co/author/tunde-zhu) |** July 23, 2025 - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ## Crypto lending: the re-emergence of credit markets for digital assets ## Crypto lending: the re-emergence of credit markets for digital assets ### Key takeaways - **Institutional credit markets in crypto are making a comeback**, but large-scale adoption remains constrained by regulatory capital requirements and technological familiarity. - **New demand is coming from corporate treasurers and HNWs**, especially those holding BTC who want to monetize assets via lending. - **DeFi-inspired innovations are seeping into TradFi**, with banks piloting tokenized collateral and smart contract automation, but hurdles around KYC, margin calls, and legal clarity still limit adoption. - **Basel III requirements remain a major barrier** for globally systemic important banks entering crypto lending markets at scale. - **Smart contract risk, liquidation friction, and off-chain oversight** are still critical challenges for scaling crypto credit. ### Panelists - [**Chris Tyrer**](https://www.linkedin.com/in/chris-tyrer-78933a13a/), President – [Bullish](https://www.linkedin.com/company/bebullish/posts/?feedView=all) - [**Myles Harrison**](https://www.linkedin.com/in/myles-harrison/), Chief Product Officer – [Amina Bank](https://www.linkedin.com/company/aminabank/) - [**Kevin de Patoul**](https://www.linkedin.com/in/kevin-de-patoul/), CEO & Co-founder – [Keyrock](https://www.linkedin.com/company/keyrock/) - [**Anoosh Arevshatian**](https://www.linkedin.com/in/anoosharevshatian/), Chief Product Officer – [Zodia](https://www.linkedin.com/company/zodiacustody/) - [Hemant Pandit](https://www.linkedin.com/in/hemant-pandit/), CRO - Cryptio (moderator) --- ### The return of institutional lending Chris Tyrer from Bullish opened by noting a shift: **traditional finance (TradFi) lenders are showing renewed interest**, but remain cautious. Despite bitcoin being “24/7, 365, pristine collateral,” it's still seen as exotic by many large capital allocators. > “We’re starting to see more interest from TradFi lenders, but they’re still trying to get to grips with using bitcoin and crypto assets as collateral.” – Chris Tyrer, Bullish Myles Harrison confirmed the shift from the lender side. **Amina Bank has grown its lending book 140% in the past year**, largely due to new demand from corporate treasurers and HNW individuals adopting BTC. --- ### Regulatory barriers and Basel III One of the biggest constraints on crypto lending for traditional banks stems from **Basel III**, a global regulatory framework that defines capital, liquidity, and leverage standards for financial institutions. Under current rules, crypto assets like BTC and stablecoins are treated as **high-risk exposures**. For **GSIBs (Global Systemically Important Banks)** in particular, this classification has severe implications. Basel III requires these banks to **hold one dollar of capital for every dollar of crypto exposure**, regardless of the asset’s quality, liquidity, or collateralization. In practical terms, this renders most crypto lending activity **economically unviable** for the world’s largest banks. > “Even if you give them $100 million in USDC, you can’t get a $100M loan back because the capital requirements destroy the economics.” – Chris Tyrer, Bullish This has effectively **shut the door** to crypto lending for GSIBs in the near term, leaving the field open to **non-bank players** like Cantor Fitzgerald and NYDIG, who are not subject to the same capital reserve rules. These more flexible institutions are now stepping in to fill the gap - with [Cantor Fitzgerald recently announcing its $2B Bitcoin backed lending initiative](https://www.bloomberg.com/news/articles/2025-05-27/cantor-s-2-billion-bitcoin-backed-lending-arm-makes-first-deals?embedded-checkout=true), with early takers such as Maple Finance and FalconX- who secured a $100M loan. --- ### Infrastructure gaps, liquidation, and scale Zodia Custody’s Anoosh Arevshatian highlighted that while lending volumes are steadily increasing, much of the activity remains **fragmented and bilateral**. The real challenge, she noted, is not handling a $10M loan, but managing liquidation on a **$500M position**, where the current infrastructure has yet to be sufficiently stress-tested. > “The sticking point is getting lenders comfortable with liquidation, when it's not $10M, or $100M, but $500M – then what?” – Anoosh Arevshatian, Zodia Custody This points to deeper structural issues around **liquidation agents**, liquidity depth, **real-time risk monitoring**, and **interoperability across chains and custodians,** especially when collateral spans multiple asset types and venues. As the market matures, addressing these gaps will require **institution-grade solutions** that can handle the full loan lifecycle at scale.  --- ### “DeFi mullet” - regulated front end, permissionless back end Kevin de Patoul from Keyrock summed up the shift well: **“Lenders have stopped blowing up.”