Tokenized private credit is already a multibillion-dollar market, but the exact size depends on how you measure it. → Distributed value puts it near $7B → Represented value pushes it closer to $35B Those are vastly different numbers, yet both represent less than 1% of the $3T+ traditional private credit market that has moved onchain. Maple and STOKR currently control roughly 40% of the tokenized market, with Centrifuge, Securitize, and Hastra accounting for much of the rest. Now the @Official_Axil Credit Vault is entering that race on @pharos_network: → $100M USDC capacity → 14%+ APY → Yield backed by real loan performance → @R25Official connecting onchain capital to the offchain credit book The bigger question over the next 12 months is where the next wave of growth lands. Tokenized credit has consistently grown by more than 70%, but will new RWA-focused chains and vaults start taking share from incumbents like Maple and Centrifuge? Or does distribution keep compounding for the platforms that arrived first?