Main point: Tether is helping build a de facto shadow bank for Bitcoin by backing Strike's undercollateralized BTC loans. Strike offers loans with no margin or price liquidation; borrowers keep collateral if they keep paying. Borrowers can get $45k cash on $100k BTC; a 60% BTC drop would leave collateral covering about $40k. Jack Mallers announced a $2.1B credit facility and said Strike can meet any order size; Tether co-developed the loan structure. Tether holds about $9.9B in loans, about 89% of the CeFi loan market.
币界网消息，Tether正在悄然构建比特币的首个影子银行。7月7日，Strike公司推出了无保证金和无价格清算的比特币抵押贷款，承诺只要借款人继续还款，抵押品将保持不变。此举意味着，Tether直接或间接承担了未充分抵押的债务风险。Strike的波动性保护结构依赖于深厚的资金支持，借款人以10万美元的比特币抵押，获得4.5万美元现金。如果比特币价格下跌60%，抵押品仅能覆盖约4万美元的债务。Jack Mallers宣布了一项21亿美元的信贷设施，表示该公司有能力满足任何订单规模的需求，而Tether共同开发了这一贷款结构。Mallers还描述了围绕贷款证券化和矿业收入证券化的操作，Tether目前在加密信贷市场中占据主导地位，持有的贷款总额接近99亿美元，约占CeFi贷款市场的89%。