USBC pledged 479 Bitcoin worth approximately $30.1 million as collateral for an $18 million loan from Payward Interactive, a Kraken-affiliated entity. If Bitcoin price drops to the 120% threshold, approximately $45,094, Payward Interactive has discretionary power to immediately liquidate the collateral without notice. The 130% margin call threshold at approximately $48,852 triggers a 24-hour cure period for USBC. USBC is developing a tokenized-deposit offering and reported a net loss of $46.3 million in the first half, including $29.7 million in unrealized digital-asset losses. The loan carries an 8.5% annual interest rate and matures on July 28, 2027.
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