Here's a glimpse of what's inside. There's $39.4B of tokenized RWAs today. Treasuries are the biggest slice at $14B. Credit is only 21%. So you'd expect DeFi lenders to love Treasuries. They don't. On Morpho, Kamino and Aave, $14B of tokenized Treasuries puts just $5.5M to work as collateral. Credit puts $2.05B. That's 90% of all RWA collateral on those three lenders. Why? Every asset has to pass two tests to work as DeFi collateral: > Does it pay for its own loan? > Can a lender price it and sell it at any hour? Most RWAs fail one of them. Treasuries: easy to price, but they pay 3–4%. Borrowing against them costs about the same. Nothing left to loop. Gold: earns 0% while it sits as collateral. Every loan against it starts in the red. Stocks: the price feed goes dark from Friday night to Sunday night. A stock can sit frozen for 48+ hours while its token keeps trading. Lenders cut leverage hard to survive it. Kamino caps MSTRx at 30% LTV. So traders skip loans and use perps instead: $8.6B of open interest. Credit: passes both. It's priced off the loans behind it, so it has a price on Saturday too. And it earns more than it costs to borrow against. That gap is the whole trade. AUTO, a token backed by US auto loans, earns 10.3% on Kamino. Borrow against it at a fixed 5.3%, loop it 3x, and you're at ~20%. That's why loans backed by credit on Morpho and Kamino went from $137M to $1.2B in a year. And the biggest credit tokens now borrow cheaper than BTC on Morpho. The catch? Lenders are running out of room. Credit lending pools are 89–100% lent out. The article also covers: > How a private loan actually becomes DeFi collateral > Who's funding these markets and why they're capped > Why fixed-rate money is the missing piece > What can still break: hidden losses, slow exits, and two issuers holding 58% of all credit collateral Full piece drops later today.

What do you actually own when you buy a tokenized stock? If you buy NVIDIA onchain, you might assume you own a piece of NVIDIA. But that depends on who issued the token and how they structured it. There are 3 main models, and the differences matter more than most people realise. 1. Linked / wrapper tokens Think of buying a ticket linked to a gold bar sitting in someone else's vault. The ticket tracks the value of the gold, but you don't own the bar directly. That's roughly how many tokenized stocks work. An issuer holds shares (or arranges exposure to them) and issues tokens linked to their value. You get the economic exposure, and depending on the product, dividends too. But you may not have shareholder rights. Your claim could be against the issuer rather than a direct claim to the underlying shares. If the issuer runs into trouble, the legal structure determines what you can recover and how. xStocks and Ondo offer products in this broad category, though their specific structures differ. 2. Custodial interests Here, the idea is closer to having a gold bar held in custody for you. The underlying shares are held through a custodian, with the arrangement designed to give investors rights in relation to those shares. That's different from simply having a claim against an issuer. But it doesn't automatically make you the company's registered shareholder. Your actual rights depend on the custody and legal arrangements. Dinari, Coinbase and Binance's bStocks have offerings that need to be assessed under their respective structures. 3. Issuer-sponsored shares This is the model where the token represents the actual share itself, with ownership recorded through a blockchain-based system. Instead of holding a token that merely tracks a share or gives you a claim connected to one, you hold the security itself. That doesn't mean every token labelled a share automatically gives you direct ownership. The legal issuance and ownership records have to support it. Securitize and Superstate work on tokenized securities infrastructure, but the rights depend on the specific offering. The point is simple: Two tokens can track the exact same stock, trade at almost the same price, and still give you very different legal rights. So when you're buying tokenized equities, don't stop at the ticker or the price. Ask who issued the token, what backs it, what you legally own, and what happens if something goes wrong.

Tokenised chips are growing FASTTTTT!

Tokenised stocks are still the smallest major RWA category, but their growth is outpacing every other category by a wide margin. Market value rose from $630M to $3.42B in 12 months (+441%). What makes this interesting is the combination of expanding product availability, new distribution channels and growing onchain participation. The next question is whether this growth translates into deeper liquidity, more active markets and greater utility across DeFi. Issuance is the starting point. What the market builds around these assets is what matters next.

Tokenized U.S. Treasuries surged ~21x, from $697M to $14.9B, between Jan 2024 and Oct 2026, even as realized yields slid from 5.48% to 3.62%.

Tokenized Treasuries have reached $14.82B. But how much of that capital is actually being put to work in DeFi? Across 8 major products representing ~$10.1B, only ~2% shows up as DeFi Active TVL. Roughly two-thirds of that deployment backs stablecoins rather than flowing into lending or trading. The gap isn't just about tokenization. Borrowing economics, transfer restrictions and concentrated ownership all shape what happens after these assets go onchain. Treasuries may be bringing traditional capital onto crypto rails, but making that capital usable across DeFi is a different challenge. A closer look at why the biggest RWA category is still largely parked ↓

part 2 is out. we’re getting deeper into fixed-rate lending ↓

We’re back with part 2 of our fixed-rate lending series. We dropped the first video yesterday, go watch that one if you haven’t seen it yet. Today’s episode: what actually is a fixed-rate market? On paper, it sounds pretty straightforward: lock the rate, lock the time, know your funding cost. And then, somewhere around slide 37 of the research doc, we realised: oh. fixing the rate creates an entirely new set of problems. So in this one, we’re breaking down what a fixed-rate market actually solves for the new wave of borrowers, and why the moment you fix the rate, the liquidity gets... complicated. Video 2 drops later today.

you need to spend 1:10 mins of your life on this video. What could go wrong? I’ve done the math. Probably nothing.

Get ready for video explanation later today!

Andddd it’s live. We went way too deep into fixed-rate credit. How are Midnight, Tenor, Kamino, Term, Flex and others actually handling the hard parts? Read the whole thing ↓

This year feels like fixed-rate lending season. Every few weeks, another lending market seems to be announcing a fixed-rate product. And honestly, that’s a good thing. But launching a fixed rate is the easy part. The hard part starts after “5% for six months” is written down. - Who provides that liquidity? - Who holds the duration? - How does the lender get out early? - What happens when the six months are up? That’s the part we’re digging into in our deep dive, live today.