Percent launches PCTX, an electronic trading venue for institutional private credit.
RWA & Tokenization ·
Percent has launched PCTX, described as an electronic trading venue designed for institutional private credit markets. The platform aims to address liquidity constraints in an asset class traditionally characterized by illiquid, bespoke loan agreements negotiated between private funds and borrowers outside public markets.
Private credit has expanded beyond corporate direct lending to encompass asset-based finance, real estate credit, and infrastructure debt, all sharing non-bank, non-public provision and relative illiquidity. As this trillion-dollar market segment moves onchain through tokenization and other mechanisms, private credit is emerging as a bridge between traditional finance and decentralized finance, with institutional investors—pension funds, insurance companies, and sovereign wealth funds—seeking higher yields and portfolio diversification through these channels.
The specific operational mechanics of PCTX and the range of credit instruments it will support remain unclear from available detail. Percent's positioning in the broader wave of tokenized real-world assets and onchain private credit infrastructure, and how PCTX will integrate with existing DeFi collateral and lending markets, have not been fully elaborated.