** The market is maturing, with more oversight of centralized lenders and **DeFi (Decentralized Finance) offering baked-in transparency**. Chris and Myles introduced the idea of the **“DeFi mullet”** – a metaphor where **regulated front-ends (banks, custodians) provide user-facing trust**, while **DeFi protocols do the heavy lifting on the back-end**. This hybrid model helps overcome trust and compliance hurdles without losing DeFi's automation and capital efficiency benefits. A concrete example came from Amina Bank, which uses its status as a regulated Swiss bank to **interface directly with institutional clients**, while leveraging **smart contracts on-chain to manage loan issuance and collateral monitoring**. For instance, Amina can accept tokenized altcoins like AVAX or LINK as collateral and automatically enforce loan terms via smart contracts, all while ensuring full KYC/AML compliance at the client interface layer. Still, Myles stressed that **smart contract failure** and **out-of-hours margin calls** (e.g. at 3 AM on Saturday) are **non-starters for many TradFi institutions**, highlighting the operational gap between crypto-native infrastructure and traditional risk governance. --- ### Tokenization and collateral use The panel also explored the evolving role of tokenization- the process of creating an on-chain representation of traditional or real-world assets. Chris Tyrer argued that **tokenized treasuries and securities could unlock massive capital efficiencies** in global banking by streamlining settlement and reducing friction in collateral management. > “If you can get to T0 and net that off globally for banks, that’s a massive cost save.” – Chris Tyrer, Bullish He was referring to **T+0 settlement**, a model where trades are settled instantly, compared to today's **T+1 or T+2** standards, where assets can remain in limbo for up to two days. For banks managing **hundreds of billions in forward liabilities**, this lag creates significant capital drag. Accelerating that process could **free up trillions globally**, especially across investment banks with large unsettled positions. Still, **Myles Harrison offered a dose of realism**, noting that despite the hype, **real client demand for tokenized securities remains limited** today. Liquidity is shallow, and the lack of mature secondary markets makes adoption challenging. However, he acknowledged recent momentum from players like [**BX Digital Swiss**](https://bxdigital.ch/en/home/), which received FINMA approval to operate as a multilateral trading facility for tokenized assets, and [**21X**](https://21x.eu/), operating under the [**EU’s DLT Pilot Regime**](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/dlt-pilot-regime), as signs that the infrastructure may soon catch up. Kevin de Patoul delivered a grounded reminder about **substance over form**: > “If you tokenize a crap asset, it’s still a crap asset, it’s just a different form. What matters is the utility you unlock.” – Kevin de Patoul, Keyrock He illustrated this point with a humorous example. He noted that **he has even issued loans using pictures of cats (NFTs) as collateral**. While an extreme case, it technically works because the assets are tradable and have liquidity. Kevin emphasized that **tokenization is only the first step**. The real value lies in the **utility unlocked afterward**, including financial primitives like composability, collateralized lending, and automated workflows that weren’t previously possible. > “Take stablecoins. They’re just tokenized dollars, no one cared at first. But after seven years of infrastructure, utility, and protocol development, they’re now used to settle billions in transactions daily.” – Kevin de Patoul, Keyrock Stablecoins have evolved into the backbone of crypto capital markets. Today, they **settle trillions of dollars annually** across exchanges, DeFi protocols, and cross-border rails. As Kevin pointed out, they are proof that tokenization delivers real impact when paired with usable infrastructure – a roadmap other tokenized asset classes are only beginning to follow. --- ### Risk management and what comes next The panelists emphasized that robust **risk management frameworks** are essential for crypto lending to scale: - AMINA conducts real-world **scenario testing** and monitors collateral 24/7. - Keyrock uses a **160-point smart contract risk assessment** methodology, scoring contracts before allocating capital. - Zodia highlighted that **audit scope ≠ audit trust** – a smart contract audit is just a starting point, not a green light. As Kevin said: > “The question isn’t if something goes wrong, it’s when.” --- ### Looking ahead In closing, the panelists called for **more pragmatic progress using what’s already been built**. While the UX still needs improvement and institutional access remains gated, the foundation is in place. > “We’re finally seeing institutions show up, and this time, it’s not just a