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Directory › Private credit
Tokenized private credit
Tokenized private credit puts loans to businesses, funds or consumers on blockchain rails. Lenders deposit stablecoins into a pool or buy a token that represents a share of a loan book, and borrowers repay over time. The platform, its underwriters or pool delegates decide who can borrow and on what terms.
The appeal is transparency and reach: repayments, defaults and pool balances can be visible on-chain, and investors outside the borrower's home market can take part. The risk is the same as in any private lending, namely that borrowers fail to repay, with an added layer of smart-contract and platform risk.
Platforms differ in who assesses credit, whether loans are over-collateralized, which investors are eligible and how losses are allocated between senior and junior tranches. The listings below summarize each model; check the official documentation before relying on any figure.
Projects in this category (3)
| Name | Organisation | Type | Chains | Last verified |
|---|---|---|---|---|
| Centrifuge | Centrifuge | Platform | Ethereum, Base, Arbitrum | 23 Oct 2026 |
| Figure | Figure Technology | Platform | Provenance | 23 Oct 2026 |
| Maple | Maple Finance | Platform | Ethereum | 23 Oct 2026 |
- Centrifuge: Infrastructure for on-chain asset management; hosts tokenized funds such as the JAAA AAA-CLO fund and the JTRSY T-bill fund.
- Figure: US lender (HELOCs and other consumer loans) that records loans on the Provenance blockchain; also runs YLDS and the OPEN on-chain equity network.
- Maple: On-chain asset manager offering secured institutional lending and yield products such as syrupUSDC and syrupUSDT.
Every listing was checked against the official sources linked on its page. Information only, not investment advice. Eligibility, availability and supported chains change; confirm on the official site before acting. Spotted an error? Reply to any edition of the newsletter.
How to compare tokenized private credit platforms
Most of the meaningful differences sit off-chain, in how loans are originated and protected. Compare:
- Who underwrites borrowers and how their performance has been reported over time.
- Collateral: secured or unsecured loans, over-collateralization and how collateral is held.
- Tranching: whether senior and junior investors share losses differently.
- Liquidity terms: lock-ups, withdrawal queues and notice periods.
- Reporting: how often loan-level or pool-level data is published and who verifies it.
Who uses tokenized private credit
Borrowers tend to be businesses that find bank lending slow or unavailable, such as fintech lenders, trade-finance firms and fund managers seeking working capital. Lenders range from crypto-native investors with stablecoins to look for yield, to funds that want a transparent record of loan performance. Pool managers and underwriters sit between them, and their judgement, not the blockchain, decides most outcomes. Reading their track record and reporting is therefore the heart of due diligence.
Risks and limits
Default risk is the core risk: if borrowers do not repay, token holders lose money, and on-chain visibility does not stop that. Recovery can be slow and depends on enforcing contracts in the borrower's jurisdiction. Withdrawal queues can lengthen exactly when investors most want to leave. Yields advertised by platforms reflect that risk and are not guaranteed.
Guides
Frequently asked questions
- What is tokenized private credit?
- It is private lending recorded and administered on a blockchain: investors fund loans through tokens or pools, and repayments flow back through smart contracts.
- Is tokenized private credit safer than traditional private credit?
- Not inherently. On-chain records add transparency, but the main risk remains borrower default. Smart-contract and platform failures are additional risks.
- Who decides which loans are made?
- Usually the platform's underwriters, pool delegates or asset originators. The token does not remove the need for credit judgement.
