Summary: Tokenized private credit is shifting from quarterly paper workflows to programmable “liquid credit” with on-chain daily NAV, 23c‑3 interval redemptions, and QIB-gated secondary liquidity. Here’s the pragmatic path to ship it in 90–120 days without blowing up compliance or ops.

The Rise of “Liquid Credit”: Tokenizing Private Credit Funds

Target audience: Heads of Product, Fund Operations, and Digital Strategy at private credit managers ($500M–$50B AUM) and their distribution partners (wealth platforms, broker-dealers). Core search terms you own: “23c‑3 interval fund plumbing,” “QIB‑gated ERC‑3643,” “ERC‑7540 async vaults,” “on‑chain NAV (NAVLink/TSSO),” “ATS connectivity (Oasis Pro/Securitize),” “Wormhole/CCIP cross‑chain share classes.”

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HOOK — The headache you’re probably living with
Your team promised distribution a “more liquid” private credit sleeve this year. But three blockers keep killing timelines:

• Interval liquidity that actually works: 23c‑3 mandates 5–25% periodic repurchase windows at NAV with tight disclosure and payment SLAs; retrofitting that logic into legacy transfer agency and batch NAV processes is brittle and error‑prone. (law.cornell.edu)
• Daily NAV on-chain with provenance: your admin can compute NAV, but you need cryptographic proof of source and tamper‑evidence that DeFi and ATS venues can trust. WisdomTree’s CRDT fund and Securitize/RedStone’s TSSO model set the bar. (prnewswire.com)
• Compliance‑safe liquidity: you want QIB‑only secondary and permissioned DeFi collateralization, not a free‑for‑all ERC‑20. That means identity‑aware tokens (ERC‑3643), ATS connectivity, and cross‑chain distribution without breaking transfer restrictions. (erc3643.org)

AGITATE — What’s at risk if you wait

• Missed launch windows and lost shelf space: large allocators are already allocating to tokenized funds with daily NAV and composability. Franklin FOBXX crossed $766M by 12/31/2025 and tokenized Treasuries surpassed $10B by Feb 8, 2026. If your private credit vehicle is still “quarterly statements + PDFs,” you’ll be slotted behind products that settle T+0/T+1 and integrate with venues your clients already use. (franklintempleton.com)
• Liquidity optics driving discounts: the Blue Owl BDC merger coverage showed how public‑market discounts to NAV can spook investors when liquidity structures aren’t clear. “Liquid credit” without operational guardrails risks the same perception gap. (barrons.com)
• Governance and fraud exposure: manual NAV uploads and email‑based cap‑table updates are single‑point failures. If a price or whitelist is compromised, you can create unauthorized holders or mis‑priced redemptions that take months to unwind—exactly the kind of incident that kills RIA confidence.

SOLVE — 7Block Labs’ methodology to ship “liquid credit” safely
We build tokenized private credit funds that behave like your best‑run interval or evergreen vehicles—only with programmable rails. The blueprint below is battle‑tested against live market implementations (BUIDL/Securitize, WisdomTree‑Chainlink NAV, Hamilton Lane SCOPE, Centrifuge JAAA/JTRSY).

1. Share‑class tokens that understand investors (not just balances)

• Token: ERC‑3643 (T‑REX) permissioned shares with on‑chain eligibility checks for QIBs/Accredited/Reg S, jurisdiction rules, lock‑ups, and revocation.
• Why now: regulator‑engaged, industry‑backed adoption; ISO standardization is underway, and the model integrates cleanly with off‑chain KYC attestations (no PII on‑chain).
• Impact: QIB‑only secondary on an ATS, RFQ desks, or permissioned AMMs without ever “leaking” to non‑eligible wallets.
• What we deliver: smart contracts, compliance registry, and admin tools; mapping of your existing TA policy book into contract rules. (erc3643.org)

1. Interval liquidity you can actually operate

• Vault: ERC‑7540 asynchronous vaults layered on ERC‑4626, so deposits/redemptions become “requests” that settle once NAV, wires, and 23c‑3 timing constraints clear.
• Mechanics:
  • requestDeposit/requestRedeem create pending entries;
  • claim windows align with repurchase pricing dates and payment deadlines;
  • programmatic gates implement 5–25% tender limits and early‑withdrawal logic mirrored from board‑approved policies.
• Outcome: investors get a modern UX; ops keeps all the protections of your interval/evergreen framework. (eips.ethereum.org)

1. Daily NAV, cryptographically attested

• Options:
  • Chainlink NAV/DataLink (as used by WisdomTree CRDT) for decentralized, auditable on‑chain NAV.
  • RedStone “Trusted Single Source Oracle” (TSSO) for signed NAV chains with root/derivative keys—ideal when your admin is the authoritative source.
• Hardening: versioned NAV schema, prior‑value constraints, dual‑control key ceremonies, and on‑chain audit trails.
• Outcome: “daily on‑chain NAV” that downstream smart contracts and ATS venues can consume without manual re‑keying. (prnewswire.com)

