Genesis Capital reports an increase in the volume of issued cryptocurrency loans in the 3rd quarter

Genesis Capital set a new record for the volume of cryptocurrency loans issued – more than $ 870 million in the 3rd quarter of this year compared to $ 746 million last quarter.

According to the company, the share of loans in fiat currencies and stablecoins significantly increased and reached 31.2%. Last quarter, this indicator was $ 23.5%, and at the end of last year – 14%. Among the stablecoins, the most popular are USDT, USDC, PAX and TUSD. Also increased loans in ETH (7.5%), ETC (3%) and XRP (3.5%).

The total amount of loans issued by the company reached $ 3.1 billion. However, the share of loans issued in bitcoins is declining for the second quarter in a row – if in the first quarter, 68.1% of loans were issued in BTC, then in the second quarter – 62.5%, and in the third quarter this figure dropped to 50.2% .

“Each quarter, altcoin shares change depending on the mood of hedge funds that choose the right moment to enter an asset,” said Matt Ballensweig, Business Development Director at Genesis Capital.

Last week, Bitcoin IRA and Genesis Capital announced the imminent launch of a cryptocurrency pension lending program. Bitcoin IRA users will have the opportunity to provide their assets on a Genesis Capital loan and receive interest.