The lien & the withdrawal floor
Account-scoped lien, the aggregate-USD floor, and why collateral is off-ledger.
CLC is a secured-party overlay on the borrower's existing account, and it never takes custody.
The lien
Account-scoped (not per-asset): everything in the account, including crypto bought with loan proceeds, is covered automatically, with no re-pledge step. CLC registers it when the facility is approved, and confirms it before funding any draw.
The floor
A single aggregate-USD figure CLC sets on the account. You block only outbound moves that would drop the account's total value below it, so the borrower trades and withdraws freely above the floor. CLC recomputes and updates the floor as positions and the loan change; the current value is on the facility's collateral view.
There is one exception to "withdraws freely". A SPOT_MARGIN draw taken with re_pledge is locked to trading and cannot be withdrawn at all, which is why max_withdrawable_usd comes back as 0 while that position is open. See Draw funds.
Collateral is off CLC's books
The supported digital commodities stay in the borrower's own account at the qualified custodian and are valued by CLC's risk engine. CLC's ledger records the loan (USD-denominated), never the collateral positions.
Updated about 2 months ago