🔎 RESEARCH: Most RWA discussions focus on issuance. But for private credit, the harder question is enforcement. Can investors recover funds if the borrower defaults? If the answer depends only on a token, the structure is incomplete. Credit still lives in legal systems. @eightlends tested this directly. Its parent, Maclear AG, recorded one default: an Italian company called Vibroedil, which entered insolvency in July 2025 after receiving a €150,000 loan. In no time, collateral recovery under Italian pledge law fully covered investors’ principal. That is the difference between a token and an enforceable claim.(Cointelegraph)