by Canadian Artist Matt Vegh 
New Bottles for Very Long-Stored Vinegar: The Delusion of Tokenized Private Credit
Why wrapping risky debt in a digital blanket won't save you when the borrower stops paying.
Marcus Thornewood deconstructs the 'Real Yield' narrative, arguing that tokenized credit lacks the physical enforcement and legal rigor required to survive a true default cycle.
Marcus Thornewood
May 29, 2026
5 min