The market for active tokenised private credit loans has reached $13.88bn – nearly double the $7.38bn outstanding in tokenised US Treasuries, emerging as a leading segment within the broader real-world asset (RWA) tokenisation space, according to Bitcoin.com citing data from rwa.xyz.
Tokenisation enables traditional private credit – typically loans or debt instruments issued by non-bank lenders – to be digitised into blockchain-based tokens, facilitating increased liquidity, transparency, and investor access.
These tokens represent fractional ownership in underlying credit instruments, allowing for streamlined trading, settlement, and asset management.
The sector is currently dominated by a small group of protocols. Figure leads with $12.78bn in loan originations, accounting for roughly 92% of the market. Other notable players include Tradable ($4.72bn), Maple Finance ($3.38bn), and TrueFi ($1.72bn).
Mid-market platforms such as PACT ($1.08bn), Centrifuge ($594m), and Curve Finance ($261m) contribute to the ecosystem, alongside emerging names like Goldfinch ($170m) and Creditx ($46m).
Deployment across multiple blockchain networks underscores the sector’s growing technological sophistication.
Tradable operates on zkSync Era for improved scalability, TrueFi is built on ethereum, and PACT is deployed on the Aptos blockchain. Collectively, these platforms have originated nearly $25bn in cumulative loans, with $13.88bn currently outstanding.
Tokenised private credit is viewed as a response to the inefficiencies of traditional private lending markets. By leveraging blockchain technology and smart contracts, platforms reduce administrative overhead, enhance data transparency, and offer fractionalised investment access to a broader pool of investors, including retail participants.
The sector continues to expand, adding hundreds of millions of dollars in new originations monthly. Despite this growth, tokenised private credit still represents less than 1% of the estimated $1.6tn traditional private credit market – highlighting significant runway for future institutional and retail adoption.
