Tokenized private credit, measured — and who holds it.
This is a coverage and concentration measure, not a quality rating. Tokenized private credit has no onchain loan tape published at the cadence a T-bill fund attests its reserves — so the honest finding is not a score, it is what is verifiable end-to-end and how concentrated the market is. The headline counts only the pools whose supply and value are read and reconciled directly on chain (distributed-and-reconcilable). Issuer-attested capital that never moves peer-to-peer is disclosed, not counted.
The measured market.
Measured end-to-end
$2.11B
Distributed onchain · supply × NAV
Distributed constituents
9
Onchain-reconcilable pools
Scored
0/9
Rest not yet rated
Every dollar here is read from the onchain norm layer (supply × NAV), not an issuer press figure. Coverage counts a pool the moment it is measured onchain; a rating follows once its inputs collect cleanly — so 9 pools are measured here but not yet rated (coverage ≠ scoreability, disclosed not hidden).
Counted vs. measured but excluded
- Counted — distributed & reconcilable
- $2.11B
- Measured onchain, excluded by rule
- $377.27M
- Total readable onchain
- $2.49B
The excluded balance is not a coverage gap — it is capital read onchain and then set aside by a stated rule (a different asset class, a permissioned share class, a represented mirror). The broader issuer-attested market that never moves peer-to-peer is larger still, and is context rather than the headline figure: attested value that cannot be verified onchain is not published. The rule is in §05.
Concentration by issuer.
Maple is the largest tokenized-private-credit issuer measured here, at 75.80% of the distributed onchain market. The Herfindahl–Hirschman index across issuers is 0.61 (0.00 = perfectly dispersed, 1.00 = a single issuer) — a concentrated market. This is the lens no aggregator publishes: it rolls every leg of a multi-token issuer into one share, so a single name cannot hide behind several tickers.
The constituents, largest first.
The transparency read is a disclosure signal — governance, custody surface, redemption depth — not a quality grade; it is capped for the whole category by the absence of an onchain loan tape. A dash means the fund is measured onchain but has not yet been assigned a trust rating.
What is — and isn’t — counted.
Distributed and reconcilable only. The headline counts a pool only where its supply and value are read directly on chain and reconciled end-to-end. The broader tokenized-credit market — much of it issuer-represented balances that never move peer-to-peer — is context, not the headline figure: attested value that cannot be verified onchain is not published.
Disclosed, not counted. JAAA is a AAA-rated CLO, a different asset class. Apollo ACRED is a permissioned, KYC-gated fund token (readable but not peer-to-peer distributed) — disclosed as a second tier, never in the headline. Two of Figure’s Provenance denominations are single-holder warehouse lines that have never moved on chain, so only the one distributed Figure pool counts. Each exclusion is a recorded decision, not a silent gap.
Coverage, not quality. Where a pool is scored, the number is a transparency read — governance, custody surface, redemption depth — capped by the industry-wide absence of an onchain loan tape. A low or absent score is the honest signal, not a defect.
Read onchain, weighted by measured capital.
The measure. For each constituent, outstanding supply is read directly from its onchain contract and valued at its onchain NAV (supply × NAV), summed across every chain and every leg the pool issues on. No issuer-reported figure enters the headline; a pool that cannot be read end-to-end is not counted.
The weight. Each constituent’s weight is its measured capital as a share of the total — the market as it is held, not equal-weighted. Concentration rolls every leg of a multi-token issuer up to the issuer before the share is taken, so a single sponsor cannot read as small by splitting across tickers. The Herfindahl–Hirschman index is the sum of squared issuer shares.
The cadence. The set is recomputed daily from the live onchain readings; membership follows the inclusion rule in §05, applied to the tokenized private-credit universe, with every exclusion recorded as a decision. There is no discretionary override and no smoothing — the number is what the chain reads that day.
Every figure is reproducible from the chain.
Reconcilable, not attested. The headline is the capital that can be read and reconciled onchain end-to-end — supply from the contract, value from the onchain NAV. It is not an issuer’s stated AUM, and it does not depend on any figure a reader cannot independently check against the chain.
The denominator is auditable. Membership is a stated rule, not an editorial choice: each excluded pool carries its reason — a different asset class, a permissioned share class, a represented mirror, a not-yet-distributed warehouse line — so the set can never quietly drift. What is counted, and what is set aside, is shown, not assumed.
Coverage, stated as coverage. This is not a quality rating. Where a pool carries a transparency read, it is a disclosure signal capped for the whole category by the absence of an onchain loan tape — never presented as a verdict on the fund. A low or absent read is the honest signal, not a defect.
Measured on chain · recomputed daily · OCB Tokenized Private Credit