News, data and analysis on tokenized assets, market design and digital economic systems.
Credit written onchain and credit brought onchain: lending protocol balance sheets, tokenized private credit, and what the funding is actually for.
A card programme owes Visa every day and collects from cardholders later. Visa is now handing its settlement files to an onchain lender that funds the gap and takes repayment out of the receivables through a smart contract.
Securitize and Neuberger launched a tokenized high yield credit fund across four blockchains on 18 August, on a fixed income platform the release says oversees more than $230bn.
The largest DEX's front end now routes idle USDC, USDT and ether into Morpho vaults curated by Gauntlet, charging no Uniswap fee and keeping custody with the user.
Abu Dhabi's Mubadala Capital placed a $75m private markets strategy onchain through the KAIO platform on 23 July 2026, issuing on Solana, Sui and Base. Coinbase took exposure to the tokenized fund.
Securitize brought Hamilton Lane's tokenized Senior Credit Opportunities Fund to Tron on 2 June 2026, its first issuance on that network.
Aave reported cumulative lending volume above $1tn in late February 2026, the first decentralised credit protocol to reach that figure.
Secured crypto lending, US home-equity loans and AAA CLO tranches account for most of the $6.99bn; bilateral loans to mid-sized companies, the FSB's definition of private credit, barely appear.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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