Yield
Ledn
Ledn is a Bitcoin-and-stablecoin lender (not a full exchange), paying about 6.5% on USDT and USDC. On our five binary checks it scores an F — but Ledn is the platform where the F deserves the most context, so read past the letter.
Why this grade
- ✗ Regulation
Registered in the Cayman Islands — light-touch regulation. Not licensed in major jurisdictions. Source 1 → Source 2 →
- ✓ Proof-of-Reserves
Publishes monthly Merkle-tree PoR by Armanino since July 2021 — one of the first platforms to adopt this approach. Source →
- ✗ Flexible withdrawal
B2X / Growth Account have restrictions. Savings account is flexible, but fixed-term products lock for 30-180 days. Source 1 → Source 2 →
- ✗ Insurance Fund
No public insurance fund. Segregated custody, but no explicit insurance coverage. Source →
- ✗ Track record (2+ years incident-free)
Operating since 2018 with no user-fund incidents. But young age and lack of regulation lower the score. Source 1 → Source 2 →
Incidents we count
Known incidents
No known incidents in the past 2 years
All Ledn products
Yield products
as of Jul 17, 2026| Product | Rate | Type | Lock | |
|---|---|---|---|---|
| USDT | 6.5 % | flexible | — | Open Ledn → |
| USDC | 6.5 % | flexible | — | Open Ledn → |
What would Ledn pay you?
How much will you earn?
Method: monthly compounding (1 + APR/12)ⁿ, where APR is the exchange's stated rate. The realized 12-month return is slightly higher due to reinvestment. Rates may change. Not financial advice.
How yields have moved
Source: daily snapshots via exchange API · accumulating since YieldScope launch
This is not an affiliate link. Price for you doesn't change.
Ledn review: what this platform is
Ledn is a Bitcoin-and-stablecoin lender (not a full exchange), paying about 6.5% on USDT and USDC. On our five binary checks it scores an F — but Ledn is the platform where the F deserves the most context, so read past the letter.
Why F: it's registered in the Cayman Islands with light-touch regulation and no major-jurisdiction licence; it has no public insurance fund; and its earn product is a lending account, so funds aren't held 1:1 for instant withdrawal — they're lent out. Four of our five checks fail on those structural facts.
The crucial counterpoint our binary score can't show: Ledn is the CeFi lender that did NOT collapse in 2022. While Celsius, BlockFi and Voyager went bankrupt, Ledn kept operating and honoured withdrawals, and it has published monthly Armanino proof-of-reserves since 2021 — earlier than almost anyone. So the honest read is "structurally risky lending model, but the one with a survival record through the crisis that killed its peers." This review is not investment advice.
How Earn works on Ledn
Ledn's Growth Account pays about 6.5% on USDT and USDC. The yield comes from lending your assets to vetted institutional borrowers, typically over-collateralized — that's the source of both the rate and the risk.
Because it's a lending account, "flexible" doesn't mean the same instant, fully-reserved withdrawal you'd get on a regulated exchange savings product. Verify current rates and withdrawal terms on Ledn, and treat this as a lending position, not a deposit.
How to start on Ledn, step by step
- 01Understand it's a lending product, not an exchange deposit — size accordingly.
- 02Open a Ledn account and choose the Growth Account for USDT/USDC.
- 03Check the latest Armanino proof-of-reserves and current withdrawal terms before depositing.
Should you park money here?
- +Survived the 2022 lending crisis intact — unlike Celsius, BlockFi and Voyager
- +Monthly Armanino proof-of-reserves since 2021 — one of the earliest to publish
- +Solid ~6.5% on stablecoins; not our affiliate (no incentive to over-rate it)
- −Cayman Islands, light-touch regulation — no major-jurisdiction licence
- −No public insurance fund
- −It's a lending account: funds are lent out, not held 1:1 for instant withdrawal
- −Same structural model (lending) that sank its 2022 peers — survival isn't a guarantee
Compare Ledn with others
Asset-by-asset rates and risk grades