meme.” – Chris Tyrer, Bullish Whether it's **stablecoin-powered settlements**, **on-chain collateral**, or **DeFi-inspired workflows**, the next stage is less about vision and more about execution. As banks, custodians, and tech providers converge around crypto credit, **standardization, interoperability, and transparency** will define who scales first. ### **About Cryptio** Cryptio is the leading financial data platform for tokenization compliance, crypto accounting, and lending. Trusted by over 450 clients - including publicly listed companies like Circle, Bitcoin Depot and Semler Scientific, crypto-native leaders like Uniswap Labs and MetaMask, and global audit partners like KPMG and Deloitte - Cryptio provides an enterprise-grade data layer that translates complex on-chain activity into auditable, GAAP and IFRS-ready records. ### Running a lending desk – or planning one? [**Cryptio’s Loan Management System**](https://cryptio.co/solutions/loan-management) provides capabilities such as **automated loan event accounting, reconciliation, margin call workflows, and cross-venue collateral tracking.** [**Book a demo**](https://cryptio.co/demo) to find out more.   #### Table of contents - [The return of institutional lending](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-1) - [Regulatory barriers and Basel III](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-2) - [Infrastructure gaps, liquidation, and scale](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-3) - [“DeFi mullet” - regulated front end, permissionless back end](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-4) - [Tokenization and collateral use](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-5) - [Risk management and what comes next](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-6) - [Looking ahead](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-7) - [About Cryptio](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-8) - [Running a lending desk – or planning one?](https://blog.cryptio.co/crypto-lending-the-re-emergence-of-credit-markets-for-digital-assets#anchor-9) ### Start using Cryptio for free [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) [Back to blog](https://blog.cryptio.co) ### Discover more from Cryptio - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ### [Institutionalization of crypto prime brokerage & lending](https://blog.cryptio.co/institutionalization-of-crypto-prime-brokerage-lending) 7 minute read - [Insider](https://blog.cryptio.co/tag/insider) ### [Introducing the enterprise-grade NFT accounting module from Cryptio](https://blog.cryptio.co/nft-accounting-module) 2 minute read - [Product News](https://blog.cryptio.co/tag/product-news) ### [Crypto lending under MiCA: A practical guide to operational readiness for European banks and regulated lenders](https://blog.cryptio.co/how-to-get-crypto-lending-mica-compliant) 3 minute read ## Book a meeting with *our experts* On the call we can set you up with a sandbox account so you can try Cryptio for yourself. ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/letter.svg) - Enterprise-grade security - Online support - Instant access ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/loop.png) ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/ethereum_bitcoin_coin.png) ![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-white.svg "Cryptio logo") [![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg)](https://www.linkedin.com/company/cryptio) [![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg)](https://twitter.com/cryptio_co) ![soc-logo](https://blog.cryptio.co/hs-fs/hubfs/Imported%20images/soc-logo.png?width=38&name=soc-logo.png "soc-logo") ### Product - [Use cases](https://cryptio.co) - [Solutions](https://cryptio.co) - [Pricing](https://cryptio.co/pricing) - [Integrations](https://cryptio.co/integrations) ### Support - [Contact us](https://cryptio.co/contact) - [Help center](https://support.cryptio.co/hc/en-gb) ### Company - [Partners](https://cryptio.co/partners) - [Blog](https://blog.cryptio.co/) ### Legal - [Terms & Conditions](https://cryptio.co/terms) - [Privacy policy](https://cryptio.co/privacy) ### Don’t miss an update Sign up for our newsletter for the latest Cryptio news & insights All Rights Reserved - Inquiries: [security@cryptio.co](mailto:security@cryptio.co) ```json { "@context" : "https://schema.org", "@type" : "VideoObject", "caption" : { "@type" : "MediaObject", "contentUrl" : "https://blog.cryptio.co/media-transcripts/190492791879/sv.vtt", "inLanguage" : "sv", "name" : "sv Captions" }, "contentUrl" : "https://stream.mux.com/J003RccxY6sAMZJ8dJGvq8dEhNjJQq01x17YPCFfu21dA/capped-1080p.mp4", "dateModified" : "2025-11-27T15:35:53.425Z", "duration" : "PT1M0.032S", "height" : 1080, "name" : "LMS video_V3", "thumbnailUrl" : "https://20275766.fs1.hubspotusercontent-na1.net/hubfs/20275766/LMS/LMS%20video_V3.mp4/medium.jpg?t=1764257753425", "uploadDate" : "2025-05-22T18:37:41.548Z", "width" : 1080 } ```