ACRED-on-Morpho gets cited as the proof-of-concept, but it's running a maturity mismatch in plain sight — Apollo prices the underlying on monthly NAV while Morpho's liquidation engine assumes 5-minute oracle clearing. $3.2B of onchain private credit has never seen a real credit event; the "usable collateral" framing holds until someone tries to unwind a leveraged position into a closed secondary market. Maple's $4B AUM and syrupUSDC composability look clean today because nobody's tested what happens when a tokenized credit fund and its liquidation venue disagree on price for longer than a block.

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