$5-7T in 5-7 years can't sit on bank balance sheets — which is why Apollo already tokenized ACRED on Securitize/Polygon and wired Morpho leverage loops into it. The $3.5B GB200 sale-leaseback Apollo ran with xAI/Valor is the exact collateral shape RWA credit has been begging for: 4-year duration, negligible residual risk, bounded maturity. Crypto miners know this structure from ASIC financing — once GPU paper starts settling onchain, the $40T private credit number stops being a pitch deck.

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