Tokenized private credit is private debt originated offchain and issued as onchain tokens that represent claims on the underlying loan cashflows. Three protocols dominate the category in 2026: Maple Finance for institutional pools (including BlockTower vehicles), Centrifuge for fintech receivables securitization in a Tinlake-style senior/junior structure, and Goldfinch for emerging market debt. As of Q1 2026, the three together account for roughly two-thirds of onchain private credit active loan value tracked by rwa.xyz.
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This guide compares the three platforms on the four dimensions that matter for an allocator: total value locked, historical default behavior, target yield, and the KYC tier required to underwrite a loan or buy a tranche.
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Tokenized private credit is non-bank lending where the loan itself is originated and serviced offchain, then represented onchain as a token that pays principal and interest to holders. The token typically references a pool of loans rather than a single borrower. Onchain wrapping adds transparent accounting, programmable repayment flows, and permissioned secondary transfers.
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The category sits inside the broader real-world asset bucket tracked by rwa.xyz, alongside tokenized treasuries and stablecoins. Unlike a tokenized money market fund (BUIDL, OUSG), private credit carries underwriting risk on each borrower. The yield is higher and so is the dispersion. Per rwa.xyz private credit data as of Q1 2026, the category's active loan value sits in the low billions, recovered from the 2022-2023 trough that followed Centrifuge's Codex Finance and Goldfinch's Tugende defaults.
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The three protocols compared here cover three distinct origination models. Maple Finance underwrites pools that lend to crypto-native institutions and, through partner managers, to traditional credit strategies. Centrifuge securitizes invoices, trade finance receivables, and consumer credit pools from offchain originators. Goldfinch funds emerging market debt funds that on-lend to local operators.
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Maple Finance is a lending protocol where credentialed pool delegates underwrite loans to institutional borrowers and lenders deposit USDC or USDT into specific pools to earn the yield. Pool delegates set borrower eligibility, terms, and pool concentration limits. Defaults reduce the pool NAV pro rata across lenders. Maple shifted in 2023 from purely crypto-native pools to a mix that includes traditional credit and treasury-yield products.
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The flagship institutional pools route through Maple's Cash Management and Secured Lending vehicles. The Maple Finance app lists active pools, pool delegate identity, current TVL, and target APY. BlockTower, an institutional credit manager that joined Maple in 2022, runs structured-credit vehicles that lend to investment-grade and non-investment-grade corporates with collateralization tied to receivables and equipment. Per rwa.xyz Maple data (Q1 2026), Maple's active loan value sits in the upper hundreds of millions of USD across all active pools.
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Maple's documented loss history includes the FTX-era exposure that produced roughly $36M of writedowns across multiple pools in late 2022, primarily tied to Orthogonal Trading and Auros. Maple covered the incident in its December 2022 disclosure. Since the protocol's relaunch with the Maple 2.0 stack in 2023, no further pool-wide writedowns have been reported on rwa.xyz; smaller borrower-specific events are handled inside individual pools.
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Centrifuge is a securitization protocol where offchain originators create asset pools (invoices, trade receivables, consumer credit, real estate bridge loans) and onchain investors buy senior and junior tranches of those pools. Senior tranches earn a fixed APY and absorb losses last; junior tranches earn a higher residual yield and absorb first-loss. The architecture borrows directly from Tinlake, Centrifuge's original Ethereum-based protocol launched in 2020.
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The current production stack runs on Centrifuge Chain (a Polkadot parachain) with EVM integrations on Ethereum, Base, and other chains. Pools are listed on the Centrifuge app, with documentation of the originator, asset type, NAV, senior APY, junior APY, and a transparency dashboard. Per rwa.xyz Centrifuge data (Q1 2026), Centrifuge's active loan value is in the mid-hundreds of millions across active pools, with the largest concentrations in Anemoy's tokenized treasury pool and several fintech receivables pools.
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Centrifuge's documented loss event is the Codex Finance default disclosed in 2022, in which a single pool suffered a partial loss after the originator's offchain operations failed. The senior tranche was largely protected; junior holders absorbed the writedown. The architectural lesson, repeated across subsequent pool launches, is that the senior/junior split is the key risk control.
