Bringing capital markets onchain @RealFi_co // ex @Lisk @Keyrock @inside_R3 @MorganStanley
onchain
Joined August 2020
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Crypto is racing to tokenise everything in sight. The harder part is what actually makes the assets worth holding: being able to trade in size, getting it in front of those who'd buy it, market makers, exchanges, lending venues, and curators that make it all possible.
Minting the tokens is the easy bit, but the liquidity, distribution and partnerships around it are the hard work. Everything gets tokenised and almost none of it gets a market, because a mint is a headline and a market is months of slow and unglamorous work no one announces.
Started my career in equity capital markets, raising $50bn+ taking companies public and to market. Now doing the same onchain. Building the markets, not just the tokens.
Great piece by @RWA_xyz on who actually funds onchain lending. 42% of the stablecoins lent on Morpho arrive through just three channels: earn buttons in apps like Robinhood and Coinbase ($1.1bn), Sky’s balance sheet via Spark and Grove ($1.1bn) and Ethena’s reserves ($360m).
Their argument: these markets need more lenders to grow. Two of the three are other protocols lending their own balance sheets, capped by what they choose to allocate. The earn button brings new savers: Robinhood Earn passed $500m in three months, on a rate topped up to ~7%.
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The test for a yield-bearing dollar is where it can be used.
sUSDrf works as collateral for LPing into perps trading strategies on Cardano with @strikeperps.
More venues to come, Ethereum next ⛓️
Live on Cardano mainnet today, with markets from day one: pools on @SundaeSwap and lending on @liqwidfinance.
A dollar needs venues as much as it needs backing. From here the job is depth.
Ethereum shortly after. Proud of this team. 🚀
Big day. @realfi_co is officially live on Cardano Mainnet 🎉
Everything we've built together over the past few months has led to this moment. Welcome to the next chapter.
Experience the Voyager Season now at app.realfi.co
Read more! 👇
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Nice data thread from @TheBlockCo: tokenised equities added $188m last week. Same fortnight ICE bought into tZERO and the LSE handed its top 100 to Kraken's xStocks. ICE's first use case isn't trading but collateral at its clearing houses. Margin before markets.
8/ ICE and the LSE both moved on equities. ICE bought into tZERO and will evaluate tokenized assets as clearing house collateral. The LSE is tokenizing its 100 largest listed companies as xStocks.
Tokenized equities added $187.8 million in market capitalization last week, more than any other category.
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Bitwise's newest credit product launched as a Morpho vault: AUSD deposits lent against tokenised cross-border payment financing, GPU-backed loans and home-equity claims. An ETF issuer and no fund wrapper in sight. The lending protocol is the product shelf now.
Introducing PAPY—the Bitwise Premium RWA Vault, launching on @Morpho with @withAUSD.
PAPY earns yield by lending AUSD deposits programmatically against overcollateralized tokenized real-world assets—durable, traditional credit, brought onchain.
Loans are secured by a diversified basket of RWAs, including:
- PST by @humafinance — short-duration cross-border payment financing to institutions
- sUSDai by @USDai_Official — loans backed by the GPUs that power AI
- PRIME by @HastraFi — tokenized claims collateralized by prime home equity, in partnership with @Figure
Deposits are made in AUSD, Agora's stablecoin, which is fully backed by short-term U.S. Treasuries, overnight and reverse repo, and other liquid assets.
Bitwise determines the collateral and programs the risk parameters so you can access onchain yield backed by real-world value.
PAPY is live now on Morpho.
TradFi credit on DeFi rails. Onchain finance is here.
For more information, visit onchain.bitwiseinvestments.c…
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Wintermute traded the first tokenised BLSH shares on Bullish same day its curation arm Armitage launched a Pendle USDC vault on Morpho. Market makers moving up the stack: pricing equity on one side, underwriting credit on the other. Dealer desks being rebuilt onchain
The Pendle Ecosystem USDC vault is now live on @Morpho 🦋
Co-curated by Pendle and Armitage, @wintermute_t's vault curation arm.
Deposit USDC, earn yield from PT borrow demand, plus a share of 7,500 $PENDLE weekly!
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Great piece by @tempst0. Reinsurers... commodity traders... HELOC originators... now fund themselves from vault deposits. Not just a yield product but issuance itself, rebuilt. The curator ends up doing the underwriter's job (league tables and all... DefiLlama already ranks them)
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Broadridge's DLT repo platform settled $8Tn in July. $365Bn a day, up 28% on the year. For scale, the entire tokenised RWA market is $38bn of TVL. The biggest numbers in onchain finance aren't tradeable tokens but collateral moving between banks overnight
THE BLOCK: NYSE-listed fintech Broadridge announced that its blockchain repo platform DLR hit $8 trillion in July volume, averaging $365 billion per day. $BR
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Tokenized RWA deposits into lending markets tripled to $7.4Bn in a year and the mix is treasury and multi-strategy funds first. Assets are going onchain to be borrowed against, not to trade. Collateral demand is the adoption number worth watching.
The institutional era of tokenization is here.
This week, three of the biggest names in finance pushed tokenization forward, alongside continued progress on the policy front.
