'$6 billion is trying to get out' of private credit, says Metagood COO

Michael Saylor spent part of his Digital Asset Summit keynote pitching "digital credit" as the next billion-dollar finance story.

One floor away at the same conference, Metagood co-founder and COO Amanda Terry was making a quieter, more specific version of the same case. Private credit is broken, and tokenization is the fix.

Speaking with TheStreet Roundtable, Terry pointed to a number that has been circulating through traditional finance for weeks.

"I was just reading the news article here that there's over $6 billion in private credit that's trying to get out right now," Terry said.

Related: WisdomTree exec says tokenization could do to ETFs what ETFs did to mutual funds

Why private credit is ripe for tokenization

Private credit is a fast-growing corner of finance where non-bank lenders make loans to companies that cannot or do not want to borrow from banks.

It is illiquid by design. Once an investor is in a fund, getting out on short notice is difficult. That illiquidity has become a headline risk in 2026, with managers including Blue Owl and Goldman Sachs brushing up against redemption caps.

"Tokenization, to say it very simply, is a way of fractionalizing ownership," Terry said.

For private credit, that unlocks two things. Investors get access to deals that used to require being a large limited partner in a fund. And issuers, if they choose to allow it, can offer a way out through secondary trading that runs outside traditional business hours.

"(Tokenization) enables 24/7 real-time trading (and) opens up access to global markets as well that were not available before," Terry said.

Real world assets rapid growth

The broader tokenized RWA market has ballooned from roughly $1 billion to $28 billion in three years. Tokenized funds such as BlackRock's BUIDL and Franklin Templeton's OnChain U.S. Government Money Fund now account for more than half of that total.

Tokenized private credit, the segment Metagood is built around, sits at about $19 billion of active on-chain value, with cumulative loan originations of roughly $33 billion.

Terry named BlackRock, Franklin Templeton, State Street, and Fidelity as the firms "really leading the charge."

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The International Monetary Fund gave the thesis an institutional stamp earlier this month, calling tokenization a "structural reconfiguration" of financial architecture rather than a marginal efficiency upgrade. Consulting firm McKinsey projects the RWA tokenization market could reach $2 trillion by 2030.

Metagood, founded in 2021, says it is in active talks with large transfer agents, funds, and private credit issuers. 

If tokenized private credit delivers on even half of what Terry is describing, the gate that has kept ordinary investors out of one of Wall Street's highest-yielding asset classes starts to come down. 

The catch is that issuers still control who gets to trade and when. Permissioning is a feature, not a bug.