🔎 RESEARCH: Tokenizing private credit changes the rails, not the credit itself. European SMEs face a persistent funding gap, but bringing their loans onchain does not remove the need for borrower assessment, tangible collateral and legal recovery. Across leading protocols, active loan books range from roughly $16M to $2.22B, while yields, sector exposure, fees and default histories vary widely. Cointelegraph Research examines which crypto credit structures can realistically serve SMEs and where access, underwriting and enforcement still fall short. The @eightlends and Maclear AG case study looks at what tokenization changes, and what it does not: https://s3.cointelegraph.com/reports/8lends_report.pdf(Cointelegraph)