The tokenized private credit sector is steadily gaining ground as one of the most rapidly expanding areas within real-world assets (RWA), now managing more than $13.3 billion in assets.
Previously dominated by institutions, private credit is now transitioning on-chain, propelled by platforms such as Figure and Tradable, with major support coming from firms like Apollo, BlackRock, and Franklin Templeton.
With asset managers accelerating efforts to migrate traditionally illiquid debt markets onto blockchain infrastructure, tokenization is transforming the way credit is accessed, managed, and exchanged—opening fresh opportunities for both institutional and retail investors to enter the $3 trillion private credit space.
Figure and Tradable Lead the Rise of Tokenized Private Credit
Figure, backed by investors such as Morgan Creek Capital, Apollo, and Ribbit Capital, manages assets exceeding $12 billion. The company operates a marketplace for Home Equity Line of Credit (HELOC) and enables clients to secure loans using their homes as collateral.
Tradable ranks as the second-largest participant in the tokenized private credit sector, with more than $1.8 billion in assets held on-chain. Supported by Parafi, Matter Labs, and Victory Park Capital, Tradable assists asset managers in converting their assets into tokenized form.
Tradable additionally enables individuals to engage in the private credit market, which has traditionally been accessible only to institutions. Leading names in the tokenized private credit space also include Maple (SYRUP), Pact, Mercado Bitcoin, and Centrifuge (CFG).
Major firms within the private equity space are showing increasing interest in the tokenized private credit market. In January, Apollo Global—managing more than $641 billion in private credit assets—introduced the Apollo Diversified Credit Securitize Fund, known as ACRED.
Likewise, firms such as VanEck, Franklin Templeton, and BlackRock have introduced their own tokenized asset offerings. BlackRock’s BUIDL has surpassed $3 billion in managed assets, whereas Franklin Templeton’s FOBXX fund holds more than $706 million in assets.
Private Credit Sector Sees Rapid Expansion
The private credit sector stands among the most rapidly expanding segments in the financial industry. According to a report from the Alternative Investment Management Association, the market has exceeded $3 trillion in assets—a number that continues to climb.
The sector has experienced most of its expansion in the United States, where numerous businesses have sought financing through private credit specialists. These companies aim to reduce their reliance on traditional bank lending by diversifying their borrowing sources.
As a result, several major banks have introduced their own private credit funds. Goldman Sachs established the Capital Solutions Group, aimed at offering direct lending services. More recently, State Street collaborated with Apollo to unveil a new private credit offering.
Tokenized private credit ranks among the most rapidly expanding segments within the real-world asset (RWA) sector, which currently manages a total of $23.10 billion in assets. RWA assets are held by more than 113,350 investors.
Other leading segments within the RWA industry include stablecoins, U.S. Treasuries, commodities, and institutional investment funds. Tokenized stocks may become the next major trend, following Kraken’s move to tokenize more than 50 stocks in May.
