Tokenized private credit.Loans, packaged as tokens.
Private credit means loans made outside public bond markets: to small businesses, trading firms, fintech lenders or funds. Tokenized private credit puts these loans, or a pool of them, behind a token. You lend money to the pool and earn the interest borrowers pay, minus fees.
Reviewed October 19, 2026 · figures from our live data
The short answer
You lend to a pool. The pool lends to borrowers, often through a manager or underwriter who picks and monitors them.
The yield is usually higher than treasuries because borrowers are riskier and the loans are hard to sell. Higher yield means higher default risk.
Many pools split investors into senior and junior tranches. Junior holders take losses first and earn more for it.
Withdrawals are often limited by lockups, notice periods or redemption queues. Who may invest is set by the pool or issuer, often after KYC.
private credit in our data today
issuers
stated yield range across 4 with a rate
How it works
The structures vary, but most pools share the same parts.
- 1
Borrowers
Companies, crypto trading firms, consumer lenders, trade finance businesses or real estate developers. Each has a different risk profile.
- 2
Pool manager
Also called delegate, underwriter or curator. Chooses borrowers, sets terms, monitors loans and handles defaults. Their judgment is the main source of risk and return.
- 3
Collateral
Some loans are secured by assets such as receivables, crypto or property. Others rely on the borrower’s credit. Check what backs the loans and who can enforce it.
- 4
Tranches
Senior tranches are paid first and lose last. Junior or first-loss tranches absorb defaults and earn more. Know which one you hold.
- 5
Yield
Comes from borrower interest, minus manager and protocol fees. A headline rate may include token incentives that can end.
- 6
Legal wrapper
Often a fund, a special purpose vehicle or a note. The on-chain token is your claim on that entity. Its jurisdiction decides how you recover money.
What to check before you lend
Private credit risk is hard to see from the outside. These questions help.
- 1
Default history
Look at the manager’s record and any past losses. Several on-chain credit pools have had borrower defaults.
- 2
Loan data
Good pools publish loan-level or portfolio data: borrowers, maturities, collateral and delinquencies. No data is a warning sign.
- 3
Concentration
A pool with a few large borrowers can lose a lot from one default. A diversified pool spreads that risk.
- 4
Liquidity terms
Read the lockup, notice period and how redemption queues work when many lenders want out at once.
- 5
Recovery process
If a borrower defaults, who goes to court, in which country, and how long it takes. On-chain does not mean automatic recovery.
- 6
Rate source
Separate interest from incentives. A rate far above similar pools usually means more risk, not a better deal.
The 4 highest stated yields
Yields as stated by the issuer or read on chain, with the date they were checked on each token page. Not a recommendation.
| Token | Issuer | Yield | Minimum |
|---|---|---|---|
| Coinbase USD Stablecoin Yield Fund (Coinbase Tokenized Stablecoin Yield US Feeder Fund LTD) | Coinbase Asset Management, LLC | 30-Day yield 8.11% as of Aug 31, 2026; targets SOFR + 400-700bps+ | $100,000 |
| Janus Henderson Anemoy AAA CLO Fund | Janus Henderson (Centrifuge | ~5.8% (stated by Anemoy, undated) | None (deJAAA) |
| Maple Syrup USDC | Maple Finance | ~5.14% | None |
| Centrifuge RWA Vaults | Centrifuge (vaults per manager) | ~3-6% (per vault, variable) | None |
Questions
Is tokenized private credit safe?+
It is a credit investment. You can lose money if borrowers default and collateral does not cover the loss. Yields are higher than treasuries because the risk is higher.
Where does the yield in private credit tokens come from?+
From interest paid by borrowers, minus fees. Some platforms add token incentives on top, which are not interest and can stop.
Can I withdraw at any time?+
Usually not. Many pools have lockups, notice periods or redemption queues. Some tokens trade on secondary markets, but often at a discount when lenders want out.
How is private credit different from DeFi lending?+
DeFi lending is usually over-collateralized with crypto and liquidated automatically. Private credit lends to real businesses, often under-collateralized, and relies on legal contracts and a manager.
- Private credit token yields →
- syrupUSDC vs Aave USDC →
- DeFi lending rates →
- What happens if a token issuer fails →
- Tokenized treasuries explained →
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.