Longbow is partnering with @notesystems. Once they reach mainnet, their note legs will be live as collateral on Longbow. This is a new asset class on the credit layer. We started with tokenized equities, added RWAs, crypto and the long tail. Structured notes are next, and they don't exist anywhere else onchain. Note Systems builds autocallable barrier notes on tokenized stocks, priced and settled without a bank in the middle. It's a $422bn market a year and every one of them has come from a bank until now. And the structure makes it strong collateral. Both legs are fully escrowed up front with no issuer credit risk, and the downside past the barrier is set by contract rather than modelled. That's a position we can underwrite directly. More coming with the Note Systems team.