Apollo, Ares, Blackstone, and KKR are moving private credit on-chain. Securitize and Figure are building the infrastructure. CLO managers, structured finance desks, and credit fund attorneys are navigating the most consequential shift in securitization architecture since Reg AB II. This is the reference.
CLO Structure · Waterfall · Smart Contract
On-chain CLOs replicate the waterfall structure of traditional securitization — senior, mezzanine, and equity tranches — with settlement finality on distributed ledger infrastructure. Smart contract enforcement of priority-of-payments replaces trustee oversight for routine distributions.
→ Tranche MechanicsReg AB II · SEC · CUSIP · LSTA
Tokenized CLOs remain subject to Reg AB II, SEC securities registration or exemption, and CUSIP issuance protocols. The on-chain layer does not alter the regulatory perimeter — it changes the settlement and distribution architecture within it.
→ Regulatory FrameworkApollo · Ares · Figure · Securitize · KKR
Apollo's tokenized credit fund, Figure's on-chain CLO issuance platform, and Securitize's institutional transfer agent infrastructure are defining the emerging market structure. KKR, Carlyle, and Ares are in active pilots.
→ Market ParticipantsTokenizedCLO.com is the lead domain in a complete vocabulary infrastructure covering tokenized structured credit. The full set of exact-match domains across CLO, CDO, ABS, and tranche mechanics is held under single ownership and available for strategic acquisition as a unit.