Let’s talk about what happens after an asset goes onchain.
We talk a lot about tokenization.
Treasuries, commodities, stocks and other real-world assets are moving onchain, giving these assets new ways to move, interact and potentially unlock liquidity.
But getting an asset onchain is only the first step
Because once the asset is there, you still need places where people can actually lend against it, borrow against it, and use it as collateral.
That’s where credit markets come in.
A credit market is basically where borrowing and lending happens.
So a tokenized asset could be used as collateral to access liquidity.
Sounds straightforward, right?
Not quite.
Someone still has to decide which assets qualify as collateral, how much can be borrowed against them, which assets can be borrowed, and what happens when the market gets stressed.
And that brings up a bigger question: who gets to make those decisions, and can everyone actually see how those decisions are being made?
This is the part of the RWA stack that doesn’t get talked about enough.
Because you can put an asset onchain, but the infrastructure deciding how that asset is used still matters.
This is where
@NysaFinance comes in.
Nysa is focused on the curation layer of credit markets.
And one of the main things it is trying to change is the difference between closed curation and open curation.
With closed curation, a lot of the important decisions can happen behind the scenes
You supply liquidity to a market, but you may not have much visibility into why a particular asset was accepted, why a certain LTV was chosen, or how the market is being managed.
Nysa is taking the opposite direction.
The goal is to make those decisions more open, transparent and accountable to the people supplying the liquidity.
That shows up in a few different ways.
There’s DAO-driven origination, where the community can have a role in deciding which markets and updates should be explored
There’s the lenders-first approach, where Nysa plans to put a meaningful share of its own revenue into a junior tranche that can take losses first if bad debt happens.
And then there’s transparency.
Things like market parameters, collateral ratings, counterparty due diligence and realized APY are intended to be visible rather than hidden behind a black box, with a 7-day public timelock for parameter changes
And just to be clear, Nysa isn't trying to become another lending protocol.
The lending infrastructure already exists.
Nysa is focused on the decisions around it:
What should be listed?
How much can be borrowed against it?
What should it be borrowed against?
And how should the market react when things go wrong?
For me, this is an important part of the tokenization conversation.
Because putting RWAs onchain is one thing.
Figuring out how those assets can actually become useful within onchain financial markets is another.
Tokenization gets the asset onchain.
Credit markets can give that asset another layer of utility.
And the way those markets are curated can determine how transparent and accountable that process is
That’s the part I’ll be digging into with
@NysaFinance over the next few days.
I’ll be breaking down the different pieces, open vs closed curation, the risk side, how the markets work and what Nysa is actually building.
If you're following the RWA space, this is one to keep an eye on.