Tokenized private credit has rapidly emerged as one of the largest segments within the real-world asset (RWA) tokenization market, with active outstanding loans reaching $13.88 billion—significantly exceeding the $7.38 billion in tokenized U.S. Treasuries.

Tokenized Loans Hit $13.88B, Fueling Real-World Asset Growth

This innovation converts traditional private credit assets—loans or debt instruments typically issued by non-bank lenders—into digital tokens on a blockchain. Essentially, these tokens represent ownership stakes in underlying credit assets, enabling digital trading and management.

According to rwa.xyz stats, the market is dominated by a handful of key protocols. Figure leads with $12.78 billion in total originated loans, commanding approximately 92% of the sector. Other major players include Tradable ($4.72 billion), Maple Finance ($3.38 billion), and TrueFi ($1.72 billion).

Mid-tier protocols like Centrifuge ($594 million), PACT ($1.08 billion), and Curve Finance ($261 million) round out the ecosystem, alongside emerging platforms such as Goldfinch ($170 million) and Creditx ($46 million).

Protocols operate across diverse blockchain networks, reflecting the sector’s technological maturity. Tradable leverages Zksync Era for scalability, TrueFi operates on Ethereum, and PACT utilizes Aptos. This multi-chain infrastructure supports nearly $25 billion in cumulative loan originations, while the active loans currently stand at $13.88 billion.

Tokenization addresses the core limitations of traditional private credit. By fractionalizing loans into blockchain-based tokens, proponents believe it broadens access for retail investors and enhances liquidity for historically illiquid assets.

Smart contracts automate settlements, reducing administrative costs while onchain data ensures transparency in asset performance. The sector shows strong growth, adding approximately hundreds of millions monthly in new loans.

Despite this momentum, tokenized credit represents less than 1% of the broader $1.6 trillion traditional private credit market—indicating substantial expansion potential.