Digital asset lending company Ledn has completed the first-ever transaction of its kind in the asset-backed debt market, selling $188 million in securitized bonds backed by Bitcoin (BTC). This development emerges as the lending market confronts a volatile environment. Active loans have fallen to around $30 billion, and liquidation risks are rising with persistent price declines. Coinbase and Ledn Double Down on Crypto Lending   Bloomberg, citing sources familiar with the matter, reported that the deal consists of two bonds