1. Compliance without data sprawl (ZK + verifiable credentials)

• Approach: regulator‑aligned KYC/KYB off‑chain; on‑chain proofs (Polygon ID/VCs) certify attributes like accreditation, residency, or age; ERC‑3643 checks proofs at transfer time.
• Why it matters: you reduce PII footprint and streamline cross‑border onboarding (MiCA/eIDAS2 in the EU; QIB/Reg D in the U.S.) while keeping your official records with the TA.
• Outcome: “zero PII on‑chain, QIB‑gated transfers,” and an audit path your CCO can defend. (altme.io)

1. Secondary and composability—under your rules

• ATS connectivity: integrations to Securitize Markets/Oasis Pro (now within Ondo) for 144A/QIB‑only secondary; settlement in fiat or stablecoins.
• Permissioned DeFi: s‑class tokens for composability (e.g., sSCOPE), whitelisted money markets, and RFQ liquidity with transfer checks.
• Cross‑chain: CCIP/Wormhole for multi‑chain distribution while preserving compliance checks at the asset layer.
• Outcome: “ATS‑listed, DeFi‑aware” units where each transfer still respects your whitelist and interval policies. (coindesk.com)

1. Operations and reporting the business will trust

• What changes: subscriptions and redemptions become messages, not tickets; the TA remains the record of truth; pricing, whitelists, and caps are event‑sourced on‑chain.
• What stays: your fund admin, custodian, and control environment; we just replace manual hops with programmable hooks and “audit‑ready event logs.”

PROVE — This is where the market already is in 2025–2026

• Tokenized cash management set the standard: BlackRock’s BUIDL crossed $1B in AUM (Mar 13, 2025), is now accepted as off‑exchange collateral on Binance, and runs across multiple chains—proof that tokenized funds can be both compliant and useful. (prnewswire.com)
• Real NAV on‑chain for private credit: WisdomTree’s CRDT publishes NAV on Ethereum via Chainlink; the exact pattern you need for interval redemptions and composability. (prnewswire.com)
• Daily NAV + composability for private credit access: Hamilton Lane’s SCOPE feeder went multichain with Wormhole, added daily NAV via RedStone, and introduced sSCOPE for regulated DeFi use—direct precedent for “liquid credit” done right. (finance.yahoo.com)
• Institutional alternatives on‑chain: Janus Henderson’s AAA CLO strategy (JAAA) is integrated into Centrifuge/Aave Horizon and used as DeFi collateral alongside tokenized treasuries—showing high‑grade credit working as programmable building blocks. (centrifuge.io)
• The market is bigger than “crypto”: tokenized Treasuries exceeded $10B (as of Feb 8, 2026); Franklin’s FOBXX passed $766M by 12/31/2025 and supports P2P transfers; allocators like ArbitrumDAO deploy treasury into tokenized MMFs at scale. (app.rwa.xyz)

What “good” looks like in 2026 (practical specs you can ship)

• Token design
  • ERC‑3643 share classes (A/Inst/144A/Reg S) with jurisdictional policies and revocation.
  • Transfer manager that enforces 23c‑3 blackout windows during tenders. (erc3643.org)
• Liquidity rails
  • ERC‑7540 requests for deposits/redemptions; board‑set monthly capacity (e.g., 7.5–10%); pro‑rata fills when oversubscribed.
  • On‑demand redemption buffer (e.g., 3–5% of NAV) with AMM/RFQ backstop for small tickets—mirroring live patterns used in tokenized feeders. (eips.ethereum.org)
• NAV and pricing
  • Daily NAV on‑chain by 3:30 p.m. ET; TSSO‑style signatures chained with previous updates; circuit‑breakers if delta >X bps.
  • Admin reconciliation hooks to roll back to last‑good NAV if a feeder’s oracle is stale. (coindesk.com)
• Distribution and secondary
  • Primary subscriptions via your portal; 144A secondary on an ATS (Oasis Pro/Securitize) with stablecoin or fiat settlement.
  • Optional whitelisted money‑markets to borrow against shares at conservative LTVs (Aave Horizon pattern). (oasispromarkets.com)
• Risk and monitoring
  • Default and impairment analytics surfaced to investors (Proskauer’s default index shows why transparency matters as rates shift: 1.76% in Q2’25 → 2.46% in Q4’25).
  • Automated disclosures during tender windows (23c‑3 timing and amounts). (proskauer.com)

Emerging best practices (adopt these in your RFPs)

• Require ERC‑7540 for any RWA vault with non‑instant settlement. It’s the only standard that cleanly models bank wires, TA checks, and NAV timing without breaking composability. (eips.ethereum.org)
• Use ERC‑3643 for share tokens; do not rely on off‑chain whitelists alone. Make the contract the gatekeeper. (erc3643.org)
• Choose an oracle pattern that matches your governance: decentralized (Chainlink NAV/DataLink) or single‑source (RedStone TSSO) with dual keys, thresholds, and public audit trails. (prnewswire.com)
• Make ATS connectivity non‑negotiable for U.S. secondary (Oasis Pro/Securitize). List the venue and settlement options (fiat/stablecoins) in your SOW. (oasispromarkets.com)
• Ship cross‑chain the right way: one canonical share registry, bridge only wrapped “access” representations through CCIP/Wormhole; all transfers still call your ERC‑3643 checks. (blog.chain.link)

