kaal:claim:5454054-009

Because LER voucher redemptions generate revenue at fiat parity, they can improve issuer credit ratings and lower borrowing costs, with large issuers projected to save up to $440 million annually through debt refinancing.

Because LER voucher reward redemptions generate revenue at fiat parity, LER enhance throughput and potentially improve LER issuers' credit ratings and lower borrowing costs. Large LER issuers are projected to save up to $440 million annually through debt refinancing.

Wulf A. Kaal, Liquid Equity Rewards (2025), Balance Sheet Benefits, p. 12
https://ssrn.com/abstract=5454054 · source PDF

Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

• large LER issuers
• redemptions recognized as revenue at fiat parity

empiricalsupport: evidencedeconomics

• restated_by kaal:claim:5583610-027 For large issuers, the favorable accounting treatment and fiat-parity redemption revenue could improve credit ...

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