Not exactly. Credit creation creates an asset and a liability. The creation of credit facilitates the ability to create liabilities in excess of the underlying

Not exactly. Credit creation creates an asset and a liability. The creation of credit facilitates the ability to create liabilities in excess of the underlying asset (e.g fractional reserve banking). By introducing the ability to transfer a scarce asset globally you resolve the requirement for credit, as no one ever needs to redeem. Credit is a hack, Bitcoin is the fix.