On‑chain credit passes $20B
- On‑chain credit has expanded, with observers noting more than $20 billion of credit-like positions moving on‑chain. - Examples called out include Figure's roughly $16 billion in tokenized HELOCs and Kamino's $1B+ in RWAs. - This scale increase pushes custody, regulatory, and liquidity questions as traditional loans and RWAs migrate on‑chain. (x.com)
More than $20 billion of credit is now being tracked on public blockchains, pulling a once-niche crypto market closer to mainstream lending. (galaxy.com) (metamask.io) The biggest single example is Figure, which says its platform has unlocked more than $22 billion of home equity and describes itself as the largest financial platform using blockchain for consumer lending. Figure also said on June 12, 2025 that it completed a $355 million mortgage securitization that received S&P Global Ratings, a first for that blockchain-based structure. (figure.com 1) (figure.com 2) Kamino, a Solana-based lending protocol, said in December 2025 that it had grown to more than $4 billion in assets under management and issued more than $16 billion in loans. In a February 3, 2026 review, Kamino said stablecoins and real-world assets had risen to 45.9% of its supply mix, matching the share of Solana and liquid-staking assets. (gov.kamino.finance 1) (gov.kamino.finance 2) On-chain credit means loans, receivables, or funds tied to real assets are represented by tokens and managed with software on a blockchain. That setup can move origination, servicing, collateral tracking, and trading onto the same ledger instead of across separate bank, broker, and back-office systems. (provenance.io) (developer.provenance.io) The market around those assets has expanded fast in the past year. RWA.xyz tracks tokenized real-world assets across blockchains, and multiple market summaries citing its data put the non-stablecoin total near $26 billion to $30 billion by April 2026, with private credit the largest category. (rwa.xyz) (coindesk.com) (metamask.io) Private credit is also the least liquid part of that market. MetaMask’s April 2026 category guide, citing RWA.xyz data, put distributed on-chain private credit at about $6 billion and a broader count that includes represented and platform-locked assets at roughly $18 billion to $19 billion, with low liquidity and common lockups. (metamask.io) That gap explains why people can cite different totals for the same trend. Some counts focus only on tokens that circulate freely onchain, while broader tallies include loans or claims that are originated, serviced, financed, or reported through blockchain systems even if they do not trade like a cryptocurrency. (metamask.io) (developer.provenance.io) The growth is pushing familiar old-finance questions into crypto infrastructure. Kamino’s 2026 roadmap includes fixed-rate lending, borrowing against off-chain collateral held with qualified custodians, and an exchange for tokenized assets priced by oracles rather than open-order-book trading. (gov.kamino.finance) Figure has been building toward the same crossover from the regulated side. In a 2025 Securities and Exchange Commission filing, the company said it relied on Figure Exchange and its alternative trading system to let customers trade digitally native securities and tokenized real-world assets. (sec.gov) What has changed in 2026 is not that credit suddenly appeared onchain. It is that home-equity loans, private-credit funds, and custody-linked borrowing are now large enough that settlement, disclosure, liquidity, and regulation are starting to matter as much as the code. (figure.com) (gov.kamino.finance)
