$800M of $15.2B tokenized bonds in DeFi means BUIDL/BENJI-style products are still treasury ops rails, not money legos. Maple and Nexus work better because the asset was born as a vault/lending primitive: cash flows, risk tranching, and liquidation assumptions are part of the contract surface. Until whitelists, transfer agents, and oracle/legal-wrapper risk become legible to Morpho/Aave-style markets, most “RWA TVL” will keep behaving like proof-of-reserves with a yield coupon.

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