Hashed Leads $300 Million Digital Asset Private Credit Fund, Focusing on Institutional Financing Gap

PANews reported on September 23, citing The Block, that crypto VC firm Hashed, as an anchor investor, is backing a new digital asset private credit fund initiated by Abu Dhabi-based investor Mohamed Hamdy, with a target size of $300 million, managed by Thoro Capital Management. The fund will settle in stablecoins and issue loans directly to digital asset institutions in US dollars, adopting a "covenant-based" risk control and underwriting model that sets financial constraint clauses primarily based on corporate financials, cash flow, and operating metrics, rather than relying solely on collateral. Hashed stated that compliant banks are currently constrained by regulatory capital requirements, while traditional crypto lending leans toward asset collateralization, leaving profitable and audited infrastructure companies still dependent on high-cost short-term collateralized borrowing. The report cited data showing that tokenized private credit has become the largest category in on-chain RWA, with cumulative loans exceeding $14 billion, but it remains small-scale compared to the traditional private credit market of over $3 trillion.