Two concrete architectures we implement

A) 40‑Act Interval Fund (23c‑3) “on programmable rails”

• Use case: U.S. accredited/retail via interval structure; periodic repurchases; fund admin is system‑of‑record.
• Stack:
  • ERC‑3643 share tokens with 23c‑3 blackout enforcement;
  • ERC‑7540 vault for request/claim flows;
  • Chainlink NAV for daily price;
  • ATS listing for secondary between windows (if permitted);
  • FIAT and stablecoin rails at the ATS/custodian.
• Benefit: “23c‑3‑compliant interval liquidity” with modern UX and cryptographic audit trails. (law.cornell.edu)

B) 144A QIB‑only Evergreen Private Credit Feeder

• Use case: QIB distribution to institutions and platforms needing composability (treasury, collateral, repo‑like use) without retail leakage.
• Stack:
  • ERC‑3643 (QIB policy) + s‑class composability token;
  • RedStone TSSO for daily NAV sourced from your admin;
  • ATS for 144A secondary;
  • Whitelisted money markets (Aave Horizon) for collateralization;
  • Cross‑chain presence via Wormhole with canonical registry on mainnet.
• Benefit: “QIB‑gated daily‑NAV credit” that plugs into DeFi liquidity and institutional venues. (coindesk.com)

Why 7Block Labs
We bridge Solidity/ZK and fund operations so your PMs, counsel, and distribution teams stay aligned. We scope, build, and harden production systems—not pilots that die in procurement.

• Product and protocol build: smart‑contract engineering for ERC‑3643/4626/7540, NAV oracles, ATS connectors, and cross‑chain share classes. See our smart contract development and asset tokenization.
• Platform and integration: investor portals, TA/admin system hooks, custody, and ATS workflows. See blockchain integration and web3 development services.
• Security and audits: pre‑audit design reviews, formal property testing (interval limits, gate logic, whitelist revocation), and coordination with external auditors. See security audit services.
• Cross‑chain and liquidity: CCIP/Wormhole integrations, permissioned AMMs, RFQ bridges to ATS venues. See cross‑chain solutions development and blockchain bridge development.
• GTM support: packaging PPM/disclosures with on‑chain mechanics, demos for platforms/allocators, and co‑selling with custodians and ATSs. See custom blockchain development services and dApp development.

Practical examples we’ll replicate and adapt

• Daily on‑chain NAV with ATS‑ready feeds (WisdomTree CRDT + Chainlink). (prnewswire.com)
• QIB‑gated multichain feeder with on‑demand liquidity buffers (SCOPE sSCOPE + RedStone daily NAV + Wormhole). (coindesk.com)
• Investment‑grade credit as DeFi collateral (JAAA/JTRSY on Aave Horizon, Falcon). (centrifuge.io)
• Market context for risk: private credit default rates oscillating 1.76%–2.46% through 2025; build impairment dashboards that match what LPs read. (proskauer.com)

ROI and procurement outcomes you can defend to the IC

• Faster time‑to‑first‑close: subscriptions settle on-chain as soon as KYC clears; NAV and share issuance are event‑driven, not batch‑driven.
• Reduced operational risk: “tamper‑evident NAV,” immutable cap‑table events, and programmatic 23c‑3 gates.
• Distribution unlocks: ATS secondary plus permissioned DeFi collateralization widens the addressable pool without opening retail exposure.
• Data advantage: investors see real‑time tender capacity, queue status, and next pricing date—less back‑and‑forth, fewer cancellations.

Market momentum is with you

• Tokenized funds are no longer pilots: BUIDL >$1B AUM, cross‑chain, and exchange‑collateral‑eligible; Franklin/Janus/WisdomTree and DAOs are already allocating.
• Tokenized Treasuries crossed $10B; CLOs and private credit are live building blocks (JAAA on DeFi). This is the moment to show your LPs a private credit product that feels like their best MMF experience—without losing any controls. (prnewswire.com)

A note on risk governance

• Keep the TA as the record of truth; make the chain the distribution/control plane.
• Demand dual‑control key ceremonies and signed NAV chains (TSSO) or decentralized providers (Chainlink DataLink) with embedded thresholds.
• For EU distribution, align onboarding to MiCA guidance and eIDAS2‑style reusable credentials; for U.S., stick to 144A/QIB and interval disclosures. (esma.europa.eu)

Final thought
“Liquid credit” isn’t marketing—it’s engineering. The winners will ship interval‑grade controls, daily on‑chain NAV, and QIB‑safe liquidity before mid‑year.

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CTA — If you’re the Head of Product or COO at a U.S. private credit manager planning a 23c‑3 interval feeder or 144A QIB vehicle and you must demo “daily on‑chain NAV + interval redemptions + ATS secondary” to your IC by April 30, 2026, engage us for a 3‑week architecture sprint: we’ll deliver a sandbox with ERC‑3643 share classes, ERC‑7540 vault flows, and a live NAV oracle wired to your fund admin—plus an ATS integration plan your counsel will actually approve. Explore our asset tokenization and blockchain integration offerings to start.