The rise of on-chain private credit

Institutional investors are increasingly eyeing tokenized private credit as the next frontier in fixed-income. Even BlackRock’s CEO Larry Fink has proclaimed that “every asset… can be tokenized” and that this innovation could “revolutionize investing”​. Private credit – loans to businesses outside traditional bank lending – is at the forefront of this trend. As of early 2025, roughly $12.9 billion worth of private credit has been brought on-chain, making it the largest segment of the tokenized real-asset market (surpassing tokenized treasuries at ~$6.2B)​. Investors are drawn by the promise of efficiency and attractive yields:…

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