Connecting Onchain capital markets with Offchain yield.
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$40M TVL, up from $7M in May. Congrats to the @3f_xyz team. We took it for a spin with $50 on USCC and it did exactly what it said it would. Loving the UI/UX so far!
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North of $8M in the first day and $21M by day 13, lending AUSD against real credit from @humafinance, @USDai_Official and @HastraFi.
This is the demand we keep pointing at and are building for. Congrats @Bitwise, @Morpho and @withAUSD.
The Bitwise Premium RWA Vault鈥擯APY鈥攈as passed $20 million in deposits on @Morpho, less than two weeks after launch.
The vault earns yield by lending @withAUSD against RWA collateral from @humafinance, @USDai_Official, and @HastraFi.
Thanks to everyone putting TradFi credit onto DeFi rails with us.
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$500B to $1.3T, and the onchain infrastructure is finally ready for an asset class that size.
Nice work from @plumenetwork and @NestCredit here. Senior-secured private credit is the piece we鈥檙e bringing at O2O.
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$1.6B onchain and holders up 22.8% in a month. Roughly $1.5M per holder, so these are balance sheets rather than traders.
Real credit finding real allocators onchain. Congrats to the @centrifuge team.
Centrifuge-issued assets have a combined onchain market cap of $1.6 billion, led by JTRSY ($851.5 million) and JAAA ($715.0 million), with most of the value on Ethereum, Avalanche, and Solana
The number of asset holders grew 22.8% over the past 30 days to 1.1K
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2/ Almost everything in the wrappers today is cash management when we look at tokenized treasuries and MMFs.
A tokenized treasury earns what a treasury earns.
No balance sheet moves size onchain for the same yield it already gets, so the channel stalls at parked cash.
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1/ Best framing of the cycle I鈥檝e read in a while, awesome job @wintermute_t & @Jjay_dm.
RWA as a liquidity channel rather than an asset migration is the right lens, and Exhibit 3 (added below) is the chart people should sit with.
One constraint worth adding below.
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The 2 questions that decide every allocation, per @yield_network:
1. Where does the yield come from?
2. What is the downside?
That's the bar we're building O2O to clear: USD, senior-secured private credit, with legal structure and reporting designed for exactly this diligence.
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One day of tokenized fund flows is noise. Twelve months is the story.
Over the past year, onchain private credit TVL grew from $2.3B to $4.2B, up 82%.
Basis-trading TVL fell 54% over the same stretch. Credit is the asset class compounding onchain.
Tokenized funds added $8.3M in market cap over the past 24 hours, led by sUSDe at $4.5M, with syrupUSDC and CETES also contributing.
Via @tokenterminal.
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1/ One layer deeper on this (thanks @vaultsfyi) and it鈥檚 a cascade.
63% of USDC on Base is deployed. 85% of that sits in Morpho. 54.1% of Morpho鈥檚 largest curated vaults is backed by bitcoin. cbBTC alone is 42.6% of the $3.71B.
Concentration compounds at every step.
There is $4.3 billion of USDC on Base.
$2.7 billion, or 63%, is deposited into DeFi venues.
Morpho accounts for $2.3 billion of those deposits, and the amount continues to grow.
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