Asset types · Underlying

Private credit

Loans to businesses outside public markets.

Live (limited) 6Live (scaled) 1

Tokenised vs traditional

Each traditional market next to the tokenised assets of the same kind that we track, matched by classification: by what backs the token (a tracker holding shares counts as equities) or by its legal form where the market is defined that way (funds, deposits). Stablecoins are never counted against the markets their reserves are invested in. The tokenised figures are floors (only assets with a known size, and not balances on ledgers that only mirror a register kept elsewhere), so the true shares are somewhat higher, but the order of magnitude is the point.

Tokenised vs traditional marketsTracked tokenised assets as a share of each market (log scale). Tokenised side is a floor: only assets we track with a known size.0.0001%0.001%0.01%0.1%1%10%100%Global private credit assetsGlobal · $2.1tn (2023)0.07%$1.42bn tokenised · 1 in 1,482 dollarsSource: Frontier Adoption, frontieradoption.com, data as of 8 Nov 2026. Market sizes from the sources listed there.
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What each market covers
  • Global private credit assets: IMF estimate of global corporate private credit: assets plus undeployed commitments of private credit funds, business development companies and private CLOs, mostly in North America and Europe. Direct lending by end investors outside these vehicles is not captured, so it understates the market. Tokenised side: 7 tracked assets. Method

Deployments

Assets

8 assets. Classified from issuance terms, regulator registers and CFI codes under the classification rules.

AssetIssuerLegal formBehaviourConfidence
Alternative (Mikro Kapital) 10% USDT tokenised bond, ALT2612 (ALT2612)MK Global Kapital (Mikro Kapital)Debt securityFixed incomelow
Anemoy Tokenized Apollo Diversified Credit Fund Segregated Portfolio (ACRDX)AnemoyFund interestNAVlow
Apollo Diversified Credit Securitize Fund (ACRED)SecuritizeFund interestNAVmedium
Hamilton Lane Senior Credit Opportunities Securitize Fund (HLSCOPE)SecuritizeFund interestNAVmedium
HL SCOPE Access Fund (KAIO)KAIOFund interestNAVlow
Maple syrupUSDC (syrupUSDC)Maple FinancePool shareNAVlow
Maple syrupUSDT (syrupUSDT)Maple FinancePool shareNAVlow
PKH Mining Note 2 (PKH2) (PKH2)Peak HodlStructured noteFixed incomelow