🔎 RESEARCH: Most RWA discussions focus on issuance. But for private credit, the harder question is enforcement. Can investors recover funds if the borrower defaults?

If the answer depends only on a token, the structure is incomplete. Credit still lives in legal systems. Eightlends tested this directly.

Its parent, Maclear AG, recorded one default: an Italian company called Vibroedil, which entered insolvency in July 2025 after receiving a €150,000 loan. In no time, collateral recovery under Italian pledge law fully covered investors’ principal.

That is the difference between a token and an enforceable claim.

Read more insights: 👇

https://s3.cointelegraph.com/repo...
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