The effort is being run jointly by the New York Fed’s Open Market Trading Desk and the Dallas Fed’s Research Department. Why private credit is the Fed’s blind spotPrivate credit has exploded in recent years for a straightforward reason: banks pulled back. Tighter regulations pushed traditional lenders away from certain types of loans, and private credit funds were more than happy to fill the vacuum. Tokenized private credit has been a growing segment of the real-world asset (RWA) tokenization trend, which has attracted significant institutional attention. If the Fed’s survey results reveal tightening lending standards or deteriorating credit quality in private credit, that has direct implications for DeFi protocols that underwrite or tokenize these loans.