8lends and Cointelegraph Research release report on addressing Europe’s €39B SME funding gap with onchain private credit
In a joint report, Cointelegraph Research and 8lends examine Europe's €39 billion annual SME funding gap. The study explores how onchain private credit, using a hybrid model, can widen access to loans. This model separates onchain capital distribution via smart contracts (e.g., on Base blockchain) from regulated underwriting and collateral management by Swiss intermediary Maclear AG.
Since the 2008 financial crisis, traditional bank lending to SMEs has declined. Meanwhile, tokenized real-world assets (RWAs) have grown rapidly, with private credit reaching about $6.1 billion by April 2026. However, retail access is often limited by high minimums and investor rules.
The structured-access model allows investments starting at 100 USDC on the 8lends platform. Maclear handles origination, credit assessment, and collateral (like real estate or equipment), assigning loan ratings. Upon funding, capital is sent to borrowers via smart contract, with repayments flowing directly to investors.
Operational data shows traction: Maclear originated ~€118.9 million in SME loans by June 2026. Since its March 2025 launch, 8lends has distributed ~$15.4 million onchain, with 38% already repaid, serving over 2,100 investors.
The report emphasizes that the value of tokenized credit depends on the enforceability of the underlying legal claim and collateral in case of default.
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