Every Zipp story tagged #OnchainCredit, newest first.
Midnight moves fixed-rate credit to the protocol layer instead of stacking it on variable-rate markets, where every existing fixed-rate DeFi book has lived so far.
Basel III drove a 40–50% drop in bank SME lending, then another 12% since 2023, leaving a €39B annual shortfall now filled by floating-rate non-bank debt that punishes borrowers when rates rise.
The structure is a revolving USDC line that lives entirely onchain, with Maple's lenders backing the credit and Kraken routing OTC borrowers into it.
The raise lands on top of $11B in deposits and a roster that already includes Coinbase, Galaxy and Anchorage — the bet is that tokenized credit infrastructure gets adopted by TradFi incumbents rather…
TheBlock
CoinTelegraph
CoinDesk