TheBlock
Hashed is anchoring a new digital asset private credit fund targeting $300 million, founded by Further Ventures co-founder Mohamed Hamdy and managed by Thoro Capital Management. The fund will lend U.S. dollars settled via stablecoins directly to digital asset institutions. Hashed will serve as the fund's primary backer.
Why it matters
The strategy targets a financing bottleneck in institutional digital assets. Traditional banks remain constrained by regulatory capital requirements, while existing crypto lenders often underwrite against asset-backed collateral. That leaves profitable, audited market infrastructure firms relying on expensive, short-term borrowing rather than credit based on their operating performance.
Thoro plans to use covenant-based underwriting, assessing borrowers through financials, cash flow and management while setting financial conditions for the life of each loan. The model echoes the growth of traditional private credit after the 2008 financial crisis, when specialized managers stepped in as banks pulled back.
Market impact
Hashed said tokenized private credit has become the largest real-world asset category by cumulative onchain origination, with more than $14 billion in total loans. That remains small compared with the traditional private credit market, valued at more than $3 trillion, leaving substantial room for digital asset lending infrastructure to expand.
The fund's $300 million target reflects Thoro's assessment of market fit and execution potential. Hashed's participation also follows its receipt of a financial services permission from Abu Dhabi Global Market and a memorandum of understanding with the Abu Dhabi Investment Office to support South Korean institutions and investors expanding into the UAE capital.
Frequently asked questions
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What is the target size of Hashed's new private credit fund?
The fund is targeting $300 million. Hashed will serve as its primary backer.
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Who will manage the digital asset private credit fund?
Thoro Capital Management will manage the fund. Mohamed Hamdy, co-founder of Further Ventures, founded it and serves as Thoro's managing partner.
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How will the fund underwrite digital asset borrowers?
Thoro plans to assess borrowers through financials, cash flow and management, then use covenants that set financial conditions for the life of each loan.
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Why does the fund target a financing gap in digital assets?
Banks face regulatory capital constraints, while existing crypto lenders often require asset-backed collateral. That can leave profitable, audited firms dependent on expensive short-term borrowing.
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How large is tokenized private credit compared with traditional private credit?
Hashed says tokenized private credit has exceeded $14 billion in cumulative onchain loan origination, while the traditional private credit market is worth more than $3 trillion.
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