WisdomTree has unveiled a tokenized investment vehicle to bring private credit directly onto blockchain rails.

The WisdomTree Private Credit and Alternative Income Digital Fund (CRDT) launched Sept. 12 on Ethereum and Stellar blockchains. It will be available to investors through the company’s Prime and Connect platforms.

WisdomTree’s CRDT

According to the statement, the fund’s performance mirrors the Gapstow Private Credit and Alternative Income Index (GLACI). Subscriptions settle instantly (T+0), redemptions finalize in two days (T+2), and the minimum investment threshold is set at $25.

Will Peck, Head of Digital Assets at WisdomTree, said:

“CRDT unlocks access to one of the most coveted asset classes – alternatives – directly onchain. By expanding the breadth of our tokenized funds, we’re giving crypto native investors the chance to diversify via exposures that were once reserved for institutions, all within the digital ecosystem.”

The move highlights how asset managers are accelerating the tokenization of real-world assets (RWA). According to RWA.xyz, this trend has already pushed the total value of tokenized instruments on-chain to nearly $30 billion.

By turning private credit into a digital product, WisdomTree aims to shorten settlement cycles, offer greater transparency, and keep markets accessible around the clock.

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Bringing Private Credit on-chain

Private credit, a form of debt financing provided outside traditional banks and public bond markets, has become one of the fastest-expanding areas in global finance.

Over the past years, companies have increasingly relied on it for tailored loans and flexible repayment schedules, fueling a market now valued at more than $1 trillion.

According to RWA.xyz data, the sector already dominates tokenized assets, accounting for over half of the $29 billion total. Provenance blockchain’s Figure platform controls the largest share at about $17 billion.

With CRDT, WisdomTree seeks to carve out space in this growing segment by offering a transparent, blockchain-based structure for investors who want exposure to private credit without the hurdles of institutional gatekeeping.

Jeremy Schwartz, Global Chief Investment Officer at WisdomTree, said:

““Private credit has become one of the most talked-about opportunities in today’s market. For four years, we’ve been proud to make this space more accessible to the individual investor through our ETF, and now CRDT is able to deliver yield potential in a modern, tokenized fund.”

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Gemini has filed for a Nasdaq IPO under the ticker GEMI, revealing a $282.5 million net loss for the first half of 2025.

The exchange also disclosed a $75 million credit agreement with Ripple in the Aug. 15 filing submitted to the US Securities and Exchange Commission (SEC),

The exchange, founded by Cameron and Tyler Winklevoss, joins a wave of crypto companies seeking public market access following President Donald Trump’s return to the White House. 

The filing disclosed financial details that position Gemini as the third potential US crypto exchange to trade publicly after Coinbase and Bullish.

Bitwise chief investment officer Matthew Hougan had predicted this movement in December 2024, naming 2025 the “Year of the Crypto IPO” with at least five crypto unicorns expected to go public in the US. 

Hougan and the firm’s head of research, Ryan Rasmussen, identified “growing investor demand, institutional adoption, a favorable macro environment, and a warmer political environment” as the main catalysts driving crypto companies to pursue public listings following Trump’s election victory.

Financial performance and Ripple partnership

Gemini’s losses widened considerably from $41.4 million in the first half of 2024 to $282.5 million during the same period in 2025. 

The exchange posted total revenue of $67.9 million for the six months, down from $74.3 million year-over-year. For the full year 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.

The filing revealed the exchange entered a credit agreement with Ripple Labs in July. The deal permits lending requests of at least $5 million each up to an aggregate commitment of $75 million.

The agreement allows increases up to $150 million based on specific metrics. 

Once the initial commitment exceeds $75 million, lending requests may utilize USD-denominated Ripple’s RLUSD stablecoin upon mutual consent. 

All lending bears interest rates of 6.5% or 8.5% annually and requires collateral security with repayment in US dollars.

Industry momentum under

The crypto IPO trend gained momentum after Trump’s Jan. 20 inauguration, with multiple exchanges and crypto-native companies pursuing public listings. 

Circle completed its NYSE debut in June, raising over $1.2 billion and seeing shares surge 472% relative to Bitcoin since launch. 

The stablecoin issuer’s market capitalization reached $66.9 billion, exceeding its USDC circulating supply of $61.27 billion.

Hougan and Rasmussen specifically identified Circle, Kraken, Anchorage Digital, Chainalysis, and Figure as the five strongest candidates for IPO listings in 2025. 

Their prediction proved prescient as Circle completed its blockbuster NYSE debut in June, Bullish followed in August, and now Gemini is pursuing its public offering. 

Galaxy Digital had already transferred its listing from Toronto to Nasdaq in May, while crypto trading platform eToro debuted with services including crypto investments.

The momentum reflects broader institutional confidence in crypto’s regulatory outlook under Trump. 

Hougan emphasized that the Trump administration’s pro-crypto stance creates unprecedented opportunities for digital asset companies to access traditional capital markets. Additionally, he stated that 2025 represents a “warmer political environment” for crypto IPOs compared to previous years.

