Study says crypto credit infrastructure differs sharply across custody, collateral and execution models

A research report cited by Techub News says core segments of the crypto credit market operate on fundamentally different infrastructure. The study compares CeFi lending, DeFi liquidity pools, tokenized U.S. Treasuries and private credit tied to real-world assets, and finds major differences in custody arrangements, collateral management and execution methods. According to the report, CeFi structures concentrate counterparty risk, while DeFi protocols rely on on-chain smart contracts for automated execution. Those architectural differences shape how risk appears in each product and what compliance standards may apply. The report adds that risk assessment for crypto credit products should be based on how assets are held in custody and how liquidation mechanisms are designed, rather than treating all credit instruments in the sector as if they share the same structure.