“Today, the system is taking anywhere from 10 to 16% of the value of a loan through these intermediaries, and if you remove them, we should be able to give that back to people.” At @avax Summit, Kevin Miao (@humancapitol) argues tokenization could cut intermediaries out of lending and return more value directly to borrowers.

Sep 18, 2026 · 7:59 PM UTC

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Replying to @CoinDesk @avax @humancapitol
that 16% fee is just theft by design
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Replying to @CoinDesk @avax @humancapitol
Packers pack a package of packaged loans, repack the packed packages into re-packed bundles, then pack the re-packed bundles into one big loan and sell the packed-up package back to the people who packed it. Hope I explained it well boss!
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Replying to @CoinDesk @avax @humancapitol
That's a 10 16% windfall for the people, not the intermediaries who needs a middleman when you have a middle chain?
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Replying to @CoinDesk @avax @humancapitol
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Replying to @CoinDesk @avax @humancapitol
The 10-16% isn't one fee, it's a stack: origination, title, servicing, securitization. Tokenization compresses settlement and servicing cleanly. Title and underwriting are legal work, not ledger work - that's where the number stops falling.
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Replying to @CoinDesk @avax @humancapitol
Losing double digits to middlemen just for the privilege of taking out a loan is exactly why traditional finance feels so broken.
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Replying to @CoinDesk @avax @humancapitol
Kevin Miao makes a strong point here. If tokenization can reduce the layers of intermediaries involved in lending, the savings don't just improve efficiency, they can materially change the economics for borrowers.
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Replying to @CoinDesk @avax @humancapitol
Great update! Your tokenization analysis cuts through the noise. You and @JohnWuestlbik2 are my go-to finance accounts.
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Replying to @CoinDesk @avax @humancapitol
A pergunta real é se o custo do risco desaparece junto com os intermediários, ou se alguém ainda precisa ser pago pra absorver o risco de calote.
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Replying to @CoinDesk @avax @humancapitol
Cutting middlemen could return meaningful savings to borrowers
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Replying to @CoinDesk @avax @humancapitol
Couldn't agree more
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Replying to @CoinDesk @avax @humancapitol
That 10-16% figure is doing a lot of work here — worth asking what's actually being cut, since some of that spread covers real underwriting and servicing costs, not pure rent extraction. Removing intermediaries only returns value if the risk they were pricing gets absorbed somewhere else.
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