Regulatory strategy and structure

Gemini plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase. 

The Moonbase entity will serve as the primary platform for most users, allowing the exchange to navigate New York’s restrictive BitLicense regulations that limit staking services.

This structure reflects the company’s approach to maintaining operational flexibility while addressing complex state-level regulatory requirements.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serve as lead bookrunners for the offering. The IPO terms remain undisclosed, with completion subject to SEC review and market conditions.

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Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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August 11, 2025

S&P Global Ratings has issued a B- issuer credit rating to Sky Protocol, formerly known as Maker Protocol, in the first-ever rating by a major credit agency for a decentralized finance (DeFi) platform.

The rating forms part of S&P’s ongoing stablecoin issuer assessments, launched in 2023 to evaluate their ability to maintain a peg to fiat currencies.

The review covered the creditworthiness of Sky’s USDS and DAI stablecoins, along with its sUSDS and sDAI savings tokens.

S&P Rates USDS ‘Constrained’ With Score of 4 in First Evaluation

In its first evaluation, S&P gave USDS a “4” on its stability scale — labeled “constrained” — for maintaining its dollar peg.

Sky Protocol, a decentralized lending platform, facilitates crypto-backed loans and uses USDS to support lending and borrowing activity.

USDS ranks as the fourth-largest stablecoin by market cap, with $5.36 billion in circulation, according to CoinMarketCap.

S&P defines a default in this context as a “haircut imposed on token holders.”

The agency highlighted potential triggers, such as mass withdrawals exceeding available liquidity or credit losses outpacing capital reserves.

Weaknesses flagged include high depositor concentration, centralized governance, reliance on founder Rune Christensen, regulatory uncertainty, and limited capitalization, its risk-adjusted capital ratio was just 0.4% as of July 27.

Andrew O’Neil, S&P’s digital assets analytical lead, told Cointelegraph that a B- rating indicates the protocol “can meet its financial obligations” but remains “vulnerable in adverse business, financial and economic conditions.”

The governance issue was underscored by S&P’s observation that decision-making remains highly centralized, partly due to low voter participation, despite Christensen holding nearly 9% of governance tokens.

Sky’s Asset-Liability Committee said the review allowed it to re-examine traditional counterparty risk models and assess DeFi-specific risks such as smart contract vulnerabilities, oracle dependencies, bridge security, and governance issues.

These were identified as areas requiring ongoing monitoring and mitigation.

The rating also lowered Sky’s anchor score to “bb,” four notches below the U.S. banking anchor of “bbb+,” citing the broader regulatory uncertainty facing DeFi.

S&P Ranks USDC Strong, Puts USDT and USDS in ‘Constrained’ Category

S&P’s stablecoin assessment ranked Circle’s USDC at 2 (strong), Tether’s USDT at 4 (constrained), and USDS also at 4, with O’Neil noting that Tether’s main issue is transparency while USDS faces complexity in its asset base and weaker capital reserves.

S&P launched its stablecoin stability framework in December 2023, and in June, awarded its first blockchain-based mortgage securitization, by Figure Technology Solutions, an AAA rating for a $355 million pool of mortgage assets.

Globally, stablecoin regulation is accelerating. In the US, President Donald Trump signed the first federal stablecoin bill on July 18, calling it a “giant step” toward securing American dominance in global finance and crypto technology.

As reproted, Western Union is positioning itself for a new phase of digital transformation, signaling strong interest in using stablecoins to modernize its global remittance operations.

At the BTC Prague conference this week, Strategy (formerly MicroStrategy) co-founder Michael Saylor stated that Bitcoin treasury companies can grow as quickly as they can issue equity and credit to purchase Bitcoin.

Delving into the business model of Bitcoin treasury companies like Strategy, Saylor explained how corporate investment in BTC can far outpace individual investments.

Business model of Bitcoin treasury companies

Several major companies have announced plans or are mulling the launch of a Bitcoin treasury. For instance, earlier this week, Brian Armstrong, CEO of Coinbase, the largest U.S. crypto exchange, hinted at launching a BTC treasury. The $2.3 billion Trump Media, which is majority owned by President Donald Trump, raised to buy BTC was effectively approved by the U.S. Securities and Exchange Commission (SEC) earlier this month.

Saylor explained that BTC treasury companies, which have been growing in popularity over the past few months, have a very simple yet ‘elegant’ business model.

Saylor explains this with an example. Let’s say a dentist buys about $200,000 worth of BTC every year. In 20 years, the dentist would have bought about $2 million worth of BTC.

However, a public corporation can buy BTC at a much faster rate. A company can issue credit in the form of anything from convertible bonds, junk bonds, to preferred stocks, and buy $2 million worth of BTC in a month.

According to Saylor, companies buying BTC can become immediately profitable, allowing them to issue securities and buy large amounts of BTC every month. He said:

“…the simplicity in the business model is I’m just going to issue billions and billions and billions of dollars of securities and buy billions and billions and billions of dollars of Bitcoin.”

This model, Saylor believes, will transform the equity and capital markets from being cash-based to Bitcoin-based.

