infiniFi Appoints Qiro Finance as Private Credit Underwriting Partner
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Following a pilot engagement and ~$29.2M of underwritten allocations, Qiro will now support infiniFi with the evaluation of up to $100 million in private credit deployment.
infiniFi and Qiro Finance today announced a formal underwriting partnership covering the sourcing and institutional credit evaluation of private credit opportunities for the infiniFi protocol.
infiniFi operates an onchain fractional-reserve yield protocol built around iUSD, with capital allocated across liquid DeFi markets and duration-matched credit strategies according to depositor liquidity preference. As that allocation mix has extended further into tokenised private credit, so has the requirement for independent, repeatable, institutional-grade underwriting on every originator the protocol touches.
Under the partnership, Qiro acts as an underwriting partner to infiniFi. For each opportunity referred, Qiro conducts an independent credit review - covering originator and ownership structure, portfolio composition and loan performance, financial and operating metrics, and credit, operational, structural and concentration risk - and delivers a structured Credit Assessment Memorandum (CAM) to infiniFi’s investment team. infiniFi retains full and sole discretion over every deployment decision.
Building on work already delivered
The partnership formalises a relationship that has already been tested on live mandates. Qiro has underwritten two allocations for infiniFi to date:
New Silver Income Fund - a US residential bridge lending vehicle. Allocation: $8.14M.
Qiro’s underwriting summary is published in infiniFi’s public documents repository: https://github.com/InfiniFi-Labs/documents/blob/master/new-silver/NS_Fund_PR_Qiro.pdf
mGLOBAL - a tokenised private credit strategy launched on Midas.InfiniFi Allocation: $21.07M.
InfiniFi Deployment into mGLOBAL: https://infinifi.xyz/deploying-into-real-world-yields/
Qiro’s report on mGLOBAL: https://qiro.substack.com/p/inside-mglobal-tokenized-exposure
Both mandates were underwritten to the same framework and both are disclosed on infiniFi’s public allocations page, a transparency standard that both firms intend to maintain for future opportunities evaluated under this partnership.
Scope going forward
Over the term of the partnership, Qiro will support infiniFi in evaluating up to $100 million of private credit opportunities across sectors including US real estate-backed lending, trade and supply chain finance, receivables, and global multi-strategy credit. Each opportunity will be assessed independently and on its own merits; underwriting outcomes will not be pre-committed, and a completed CAM does not imply an allocation.
Why independent underwriting matters now
Tokenised private credit has become one of the fastest-growing sources of onchain yield - and one of the least standardised. Yield-bearing stablecoins, curated vaults, and DAO treasuries are increasingly holding exposure to loan books they have limited capacity to diligence: opaque originator structures, unverified performance data, inconsistent reporting, and covenant frameworks that vary deal by deal. The credit events of the last cycle in onchain private credit were, almost uniformly, underwriting failures rather than smart contract failures.
The response is not less private credit exposure - the asset class remains one of the few genuine sources of uncorrelated, real-economy yield available onchain. The response is professional curation: bringing the underwriting discipline, structuring rigour and ongoing surveillance standard in institutional private credit into a form that protocols and allocators can actually use.
That is the role Qiro is building for. Independent underwriting sits at the front of that stack - before capital moves, before parameters are set, and before depositors are exposed.
Commentary from Qiro
“infiniFi has been unusually rigorous about where its credit exposure comes from and unusually transparent about publishing it. That combination is still rare onchain, and it is exactly the kind of allocator we want to build alongside. Our job is to make sure every originator that reaches infiniFi’s balance sheet has been through the same institutional underwriting process - and that the reasoning behind it is documented, defensible, and open to scrutiny.” - Akshay Poshatwar, Co-Founder & CEO, Qiro Finance
Commentary from infiniFi
“Independent underwriting is a structural requirement for a protocol allocating depositor capital into private credit, not an optional layer. Qiro’s work on New Silver and mGLOBAL gave us a rigorous, repeatable process we could stand behind, and formalising the partnership lets us scale that discipline as our credit book grows.” - Kirk McKenna, Head of Business Development, infiniFi
About infiniFi
infiniFi is an onchain fractional-reserve yield protocol. Depositors mint iUSD against stablecoin deposits and choose between liquid (siUSD) and locked (liUSD) positions; the protocol deploys reserves across liquid DeFi markets and duration-matched credit strategies, with reserve composition, yield accrual and allocation breakdowns published on a public transparency dashboard. Website:
About Qiro Finance
Qiro Finance - Private Credit Curator for DeFi
Qiro is a private credit curator for DeFi - the allocation partner for protocols, vaults, and treasuries deploying capital into tokenised private credit. Curation goes beyond risk assessment: Qiro helps allocators select and underwrite opportunities, structure and deploy capital, actively manage exposures through the life of each position, and continuously monitor risk - so allocators capture private credit yield with institutional discipline, without building a credit team in-house.
Qiro’s curation framework spans the full capital lifecycle:
Sourcing & Credit Assessment - Institutional underwriting of every opportunity before deployment: data room review, credit appraisal, quantitative risk scorecard, and formal approval.
Capital Deployment & Structuring - Risk parameter setting, exposure limits, collateral and covenant frameworks, and concentration controls calibrated to each allocator’s mandate, with capital deployed only once conditions precedent are met.
Active Portfolio Management - Ongoing oversight of deployed capital: daily accrual-based NAV, rebalancing inputs, and exposure management as portfolios evolve.
Risk Monitoring & Reporting - Continuous tracking against defined trigger conditions, structured escalation on breach, and periodic risk reporting for investors and governance.
Deploying capital into tokenised private credit? Partner with Qiro for end-to-end private credit curation - sourcing, underwriting, deployment, and monitoring.
Contact: akshay@qiro.fi · nishikant@qiro.fi
Website: https://www.qiro.fi
X: https://x.com/Qiro_Finance
LinkedIn: https://www.linkedin.com/company/qiro-finance/
Qiro’s Underwriting Framework: https://www.qiro.fi/blogs/whats-qiros-underwriting-framework