People may not like it (because it will look similar to the inner workings of the eurodollar ["Eurodollar University" on soundcloud, "Monetary Mechanics" Substack] system that we all live in now, and will continue to interface with such off chain systems in more complex ways [esp as on chain liabilities become more and more valuable in more places compared to off chain liabilities]), but I think native on-chain credit origination, built on top of on chain derivatives protocols will be the solution.

Permissioned decentralized global monetary system will simply keep evolving into a more permissionless decentralized global monetary system.