Dubai, UAE, July 2026 – Cointelegraph Research and 8lends have released a joint study on the estimated €39 billion annual funding gap facing small and medium-sized enterprises across Europe.
The new report, “The SME Private Credit Gap: What Most RWA Investors Are Missing,” examines why many European SMEs still have difficulty securing funding from banks and large private credit providers. The study also considers whether onchain private credit can widen access to SME loans when onchain distribution is paired with regulated underwriting and locally enforceable collateral claims.
Europe’s SME credit shortage deepens
Bank lending to smaller businesses has remained under pressure since the global financial crisis. New SME lending in the European Union declined by a further 12% in 2023 amid higher interest rates and economic uncertainty.
Meanwhile, demand for tokenized real-world assets has grown rapidly. Excluding stablecoins, onchain RWAs increased from approximately $2.7 billion in January 2024 to around $30 billion by April 2026. Private credit accounted for roughly $6.1 billion.
Retail access remains limited. Accredited investor rules and high minimum allocations exclude many participants, and geographic restrictions create another barrier. Centrifuge’s ACRDX product, for example, requires a minimum investment of $500,000 and limits participation to non-US accredited investors.
A hybrid route to retail private credit
The structured-access hybrid model separates onchain capital flows from the regulated work behind each loan. Investors fund opportunities in USDC through smart contracts on the Base blockchain. Maclear AG verifies borrowers, assesses more than 40 credit criteria, inspects collateral where required and structures the legal claim.
Each approved loan receives a rating ranging from AAA to D. Collateral may include real estate, vehicles, industrial equipment, inventory and cash reserves. Loan agreements specify the assets, which are recorded in relevant local registries where applicable.
When a campaign is fully funded, the smart contract sends the capital to the borrower. Repayments then flow directly to investors’ wallets.
Loans that miss a payment enter a 30-to-60-day workout period. Buyback-designated positions may be repurchased after 60 days, subject to the financial strength of the BuyBack provider. Other cases proceed to collateral recovery through the borrower’s local legal system.
8lends provides the retail-facing layer of the model. The platform distributes loans originated and underwritten by Swiss financial intermediary Maclear AG, with investments starting at 100 USDC.
Operating metrics from the 8lends platform show steady traction:
- Maclear had originated approximately €118.9 million in SME loans as of June 2026.
- By June 2026, Maclear’s wider portfolio had returned €27.4 million in principal and distributed €10.4 million in interest to investors.
- Since 8lends launched in March 2025, around $15.4 million in USD/USDC-equivalent volume has been distributed onchain through the platform.
- Of that onchain volume, 5.79 million USDC, or 38%, has been repaid. Another 9.61 million USDC remains in active credit.
- 8lends has served 2,143 investors, with investments starting at 100 USDC.
Maclear’s wider lending portfolio had returned €27.4 million in principal by June 2026. A further €10.4 million in interest had been distributed to investors.
What gives tokenized credit its value
A token records ownership and settles transactions quickly. Its economic value rests on whether the underlying claim can be enforced when a borrower defaults.
Prospective investors should review the loan originator, collateral valuation, repayment servicer and party responsible for recoveries. Blockchain records show where funds move. Legal documents determine what investors can claim after a default.
The full Cointelegraph Research summary is available here. The complete report can be accessed through the publication.
About Cointelegraph
Founded in 2013, Cointelegraph is the leading independent publication covering blockchain technology, crypto assets and emerging fintech trends. Its global team of journalists, researchers and analysts provides in-depth news, market analysis and research reports trusted by millions of readers worldwide. Cointelegraph Research offers data-driven insights into the crypto economy through comprehensive industry reports and institutional-grade analysis.
About 8lends
8lends is the retail-facing Web3 interface for Maclear AG, which is a Swiss-registered financial intermediary founded in 2020 and operating as a PolyReg member under FINMA supervision. 8lends functions as the distribution and settlement layer for loans that Maclear originates and underwrites.
It uses Web3 infrastructure to make private investing simpler, more transparent and more accessible — without banking bureaucracy and unnecessary intermediaries.
Media contact
Vadim K
PR Manager at 8lends
pr@8lends.io
