Field reportEF-2026-0343
Private credit tokenisation runs into servicing
Issuance is straightforward. Collecting and enforcing is where the model strains.
$4.1B▲ +9%tokenised private credit
9 minWall Street & RWA
Representing a loan on-chain is a solved problem. Servicing it — collections, restructuring, enforcement in a jurisdiction — remains entirely off-chain and entirely dependent on the same intermediaries as before.
The instruments trading at the widest spreads to their conventional equivalents are precisely those where servicing quality is hardest to assess.