Brila Finance x SPICE Credit: $1M Vault Deposit Cap Reached
The global private credit market is $1.7 trillion. Most of it is illiquid, opaque, and gated behind institutional relationships. On-chain private credit is beginning to change that: $3.2 billion outstanding as of March 2026, up 180% year-over-year, with $33.66 billion in cumulative originations tracked by RWA.xyz.
The new SPICE Credit Vault seeded by Brila RWA just hit its cap: $1M TVL at 14.25% net of fees — over 3x the risk-free rate, and competitive with what traditional private credit funds charge for access most investors never get.
That yield isn't free. Lenders choose between SPICE-protected positions or unprotected ones offering higher gross yield alongside full credit risk. The structure parallels senior and junior tranches in TradFi — but replaces periodic, opaque reporting with continuous on-chain risk visibility and pricing.
SPICE's autonomous underwriting engine introduces a decentralized credit default swap. Borrowers post slashable liquidity as a global reputation stake — accountability that follows them across all DeFi lending relationships. The result is a market-priced insurance layer that converts raw credit exposure into a risk-managed position.
Combined with Accountable's Data Verification Network, the vault is built on verifiable data rather than disclosure alone. Cryptographic attestations verify borrower disclosures, fund movements, and milestone claims directly on-chain. Trust derived from transparency and design, not promises.
We seeded it with 100k USDC.
We're opening an additional SPICE Credit vault on Ethereum Mainnet for community members who wish to participate in future opportunities.
Terms and conditions apply. Vault caps to be announced.
