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Many people think the RWA problem is solved once the rules are encoded in a smart contract
But that’s not the case
Smart contracts only lock in execution
They don’t lock in the truth of the inputs
In private credit, the main bottleneck lies in the determination layer:
Who retrieves the data
Who evaluates the covenants
Who verifies the results are valid without exposing sensitive data
If borrower data is still manually pushed by parties with incentives, that’s not trustless
it’s just trust in new packaging
What’s needed isn’t just asset tokenization
but a layer that can produce verifiable truth:
data is retrieved directly
evaluations are run in a confidential environment that can be attested
custom covenants are translated into logic that’s truly executable
Without that, on-chain private credit is just wrapping old opacity in new rails
immutable rules
unverifiable inputs
that’s not innovation
that’s trust with an extra step.
Rialo@RialoHQ
Smart contract enforcement fixes the rules, but it doesn’t fix the truth. We need a determination layer that bridges the verification gap while keeping inputs private. @soumeya from Subzero shared a writeup on the complexities of bringing private credit on chain.
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