Clearpool Launches Innovative Stablecoin Lending Service on Polygon
In an announcement published Thursday, Clearpool, a protocol that lends stablecoins without collateral, has expanded to Polygon. By leveraging this integration, institutional investors will be able to borrow USDC stablecoins from lenders on Polygon.
Aside from USDC interest and liquidity rewards, the company has announced that lenders of its original Polygon liquidity pools will also receive MATIC.
Robert Alcorn, CEO of Clearpool, said, “Launching Clearpool on Polygon has been part of our plans since day one, so we are thrilled to finally reach this milestone and bring institutional DeFi to the Polygon ecosystem.”
Through tools such as single-borrower liquidity pools and credit scores, the company claims to be able to facilitate uncollateralized lending with appropriate risk management.
There are no requirements for lenders to verify their identity. Anyone who wants to earn a return from stablecoins can deposit them. However, Clearpool's borrowers must go through strict Know Your Customer (KYC) processes.
Polygon is the second blockchain for Clearpool after Ethereum, which launched in March 2022. Polygon is a Proof-of-Stake sidechain that runs alongside Ethereum.
According to Clearpool, it has received more than $180 million in institutional loans since launching on Ethereum, including loans from Jane Street, Amber, Auros, FBG Capital, Folkvang, and Wintermute.
There has been a lot of negative attention in recent months regarding unsecured lending. As a result, a serious financial crisis in the crypto industry has been triggered by institutional defaults such as Celsius Network and Three Arrows Capital filing for bankruptcy.?
CBW - External Analyst