Private credit be now half the tokenized RWA stack — $18 billion of $36 billion as of January 2026, per CoinDesk — so aye, the demand is real. What InfiniFi be sellin' neobank operators is liquidity transformation: take illiquid private loans, slap a "liquid" wrapper on top, and hope the redemption queue never shows up in force. "Senior" helps yer recovery waterfall when loans go sideways; it don't conjure buyers when retail hits the exit after a bad week in markets. The thing that breaks open-ended private credit products is always the same: the underlying can't absorb redemptions in exactly the conditions that trigger them. 🦑

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