“…that’s I think, what we see right now in the market, that we are going into a BTC-denominated world.”

BTC Treasury companies can grow as fast as they can issue equity

Saylor noted that the “rate at which a company can issue equity or credit,” and use it to buy BTC, is “exponential.” A Bitcoin treasury company’s growth rate is, therefore, significantly faster than traditional business cycles. Saylor said:

“You can grow literally as fast as you can issue the security and buy the Bitcoin. And that is an investment cycle which is 1,000 times faster than a physical real estate cycle or a business cycle. So it’s faster, it’s homogeneous.”

According to Saylor, credit or equity is valued based on expected future cash flows—investors buy security and lend money to the company based on how much the firm can earn in the future. In the long term, the value of the cash can also decline. This means that there is a long “heterogeneous equity risk,” Saylor said.

But Bitcoin treasury companies are valued based on their ability to buy Bitcoin rather than via operations, which calls for special metrics to value Bitcoin-backed equity.

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A North Carolina woman was sentenced to more than four years behind bars for carrying out an identity theft and bank fraud scheme that enabled her to spend money using the personal information of her victims.

According to the U.S. Attorney’s Office, Western District of North Carolina, Jessica Bailey Sowell engaged in the scheme from March 2023 to February 2024.

Court records show that she created fraudulent identification documents using compromised personal identifying information (PII) that were obtained through stolen mail, the internet and other sources.

Sowell then used the fake documents at banks, hotels and retail stores. Investigators found that she had letters, bank cards and checks belonging to at least 26 victims of identity theft.

The 32-year-old was apprehended after a federal search warrant was executed at a hotel room where she was staying.

Investigators found a suitcase containing hundreds of mail with various names and addresses and another suitcase with store-tagged merchandise, two handwritten journals with the names and credit information of several individuals and 23 driver’s licenses from different states that show Sowell’s photograph and the PII of the identity theft victims.

They also seized from the rental vehicle that Sowell was using a credit card under the name of an ID theft victim, receipts for goods that were bought using the victim’s credit card, an identity card printer, multiple blank identity cards and holographic stickers.

Sowell, who is prohibited from possessing firearms, also kept a Taurus G3 9mm handgun in the hotel room.

On Monday, she was sentenced to 57 months of jail time followed by five years of supervised release for bank fraud, aggravated identity theft and unlawful possession of a firearm. She was also ordered to pay restitution to her victims in the amount of $47,190.25.

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Thailand has recently announced plans to introduce a novel initiative that would allow international tourists to spend cryptocurrencies through credit card-linked payment systems.

The ambitious move, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at an investment seminar in Bangkok, is part of the country’s broader efforts to integrate digital assets into its financial infrastructure and modernize its overall economic system.

Facilitating Crypto Adoption for Tourists

Under the proposed scheme, tourists will have the capability to connect their cryptocurrency holdings to credit cards, facilitating local transactions. Merchants receiving payments would continue to obtain funds in Thai baht, thus remaining unaware that cryptocurrencies were initially used.

According to Minister Pichai, the approach is specifically designed to mitigate risks associated with directly using cryptocurrencies in domestic transactions, safeguarding the stability of Thailand’s national currency.

The adoption of crypto spending for tourists aligns with Thailand’s strategic intent to attract tech-savvy international visitors and to position itself as a “forward-thinking, digitally inclusive economy.”

This method, currently being reviewed by the Ministry of Finance and the Bank of Thailand, aims to leverage existing payment infrastructures, thus facilitating easier and immediate integration once regulatory approvals are secured. Implementation is expected to commence following comprehensive infrastructure assessments and the establishment of necessary regulatory frameworks.

Minister Pichai emphasized that the planned system would be straightforward to implement, provided that all supportive technological and regulatory components are strongly established.

The pilot phase will serve as a practical evaluation of the approach, which if successful, could serve as a model for further integration of digital assets within Thailand’s financial ecosystem.

Broader Financial Regulatory Reform

Asides its cryptocurrency initiative for tourists, Thailand is also advancing significant financial regulatory reforms aimed at unifying the regulatory environment for traditional capital markets and the emerging digital asset sector.

Currently, these two financial sectors operate under distinct sets of regulations, and the proposed unification would streamline operations and enhance market clarity.

Additionally, the Thai government is considering modernizing restrictions on institutional investors, allowing major financial entities, such as life insurers and large investment funds, greater access to equity markets and private-sector investments.

This shift represents a considerable move away from current limitations, where institutional investors are largely restricted to safer assets such as government bonds.

The Ministry of Finance is further drafting legislation intended to enhance the enforcement capabilities of the Thai Securities and Exchange Commission (SEC).

Under the new law, the SEC would potentially gain the authority to directly escalate major legal violations to prosecution stages, thereby strengthening overall regulatory oversight and market fairness.

As part of this broader financial evolution, Minister Pichai also introduced the concept of “G-Tokens,” blockchain-based fractional government bonds accessible to retail investors. This initiative aims to improve investment returns for smaller investors and boost Thailand’s international financial profile.

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