According to CoinDesk, crypto startup Credbull is about to launch an on-chain private credit fund that aims to provide investors with exposure to the increasingly popular high-yield loan market in traditional finance. The company's first product reproduces the core of private credit on the crypto track. Investors use the stablecoin USD Coin (USDC) to purchase, Credbull converts these USDC into US dollars through Circle, and then passes these funds to SME sponsors, debt financing companies that provide loans to companies. Credbull CEO Jason Dehni said that the fund's high-yield goal is partly a function of its on-chain structure. Doing all operations on the blockchain can cut up to 150 basis points in fees that would otherwise be used for administrative costs. In addition, Credbull's fund is registered in the Bahamas, it is the first licensed on-chain private credit fund, and it may begin operations in May.