Credit surveillance for tokenized private credit
You can see the yield. Can you see what's underneath it?
Tokenized credit pools publish TVL and APY — not borrower concentration, covenant drift, or how the collateral behaved last month. Tapewatch runs continuous, loan-level AI surveillance on tokenized credit and publishes machine-readable risk signals you can act on before the pool does.
| loan_id | obligor | balance | dpd | sector |
|---|---|---|---|---|
| L-0398 | OBL-0154 | 2,850,000 | 0 | payroll adv. |
| L-0412 | OBL-0217 | 6,350,000 | 0 | BNPL |
| L-0431 | OBL-0217-A | 4,880,000 | 0 | BNPL |
| L-0457 | OBL-0217-B | 3,770,000 | 31 | BNPL |
| L-0460 | OBL-0233 | 1,900,000 | 0 | invoice fin. |
| L-0472 | OBL-0241 | 3,120,000 | 0 | payroll adv. |
Ratings stop at issuance. Risk doesn't.
The incumbents rate the wrapper and the flagship funds, once. Tapewatch watches the loans — every week, across every pool you hold or curate.
Flagged week
Loan-level surveillance
Servicer tapes, originator disclosures, and on-chain flows, reconciled continuously. Concentration, delinquency migration, borrower overlap across pools — surfaced, not buried in a PDF.
Covenant drift alerts
When a pool's actual composition walks away from its stated mandate, you hear it from us first — email, Telegram, or on-chain feed.
Machine-readable ratings
Risk marks published as an oracle feed your vault, protocol, or risk system can consume programmatically. Built for curators, not just committees.
What a Monitor entry looks like
An illustrative sample of the format: each pool checked against its stated mandate, with one signal. The Monitor covers 8–12 public tokenized credit pools a month, free, because you shouldn't have to trust a rating you can't inspect.
| Pool | TVL | Stated mandate | Finding | Signal |
|---|---|---|---|---|
| Pool AFintech receivables | $142M | ≤5% single-borrower | Top borrower reached 11.8% via affiliated entities | DRIFT |
| Pool BEquipment finance | $88M | Senior secured only | Composition consistent; DSCR stable q/q | CLEAN |
| Pool CSMB term loans | $64M | 90d+ delinq ≤3% | Delinquency migration accelerating in 30–60d bucket | WATCH |
The Tokenized Credit Monitor
Free, monthly, independent. 8–12 pools torn down to the loan level. Read it before you allocate — or before someone asks why you didn't.
- i.8–12 public pools, each checked against its stated mandate
- ii.Signal per pool: clean, watch, or drift
- iii.Methodology notes
Subscribe · free
Private surveillance & ratings
For curators and allocators who need more than the public Monitor.
Monitor
- Monthly public teardown of 8–12 pools
- Methodology notes
- Community access
Pool Surveillance
- Deep teardown of any pool you name
- Loan-level findings memo in 5 business days
- Continuous surveillance from $2,500/pool/mo
Rated
- Issuer-sponsored rating + ongoing surveillance
- Published methodology, machine-readable feed
- For pools raising their next tranche