SemiLiquid

SemiLiquid is an on-chain platform for institutional private credit, using a PCP model to connect off-chain credit assets with on-chain settlement so qualified investors can access private loans that were previously hard to trade. It targets the difficult transfer of private credit tranches and slow counterparty settlement: the platform requires tokenized assets to remain in custodian custody at all times, with investors holding only on-chain certificates of entitlement, and segregated-address locks make fund flows traceable; underlying loan contracts execute under the GMSLA framework, with regulated custodians such as Zodia auto-executing on trigger. Order matching and tranche registration are written into contracts, and settlement uses stablecoins.

In the RWA credit track it divides labor cleanly with treasury-tokenization schemes: the latter anchor public rate products while SemiLiquid anchors cash flows from inter-institutional private loans. In practice, asset managers bring loan pools on-chain, investors subscribe after KYB and accredited-investor verification, and interest is paid per contract cycle by the custodian. By delegating execution to regulated custodians, the asset types and investor scope it can serve remain bound by each region's private securities distribution rules.