Credefi × Brickken: Permissionless Lending for Real-World Assets

The asset tokenization platform Brickken and the decentralized credit protocol Credefi announced on July 28, 2025, a strategic partnership marking a major step forward in the convergence of regulated tokenization and decentralized finance. From now on, holders of shares or tokenized bonds issued via Brickken can use these assets as collateral to borrow USDC directly on Credefi, through a permissionless, peer-to-peer, and non-custodial mechanism.

Specifically, this means no institutional intermediary intervenes in the process: no approval desk, no trusted third party, no centralized arbitration. The loan terms (amount, duration, rate) are freely defined between borrower and lender, and all flows pass through autonomous smart contracts, ensuring the collateral is held until repayment or liquidation. All within a framework compliant with European regulatory requirements (MiCA, MiFID), ensured upstream by Brickken.

From tokenization to liquidity: what really changes

Until now, most tokenized securities were subject to a custodial logic, or even passive speculation. By making these assets mobilizable as collateral, the Brickken–Credefi integration offers a new tangible utility to tokenization: obtaining liquidity without giving up the asset, while retaining control over the loan parameters.

On the lender side, this system provides access to returns backed by real assets (equity tokens or bonds), instead of being exposed only to volatile tokens or those disconnected from tangible economic value.

The solution remains entirely decentralized: no custodians, no centralized decisions, and automated repayment through smart contract.

Why Credefi and Brickken made sense

• Brickken built a token-as-a-service chain: KYC, securities registry, MIFID/MiCA compliance, a layer that asset holders favor to issue equity tokens or debt tokens without hacking the regulation.
• Credefi, on its side, specializes in decentralized credit backed by RWAs (invoices, SME loans, private bonds) and already operates rated, controlled, and insured pools in Europe.

The alliance thus relies on two complementary expertise: compliance and tokenization (Brickken) on one hand, risk management and loan marketplace (Credefi) on the other. Together, they transform a “compliant” security into liquid collateral usable wherever USDC is accepted. 

A step towards an organic secondary market?

The real question is: will investors follow? The first volumes will tell if the model appeals:

Indicator	Why it matters
Amount of collateral deposited	Measures the appetite of issuers to immobilize their equity token.
Volume of USDC loans made	Gives the real depth of the market and the efficiency of rate discovery.
Secondary spread on tokenized RWAs	The more the loan liquefies liquidity, the narrower the buyer-seller spread should become.

Facing these first challenges, the founders of both companies express their confidence: ” We prove that tokenization is not limited to creating a digital twin; it is about unleashing utility, autonomy, and liquidity“, summarizes Edwin Mata, CEO of Brickken. 

Reasonable points of caution

Like any permissionless system, the setup remains exposed to several challenges:

• Asset valuation depends on the latest available assessments, without real-time oracle.
• P2P matching is based on direct supply and demand, without a pooled pool, a lender still needs to respond to each offer.
• Legal implications may vary by jurisdiction, notably outside the EEA.

Identified limits, but expected at this stage of maturity. The whole remains solid, functional, and already represents a significant breakthrough in integrating tokenized assets into decentralized finance.

Towards a new generation of decentralized loans

By allowing a compliant tokenized share to become DeFi collateral without permission, Brickken and Credefi fill a structural void: the absence of liquidity for tokenized assets.

If they manage to attract a steady flow of loans and prove the quality of servicing (repayments, clean liquidations, transparent reporting), the integration could well serve as a reproducible model for other asset classes: fractional real estate, infrastructure debts, or industrial receivables. 

For now, the market finally has a full-scale testing ground, where DeFi and compliant RWAs can interface freely, without major entry barriers.