Unlocking Institutional-Grade Credit Liquidity: How Multichain Interoperability is Reshaping Private Markets

The institutional-grade tokenized credit market is undergoing a seismic shift. By Q2 2025, tokenized real-world assets (RWA) have surged to $25 billion, with tokenized private credit alone valued at $14.7 billion. This growth is not merely a function of yield-seeking capital but a systemic reengineering of how liquidity, transparency, and scalability operate in private markets. At the heart of this transformation lies multichain interoperability—a technological and regulatory leap that is dissolving the barriers between traditional finance and blockchain-based infrastructure.

The Liquidity Bottleneck in Private Markets

Private credit, real estate, and infrastructure have long been plagued by illiquidity. Investors are often locked into 5- to 10-year terms, with secondary markets constrained by opaque pricing and fragmented custodianship. Tokenization alone—breaking assets into programmable digital tokens—does not solve these issues. It is the integration of multichain interoperability protocols that unlocks true liquidity.

Take the case of the Senior Credit Opportunities Securitize Fund (SCOPE Access Fund), a tokenized feeder fund backed by Hamilton Lane's $958 billion private credit portfolio. By leveraging Wormhole's cross-chain infrastructure, this fund now operates on Ethereum and Optimism, enabling real-time subscriptions, on-demand redemptions, and 24/7 trading. The result? A private credit instrument that behaves like a liquid security. Wormhole's role is emblematic: it has become a bridge between traditional asset managers and decentralized finance, managing $3.5 billion in multichain tokenized assets under management (MTAUM).

The Scalability Play: Breaking Chain Silos

Private markets thrive on access to diverse capital pools. Yet, until recently, tokenized assets were trapped in single-chain ecosystems, limiting their utility. Multichain interoperability protocols like Zoniqx's DyCIST and Wormhole are changing this. These platforms enable seamless asset transfers across chains while maintaining compliance with regulatory frameworks such as the U.S. SEC's DLT exemptions and Singapore's CRS 2.0.

For example, Zoniqx's TALM protocol automates tokenized asset lifecycle management, allowing institutions to issue, trade, and settle credit tokens on Ethereum, Solana, or Avalanche. This cross-chain flexibility is critical for scalability. Consider Apollo's ACRED tokens, which now integrate with DeFi platforms like Morpho and Kamino. By leveraging cross-chain liquidity, Apollo has created leveraged strategies that amplify yields from tokenized private loans—a feat impossible in traditional siloed markets.

Institutional Trust and Infrastructure

The skeptics of tokenized credit often cite custody and compliance as barriers. Here, again, multichain interoperability is proving transformative. Major custodians like BNY Mellon and JPMorgan are now offering blockchain-based custody solutions, ensuring that tokenized assets remain secure and compliant across chains. This institutional backing is a game-changer.

For instance, Franklin Templeton's BENJI tokenized money market fund operates across Ethereum and Base, with JPMorgan handling custody. This hybrid model combines the speed of blockchain with the trust of legacy institutions. Similarly, BlackRock's BUIDL fund—tokenizing U.S. Treasuries—has expanded to multiple chains, reducing settlement times from days to seconds.

The Data-Driven Case for Investors

The numbers tell a compelling story. Tokenized private credit now constitutes 61% of total RWA tokenization, with yields in the 4–10% range (compared to 2–3% in traditional fixed income). Cross-chain bridges have reduced liquidity fragmentation, enabling secondary market trading of tokenized assets. For example, Centrifuge's tokenized invoice financing now settles on Ethereum and ZKSync, attracting a broader investor base.

Strategic Investment Insights

For investors, the key takeaway is clear: interoperability is the new infrastructure layer for institutional-grade tokenized credit. Here's how to position capital:
1. Prioritize platforms with multichain capabilities: Firms like Wormhole, Zoniqx, and Securitize are foundational. Their ability to bridge chains ensures liquidity and scalability.
2. Target tokenized private credit funds with cross-chain exposure: Funds like SCOPE Access and ACRED offer both yield and programmable liquidity.
3. Monitor regulatory developments: The U.S. GENIUS Act and Hong Kong's LEAP framework are shaping the next phase of growth.

The future of private markets is not in siloed blockchains or legacy systems but in their fusion. Multichain interoperability is the glue. As Deloitte forecasts $4 trillion in tokenized real estate by 2035, the winners will be those who embrace this convergence—today.

Final Note: The next bull market in institutional finance will be defined not by single-chain dominance but by ecosystems that span chains. For investors, the time to act is now.