Tokenized private credit market size

Board data · refreshed with each data run · as of Oct 30, 2026, 11:13 UTC

Tokenized private credit holds $3.66B on the RWAWeekly board: 32 products, 14.2% of the $25.80B board total, as of Oct 30, 2026, 11:13 UTC. We read 6 of them directly on-chain ($2.87B); the rest use the value DefiLlama reports. $1.56B of the total is loans to institutions secured by digital assets such as bitcoin; the rest is backed by real-world collateral or receivables, such as home equity loans, auto loans, CLO tranches and trade receivables.

By product

What we count as private credit

We count a token as private credit when its return comes from loans or receivables owed by borrowers off the blockchain: companies, households or funds that borrow under a legal agreement, whether the loan is secured by property, vehicles, receivables, CLO tranches or digital assets. We do not count permissionless on-chain lending to anonymous wallets (for example Aave- or Morpho-style money markets), or tokens whose return comes mainly from basis, carry or trading strategies. Each product page says what the collateral is and links to the issuer source. Loans secured by digital assets are counted, and shown separately in the total above, because the borrowers and the loan agreements are off-chain even though the collateral is not. Full rule: methodology.

Why private credit is harder to track

• The loan book is off-chain. The token is on a public blockchain, but the loans, borrowers and collateral are recorded by the issuer, a servicer or a separate registry. We can read how many tokens exist and what the vault says each one is worth; we cannot see a missed payment until the issuer marks the loan down.
• Values lag. NAV per token usually moves with accrued interest and changes only when the manager books a loss or a recovery, and some issuers report monthly or quarterly. A steady NAV is not proof that every loan is performing.
• The same loans can show up twice. Vault tokens are often wrapped, bridged to other chains or held by other funds. We read the issuing chain once and skip bridged copies (for example Maple syrup tokens on chains other than Ethereum, which are backed by tokens locked on Ethereum). Vault products that hold these tokens alongside other assets are still counted in full; one known case is a Plume vault (nPRIME (external site)) that holds Hastra PRIME, about $15M to $16M on Oct 30, 2026.
• Some notes are valued only by the issuer. Several large note programmes have no on-chain NAV and no independent price, so we have not added them yet.

What we are doing about it: reading supply and NAV on-chain from issuer contracts where we can; checking each vault NAV against a second on-chain reading (for Hastra, the Chainlink rate stored on Solana) and failing the data run if they disagree; listing products whose reserves are another board product as listed, not counted; and writing a valuation rule for issuer-valued notes before we add them. Next we plan to compare issuer loan reports with on-chain values and to flag large NAV changes.

Method and sources

This page counts every live product in the board's private credit category. For the products we read on-chain, value is token supply × the vault's own value per token (ERC-4626 convertToAssets, or the issuer's NAV feed), with the underlying dollar stablecoin at $1.00; for the rest it is the value DefiLlama reports. Closed products are excluded. Values are point-in-time, not performance.

• DefiLlama (open data)
• Public RPC on-chain supply; issuer contract and docs pages

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