HTX Ventures Research Report Interpretation: Tokenization of Private Credit - Innovative Breakthrough in the RWA Mainstream Track and Future Directions

On October 22nd, recently, Huobi HTX's global investment arm, HTX Ventures, released its latest research report titled "On-chain 'Credit Revolution': Trend, Mechanism, and Landscape Analysis of RWA Tokenization in Private Credit", offering a comprehensive interpretation of the tokenization of the private credit track. The report indicates that the tokenization of private credit is one of the most significant sectors in the current RWA field. As of August 2025, the scale of tokenized private credit assets has approximately reached $12 to $16 billion, accounting for 50% to 60% of the overall RWA market. HTX Ventures stated that the tokenization of private credit is accelerating the integration of traditional finance with on-chain finance. By means of smart contracts, a more efficient financing, registration, and revenue distribution mechanism is achieved. This not only increases transparency but also reduces operational costs, significantly enhancing the flexibility of private credit. Despite current challenges such as the insufficient liquidity of the secondary market, with the regulatory framework becoming clearer and institutional capital continuously entering, the sector is expected to achieve a structural breakthrough. HTX Ventures mentioned that the tokenization of private credit is not a replacement for the traditional model but rather builds a more open and flexible financing path on a digital basis. In the future, as more institutional products go on-chain and standardized protocols improve, the market's penetration rate is expected to increase rapidly, releasing the growth potential of tens of billions of dollars.