# kaal:claim:5454054-009

**Claim.** 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.

**Type.** empirical  **Support.** evidenced

**Holds when.**

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

**Source quote.**

> 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.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Balance Sheet Benefits, page 12

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

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** economics

**Keywords.** credit-ratings, borrowing-costs, fiat-parity, issuer-economics

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/5583610-027

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.