Institutional credit, structured for on-chain markets.
Twenty years from Credit Suisse to Fidelity, where I built the digital-assets business. I write about how institutional credit moves on-chain - and where the gains are real.
Private Credit: Risks and Benefits of a Maturity Wall
Model shows how finite-life funds’ ‘maturity wall’ disciplines borrowers and expands credit, shifting risk from banks while raising liquidation risk. Net effect: higher expected output but sharper tail losses, with implications for co-financing, bank portfolios, and policy trade-offs.
Private Credit: Further Confirmation of Its Staying Power
BlackRock’s Private Credit: Staying Power (2025) highlights how banks and asset managers are converging in a USD 2.5 trillion market projected to reach USD 4.5 trillion by 2030, with direct-lending yields near 11.5% and enduring investor demand.