Ledn has successfully securitized $188 million in Bitcoin-backed fixed-rate loans into rated, tradable notes, marking a significant step for Bitcoin consumer credit toward mainstream asset-backed securities. According to NS3.AI, the investment-grade rating by S&P indicates strong investor interest, yet it underscores the potential risks associated with sudden collateral repricing and forced liquidations due to Bitcoin's inherent volatility. This innovative financial model has the potential to expand Bitcoin-backed borrowing, but it also introduces systemic risks stemming from interconnected liquidation mechanics.