Crypto investment firm Hashed participated in a new digital asset private credit fund launched by Abu Dhabi investor Mohamed Hamdy and managed by Thoro Capital, with a fundraising target of $300 million. The fund aims to break through the financing bottlenecks imposed by traditional banks’ capital constraints and the overreliance of existing crypto lenders on overcollateralization. It will introduce a “covenant-based underwriting” mechanism that has been widely used in traditional finance since the 2008 crisis, by assessing the real financials, cash flows, and operating fundamentals of borrowing institutions and setting financial covenants to provide direct USD/stablecoin loans. It primarily targets profitable, audited digital asset infrastructure firms. Hashed noted that tokenized private credit is currently the largest RWA category, with a cumulative lending scale exceeding $14 billion. (TheBlock)