XBTO, Obligate, and IQ-EQ launch onchain private credit solution
02 July 2026 France
Reporter: Matthew Challis
Image: phive2015/stock.adobe.com
XBTO, a digital asset investment firm, Obligate, a capital markets platform, and IQ-EQ, a provider of investor services, have completed the native digital issuance of eNotes, tokenised short-term corporate debt instruments.
eNotes are initially created as digital securities and recorded on the Ethereum blockchain before being issued through the Obligate platform, a blockchain-based debt capital markets network.
The tokenised debt instruments are built on DFNS, a core banking platform and wallet-as-a-service infrastructure, which also provides the key security and policy-based governance.
Eiffel Investment Group acted as investment advisor to the underlying private credit strategy, which offers exposure to a pool of short-term real asset-backed financings throughout the UK, Germany, Spain, and Ireland, dedicated to professional investors.
The framework links onchain institutional investor subscriptions and the asset-backed loan financings, which are created by Fiduciam and advised by Eiffel Investment Group.
Subscriptions are processed natively in EURC, Circle's euro-pegged stablecoin, via smart contracts, before being converted into fiat currency and deployed into the underlying portfolio.
The issuance was conducted through a Luxembourg securitisation vehicle, with IQ-EQ acting as a corporate service provider and calculation agent.
Advising on the legal structuring and documentation of the issuance, in addition to supporting its implementation with an institutional-grade legal and regulatory framework, was the law firm, Morgan Lewis.
Commenting on the initiative, Karl Naïm, group chief commercial officer and senior executive officer, Middle East at XBTO, says: “This milestone demonstrates how digital assets can be structured to meet the expectations of institutional investors, particularly in terms of security, transparency and operational robustness.”
Tobias Wohlfarth, chief business officer at Obligate, comments: “This collaboration highlights the strength of our platform in enabling the issuance of fully compliant, institutional-grade digital securities.”
Nicolas Jaïs, director at Eiffel Investment Group, believes: “This demonstrates how native digital infrastructure can provide access to high-quality private market investments while maintaining the governance, transparency and investment discipline expected by professional investors.”
Joanne McEnteggart, global head of debt, capital markets and corporate at IQ-EQ, adds: “By combining our expertise in corporate services and reporting with Eiffel Investment Group’s expertise as adviser to the underlying strategy, we help ensure that groundbreaking digital issuances like this one can be executed with institutional-grade reliability and transparency.”
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