Black Lake Digital Markets and Nuva Labs have completed what both firms are calling the first onchain minting and transfer of $25 million in institutional mortgage loans on Provenance Blockchain, establishing the technical and operational groundwork for bringing originated mortgage credit into decentralized finance.
The transaction, announced exclusively to The Block on Wednesday, is the firm's first end-to-end onchain completion of originated mortgage loans, intended to establish a path for those assets to move onchain at an institutional scale. The $25 million tranche is expected to seed a dedicated Black Lake vault on NUVA.finance in the coming month.
The system
Under the structure, each mortgage loan is minted as a non-fungible token on Provenance Blockchain using Nuva Labs' infrastructure, with all associated loan data housed in a permissioned "DataRoom" that restricts third-party review to authorized partners.
Tokenized loans are then pooled for management and deployed as collateral via NUVA's cross-chain vault infrastructure, giving depositors access to private credit yield in a permissionless, composable form.
