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ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
Accounts and loans receivable, net of allowance consisted of the following (in thousands):
September 30,December 31,
20232022
Stablecoin revenue receivable$57,820 $179,996 
Customer fee revenue receivable(1)
34,846 23,014 
Loans receivable(2)
215,928 98,203 
Crypto asset loans receivable57,517 85,826 
Other receivables53,211 28,837 
Allowance for doubtful accounts(3)
(21,856)(11,500)
Total accounts and loans receivable, net of allowance$397,466 $404,376 
__________________
(1)Includes accounts receivables denominated in crypto assets of $10.0 million and $6.9 million as of September 30, 2023 and December 31, 2022, respectively. See Note 13. Derivatives for additional details
(2)As of September 30, 2023 and December 31, 2022, loans receivable did not include $88.1 million and $2.8 million, respectively, of receivables as these loaned assets did not meet the criteria for derecognition.
(3)Includes provision for transaction losses of $2.2 million and $3.2 million as of September 30, 2023 and December 31, 2022, respectively.

Loans receivable
The Company issues fiat loans to consumers and institutions. As of May 10, 2023, the Company stopped issuing new loans to consumers and existing consumer borrowers will have until November 20, 2023 to pay back their loans. As of September 30, 2023 and December 31, 2022, the Company had issued consumer loans with an outstanding principal balance of $78.3 million and $98.2 million, respectively. The related interest receivable on the consumer loans as of September 30, 2023 and December 31, 2022 was $0.5 million and $0.7 million, respectively. As of September 30, 2023, the Company had issued institutional loans with an outstanding principal balance of $125.8 million and the related interest receivable was $0.9 million. The Company did not have institutional loans issued and outstanding as of December 31, 2022.
The amounts loaned are collateralized with crypto assets which are either held by the borrower in their crypto asset wallet on the Company’s platform or held directly by the Company. The Company generally does not have the right to use such collateral unless the borrower defaults on the loans. Due to the collateral requirements the Company applies to such loans, the Company's process for collateral maintenance, and collateral held on platform, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against these loans receivable. The loans are measured at amortized cost. The carrying value of the loans approximates their fair value due to their short-term duration of less than 12 months. As of September 30, 2023 and December 31, 2022, there were no loans receivable past due. See Note 11. Collateral, for additional details regarding the Company’s obligation to return collateral.
Crypto asset loans receivable
The Company enters into transactions where it lends crypto assets to institutional customers. The Company evaluates the crypto asset loans receivable for credit loss. Due to the collateral requirements the Company applies to such loans, the Company's process for collateral maintenance, and collateral held on platform, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against these crypto asset loans receivable. As of September 30, 2023 and December 31, 2022, there were no crypto asset loans receivable past due.
The Company requires that borrowers pledge assets as collateral for these loans. See Note 11. Collateral, for additional details regarding the Company’s obligation to return collateral.
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
Accounts and loans receivable, net of allowance consisted of the following (in thousands):
September 30,December 31,
20232022
Stablecoin revenue receivable$57,820 $179,996 
Customer fee revenue receivable(1)
34,846 23,014 
Loans receivable(2)
215,928 98,203 
Crypto asset loans receivable57,517 85,826 
Other receivables53,211 28,837 
Allowance for doubtful accounts(3)
(21,856)(11,500)
Total accounts and loans receivable, net of allowance$397,466 $404,376 
__________________
(1)Includes accounts receivables denominated in crypto assets of $10.0 million and $6.9 million as of September 30, 2023 and December 31, 2022, respectively. See Note 13. Derivatives for additional details
(2)As of September 30, 2023 and December 31, 2022, loans receivable did not include $88.1 million and $2.8 million, respectively, of receivables as these loaned assets did not meet the criteria for derecognition.
(3)Includes provision for transaction losses of $2.2 million and $3.2 million as of September 30, 2023 and December 31, 2022, respectively.

Loans receivable
The Company issues fiat loans to consumers and institutions. As of May 10, 2023, the Company stopped issuing new loans to consumers and existing consumer borrowers will have until November 20, 2023 to pay back their loans. As of September 30, 2023 and December 31, 2022, the Company had issued consumer loans with an outstanding principal balance of $78.3 million and $98.2 million, respectively. The related interest receivable on the consumer loans as of September 30, 2023 and December 31, 2022 was $0.5 million and $0.7 million, respectively. As of September 30, 2023, the Company had issued institutional loans with an outstanding principal balance of $125.8 million and the related interest receivable was $0.9 million. The Company did not have institutional loans issued and outstanding as of December 31, 2022.
The amounts loaned are collateralized with crypto assets which are either held by the borrower in their crypto asset wallet on the Company’s platform or held directly by the Company. The Company generally does not have the right to use such collateral unless the borrower defaults on the loans. Due to the collateral requirements the Company applies to such loans, the Company's process for collateral maintenance, and collateral held on platform, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against these loans receivable. The loans are measured at amortized cost. The carrying value of the loans approximates their fair value due to their short-term duration of less than 12 months. As of September 30, 2023 and December 31, 2022, there were no loans receivable past due. See Note 11. Collateral, for additional details regarding the Company’s obligation to return collateral.
Crypto asset loans receivable
The Company enters into transactions where it lends crypto assets to institutional customers. The Company evaluates the crypto asset loans receivable for credit loss. Due to the collateral requirements the Company applies to such loans, the Company's process for collateral maintenance, and collateral held on platform, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against these crypto asset loans receivable. As of September 30, 2023 and December 31, 2022, there were no crypto asset loans receivable past due.
The Company requires that borrowers pledge assets as collateral for these loans. See Note 11. Collateral, for additional details regarding the Company’s obligation to return collateral.