Independent research on tokenized treasuries, private credit, trade finance, and the protocols making them accessible — written for allocators who'd rather read one sharp page than ten promotional pieces.
No spam. No paywall. You'll occasionally hear about new RWA opportunities I find compelling.
What changed this week across tokenized treasuries, private credit, and onchain finance — and what it actually means.
A single RWA or DeFi product taken apart: the structure, the yield source, the risks, and how an allocator would actually access it.
A short opinionated take. What I'd watch, what I'd avoid, and what I'd put real capital behind if I had to choose this week.
Maple wraps a KYC'ed institutional loan book in a permissionless, yield-bearing token — reaching the non-US stablecoin base and fintech 'Earn' channels a whitelist-only fund never touches, and turning the wrapper itself into the product.
Pendle turns variable tokenized RWA yield into a key composable building block — splitting principal from yield so allocators can lock fixed onchain dollar returns or trade the variable leg.
Ethena picks Centrifuge and routes reserve capital into Janus Henderson's tokenized AAA CLO fund — and why the next wave of RWA flows favors managers who ship the whole delivery stack, not just a token.
Onchain Allocators is an independent research letter written by Peter Gaffney, who spends his days connecting tokenized real-world assets to the DeFi venues where they actually get used. His thesis is steadfast: expand DeFi beyond crypto. He sees non-crypto-correlated yield-bearing RWAs as the ultimate DeFi collateral. In this equation, tokenizing a fund is the easy part. The value accrues to whoever builds and utilizes the ecosystem around it, which is what this letter emphasizes and pays attention to.
The letter is free, and it will stay free. The only ask in return is your email, so that when something worth your attention crosses the desk — a new structure, a mispriced risk, underutilized opportunities, a product an allocator could actually use — I can put it in front of you directly.
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