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Credit is one of the most important foundations of the global financial system, yet traditional lending remains fragmented, opaque, and heavily dependent on intermediaries.
As stablecoins and tokenized assets bring more capital onchain, private credit represents a major opportunity for blockchain technology to improve how businesses access financing, how collateral is managed, and how lending risk is distributed.
In this episode of Untangling Web3, Benjamin Sarquis Peillard, Founder and CEO of Cap, explores how bringing credit onchain could reshape private credit markets and unlock new forms of institutional lending.
The conversation covers why traditional credit infrastructure struggles with transparency and misaligned incentives, how tokenized collateral and financial guarantees can make lending safer, and why connecting blockchain liquidity to the real economy is essential for the next phase of DeFi adoption.
Key Points Discussed:
- Private Credit Has a Trust and Incentive Problem: Traditional credit markets rely on intermediaries making lending decisions with other people's capital, creating misaligned incentives, opaque risk, and opportunities for collateral fraud. Bringing collateral onchain makes ownership and pledging more transparent, helping prevent the same assets from being used to secure multiple loans.
- Tokenized Collateral Unlocks New Lending Markets: Cap connects stablecoin depositors, real-world borrowers, and specialist underwriters through an onchain credit marketplace. Underwriters pledge their own collateral to guarantee loans, earn credit spreads when borrowers repay, and absorb losses when they do not. Smart contracts automate collateral management and align lending decisions with financial risk.
- Connecting DeFi Liquidity to the Real Economy: Sustainable onchain credit depends on financing productive businesses rather than relying on speculative token incentives. Cap is building infrastructure to provide stablecoin loans to institutions and businesses across finance, robotics, manufacturing, and other industries, bringing real-world private credit opportunities into DeFi.
Bringing credit onchain is about more than tokenizing existing financial products. Blockchain technology can fundamentally improve how credit markets operate by making collateral verifiable, automating risk management, and allowing specialist underwriters to participate in lending opportunities that would otherwise be inaccessible or economically impractical.
As stablecoins become mainstream financial infrastructure, private credit could become one of the most important bridges between traditional finance and DeFi. The long-term opportunity is a more efficient, transparent, and scalable credit system where tokenized collateral protects lenders, smart contracts enforce financial guarantees, and onchain liquidity flows directly into productive economic activity.
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Untangling Web3 is brought to you by hosts Jack Davies and Alec Burns, with music by Daniel Paigge. Got a question or topic suggestion? Send us an email at theuntanglingweb3podcast@gmail.com.
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The views we express here are our own, and do not represent the views of our employers. Nothing discussed or stated in the show should be considered advice.
