Hashed Becomes Anchor Investor in Toro Capital’s $300 Million Stablecoin Lending Fund

Global venture capital firm Hashed said on Sept. 23 that it has become an anchor investor in Toro Capital Management, which provides stablecoin-based loans to digital-asset companies.

Toro Capital plans to launch a $300 million private credit fund to provide dollar-based financing to digital-asset institutions and companies. Hashed will join as a major investor and support Toro Capital’s overseas expansion.

Toro Capital was founded by Mohamed Hamdi, a co-founder and former managing partner of Further Ventures, which has received investment from an Abu Dhabi sovereign wealth fund. Hamdi has spent about 20 years in venture capital and private equity, building investment experience across the Middle East, Asia and the US.

Unlike the existing digital-asset lending market, which has relied on crypto collateral, the fund will evaluate creditworthiness based on companies’ financial condition and operating covenants.

Digital-asset companies currently have limited access to borrowing from traditional financial institutions. Existing crypto lending products also remain centered on collateral, making fundraising difficult. Toro Capital’s plan is to fill that funding gap by assessing companies’ financial metrics and operating capabilities.

Hashed also cited the growth potential of the tokenized private credit market as a reason for the investment. Cumulative on-chain lending in tokenized private credit has exceeded $14 billion, but the market remains at an early stage compared with the broader global private credit market, which stands at $3 trillion.

“Most lenders in this market today underwrite assets, not companies,” Hamdi said. “Toro evaluates the operating business itself.”

Collateral can strengthen a credit instrument, but it cannot replace rigorous corporate valuation and underwriting, he added.

Hong Seong-uk, Hashed’s partner and chief financial officer, said the infrastructure of the digital-asset market has matured much faster than the credit system supporting it.

“Loan underwriting requires accumulated experience and deep market judgment,” Hong said. He added that Hamdi is well suited to lead the effort, citing his two decades of expertise in institutional investing and asset management. Hashed will work closely with him to support the fund’s launch and growth from multiple angles.