▼On-Chain Credit Moves From Collateral to Cash Flow

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 36 · -2 since Sep 13 · ranged 36 to 38

Showing the last few days. Unlock full score history.

Why the conviction moved

• Sep 10
  Strengthened +4

  Tether is moving into private credit, deploying reserve-scale balance sheet against real borrower cash flows rather than crypto collateral. The largest stablecoin issuer becoming a private-credit lender puts the reserve pool itself behind receivables underwriting, concentrating that new credit channel in a single issuer.

• Sep 9
  Strengthened +7

  Visa is opening VisaNet settlement records to on-chain lenders so they can underwrite the issuers financing stablecoin cards, as its stablecoin settlement volume passed a $20 billion annualized run rate, a fifteenfold year-over-year increase. A card network supplying the payment history directly is the mechanism the thesis describes — credit priced on verified receivables — and it concentrates the underwriting input inside a single incumbent data provider.

Source trail

• Supporting · September 10, 2026

  Fidelity Expands Its Dollar Token as Tether Moves Into Private Credit and Block Seeks a Bank Charter

  Tether is moving into private credit, deploying reserve-scale balance sheet against real borrower cash flows rather than crypto collateral. The largest stablecoin issuer becoming a private-credit lender puts the reserve pool itself behind receivables underwriting, concentrating that new credit channel in a single issuer.

  CoinDesk

• Supporting · September 9, 2026

  Visa Opens Its Settlement Data to Blockchain Lenders Financing Stablecoin Cards

  Visa is opening VisaNet settlement records to on-chain lenders so they can underwrite the issuers financing stablecoin cards, as its stablecoin settlement volume passed a $20 billion annualized run rate, a fifteenfold year-over-year increase. A card network supplying the payment history directly is the mechanism the thesis describes — credit priced on verified receivables — and it concentrates the underwriting input inside a single incumbent data provider.

  CoinDesk