Latest news ↓
1️⃣ RWA deposits in DeFi triple to $7.4B
A CoinShares and Token Terminal report found tokenized real-world asset deposits in DeFi lending and DEXs grew from $2.3B to $7.4B year over year.
theblock.co/post/411015/toke…
2️⃣ BlackRock launches two more tokenized money market funds
BSTBL and BRSRV are designed to serve as eligible reserve assets for stablecoin issuers, expanding BlackRock's tokenized cash platform.
theblock.co/news/business/20…
3️⃣ Wells Fargo to launch tokenized deposits
The bank will roll out blockchain-based deposit tokens for corporate and commercial clients this fall, starting with USD-GBP cross-border payments, enabling 24/7/365 settlement within the regulated banking system.
newsroom.wf.com/news-release…
4️⃣ Broadridge closes a strong fiscal year, citing tokenization as a driver
Broadridge posted 12% adjusted EPS growth and tripled its tokenized repo volumes to $360B, highlighting governance partnerships with Ondo, Alpaca, and Galaxy as it becomes the first provider to support all three tokenized securities models.
finance.yahoo.com/markets/st…
5️⃣ CLARITY Act vote pushed to September
The Senate confirmed it will not vote on the Digital Asset Market Clarity Act before the August recess, pushing floor consideration to mid-September. Ondo's Peter Curley, head of global regulatory affairs, remains optimistic: “A bill is dead when people leave, and there are still a lot of people around who care about it.”
forbes.com/sites/ninabambysh…
6️⃣ USDY is now live on BNB Chain
AI agents and hundreds of millions of wallets on BNB Chain can now access permissionless, yield-bearing tokenized Treasuries.
ondo.finance/blog/usdy-is-li…
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S&P gave BlackRock's tokenized money market fund its top AAAm rating. GENIUS requires issuers to hold eligible reserve assets and BlackRock wants to manage reserves for all of them. Stablecoins turned out to be an asset management business...
LATEST: 📊 S&P Global Ratings gave BlackRock's new tokenized money market fund BRSRV its highest "AAAm" stability rating, citing strong creditworthiness and counterparty risk management.
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Seven venues ran SK Hynix perps through the same bad pre-market print. Six marked down about 6%. One marked 17.8% and liquidated $60mn, then refunded users. Same input, very different marks out. Reference methodology is the part RWA perps are still importing from listed markets
Something crazy happened in the Korean markets this week, leading to $60m worth of liquidations....
As AI-linked volatility looks set to stay, are oracles and traders ready?
Sign up free to get these insights from @AdMcMarkets in your inbox: down.lo.tech
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Very sharp piece. The emissions-war lesson carries into the parameter war... subsidised borrowing inflates exactly the numbers caps get raised on. Then the subsidy ends, the borrowing leaves, while the cap stays. Bad debt lives in that gap
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Nice to see my old shop listing ETH and Solana ETPs this week at a 0.14% fee with staking passed through. Grayscale charged 2.5% for crypto exposure five years ago. The fee isn't the product anymore, it's cross-sell. Custody, lending, structured notes come next...
THE BLOCK: Morgan Stanley launches its Ethereum and Solana exchange-traded products, $MSSE and $MSOL, on the New York Stock Exchange.
Charging a 0.14% sponsor fee for both means the firm offers the lowest-cost Ethereum and Solana ETFs trading in the U.S.
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BitMEX invented the perp, ran 11 years, and still couldn't find a buyer before deciding to wind down. 11 years is a good run in this market but shows that once the book starts to thin it is hard to reverse a liquidity spiral.
Dear BitMEX Users,
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations following a strategic review of the business.
It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry. We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey. It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges. And we remain proud of our robust security infrastructure, which has allowed us to maintain a flawless track record of 0 customer funds lost to hacks in our entire operating history.
We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone.
From today we strongly encourage all users to close their positions and withdraw their funds as soon as convenient. For more details on the full process, please read our blog: bitmex.com/blog/bitmex-closu…
BitMEX was once home to some of the greatest traders today. Our team has dedicated tremendous effort and passion into building the platform into what it is, and we are glad to have reached some of you during your time with us. To everyone who has traded, supported, and grown alongside us - thank you for your trust over the last 11 years.
The BitMEX Team
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An algorithmic stablecoin lost its peg yesterday after an attacker fed the oracle a false BTC price and its liquidation engine seized vaults that were never eligible. $912K gone in one transaction. Peg reviews spend hours on collateral and minutes on who writes the price
Balance Coin Collapses Over 99% After Oracle Pricing Exploit
Algorithmic stablecoin Balance Coin fell more than 99% from nearly $1 to $0.0014 after an oracle pricing exploit, wiping out nearly all of its roughly $3.5 million in nominal market value. SlowMist said the attacker fed the protocol an abnormally low Bitcoin price, liquidated ineligible vaults, and drained about $912K from 42DAO in a single transaction.
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Milestone-gated incentives > blanket emissions and TVL renting. Incentives should buy integrations that outlast the program and this one is structured that way.
A coordinated growth program also fixes every protocol having to negotiate LPs, listings, and market makers alone, each paying full price for the same liquidity. Pooling that BD across an ecosystem is better structure and I'm glad to see Cardano doing it with the team who have scaled top DeFi protocols like Compound and Uniswap.
We're pleased to support @alphagrowth1's PRIME program.
A coordinated 12-month effort focused on liquidity, deeper DeFi usage, and sustainable on-chain growth is a meaningful step for Cardano.
xitter.cf/alphagrowth1/status/20…
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