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Goldfinch is a credit protocol where Borrower Pools are funded by Backers (first-loss capital) and the Senior Pool (passive capital that diversifies across Borrower Pools). Borrowers are non-bank lenders, typically in emerging markets, that take on USDC debt and on-lend to local operators. The Senior Pool participates in each Borrower Pool through a leverage ratio set by Backer signaling.
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Live Borrower Pools and historical performance are listed on the Goldfinch app, including Cauris Finance (Africa SME debt), Almavest (multi-region SME debt), Divibank (Latin American revenue-based financing), and several other emerging market originators. The Goldfinch docs describe the trust-through-consensus underwriting model that replaced individual Auditor approval in 2022. Per rwa.xyz Goldfinch data (Q1 2026), Goldfinch's active loan value sits in the low tens of millions, having declined materially from its 2021-2022 peak.
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Goldfinch's documented losses include the Tugende Kenya default disclosed in 2023 governance posts, which produced a writedown borne first by Backers and then by the Senior Pool. The protocol's governance forum documents ongoing workout activity and protocol-level adjustments to underwriting and concentration limits made in response.
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The three protocols differ on every operational dimension that matters for an allocator: which borrowers they fund, how losses get absorbed, what the target yield looks like net of documented defaults, and who can underwrite a loan or buy a tranche. The table below summarizes the 2026 state of each platform.
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Yield numbers above are indicative ranges from each protocol's app and documentation as of Q1 2026 and shift with pool composition. Always verify the live pool page before allocating.
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Choice of platform should follow the allocator's mandate, not the headline yield. Maple Finance is the closest analogue to a traditional institutional credit fund and best suits allocators with mandates to access onchain credit through credentialed underwriters. Centrifuge fits allocators who want tranching and offchain securitization exposure. Goldfinch fits allocators sized for emerging market debt with first-loss tolerance.
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Allocators evaluating any of the three should pull the live transparency dashboards from rwa.xyz before sizing a position. Pool composition, originator concentration, and recent NAV movement matter more than the headline APY. Each protocol's governance forum (Goldfinch, Centrifuge, Maple) is the primary source for workout disclosures and underwriting changes.
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Onchain private credit also requires a payment and routing layer for the stablecoin leg. Most pools settle in USDC or USDT across multiple chains, and the friction of moving stablecoins between the chain where capital lives and the chain where the pool runs is a real operational cost. Eco handles cross-chain stablecoin routing for treasury operations that touch multiple RWA venues, so an allocator funding positions across Maple on Ethereum, Centrifuge on Base, and Goldfinch can route USDC through a single interface rather than reconciling bridge transactions individually.
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As of Q1 2026, Maple Finance leads the three protocols compared here on active loan value tracked by rwa.xyz, followed by Centrifuge and then Goldfinch. The category leader by TVL changes as pools open and close; verify against the rwa.xyz private credit dashboard before citing.
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Yes. Maple absorbed roughly $36M of writedowns in late 2022 tied to Orthogonal Trading and Auros after FTX. Centrifuge had a partial loss in the Codex Finance pool in 2022. Goldfinch's Tugende Kenya pool defaulted in 2023. Each protocol documents the events in governance posts.
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Mostly no. Maple Finance requires institutional KYC and accreditation. Centrifuge restricts most pools to accredited investors, with limited exceptions on specific chains and jurisdictions. Goldfinch requires identity verification and applies jurisdictional restrictions to its Senior Pool. Verify eligibility on each app before signing up.
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Private credit pays meaningfully higher headline APY than tokenized treasuries (BUIDL, OUSG, USYC) because lenders take borrower default risk. Treasuries are essentially money market exposure. Private credit yield ranges from mid-single digits on senior tranches to low double digits on junior or first-loss positions, before defaults.
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Sources and methodology. Active loan values and category data pulled from rwa.xyz in Q1 2026. Default disclosures verified against each protocol's governance forum and official news posts. Yield ranges are indicative as of Q1 2026 and shift with pool composition; verify on each protocol's app before allocating.
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