IMF — Fast-Growing $2 Trillion Private Credit Market Warrants Closer WatchApr 2024 · IMF warns private credit is filling the SME lending gap left by retreating banksTradFi
The Defiant — RWAs Became Wall Street's Gateway to Crypto in 2025Dec 2025 · Institutional RWA adoption accelerates as tokenised credit pools draw major allocatorsDeFi
OECD — Financing SMEs and Entrepreneurs 2024Mar 2024 · Fintech and alternative credit channels narrowing the SME finance gapTradFi
IFC / SME Finance Forum — MSME Finance Gap: Updated Estimation 2025Mar 2025 · SME finance gap remains above $5T; on-chain credit identified as scalable solutionTradFi
BIS/CPMI — Tokenisation in the Context of Money and Other AssetsOct 2024 · BIS maps how tokenisation reshapes settlement, liquidity, and credit riskDeFi
The Block — DeFi Lending Hits Record $55B TVLJun 2025 · Institutional capital flows into on-chain credit protocols at all-time highDeFi
McKinsey — The Next Era of Private CreditSep 2024 · Private credit targets SME lending as banks pull back under Basel IIITradFi
ECB — January 2025 Euro Area Bank Lending SurveyJan 2025 · Banks tightened SME credit standards further into Q1 2025TradFi
FSB — Financial Stability Implications of TokenisationOct 2024 · FSB identifies key risks as tokenisation reshapes global credit marketsDeFi
EUR-Lex — Markets in Crypto-Assets (MiCA)Jun 2023 · MiCA establishes the EU legal framework for tokenised credit instrumentsTradFi
IOSCO — Tokenization of Financial Assets Final ReportNov 2025 · IOSCO finalises global framework for tokenised financial assetsDeFi
IMF — Global Financial Stability Report (April 2026)Apr 2026 · Bank de-risking continues; tokenised private credit grows as an alternative SME funding channelTradFi
