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The RWA Watering Hole #29
Recorded: March 12, 2026 Duration: 0:55:03Space Recording
Full Transcription
Thank you. Thank you. Thank you. Thank you. Hello?
Hey Ivo, how are you?
We're just getting started here.
Normally we got some music kicking, but we didn't have any music this time.
Oh, yeah. How are you? We're just getting sorry here. Normally we got some music kicking but we didn't have any music this time Just wanted to check whether the connection is good. Yeah, we got you loud and clear
And hello to everybody in the audience while we we fill it up if everybody could
Check out that pin tweet there if you don't mind retweeting it reposting it
Check out that pinned tweet there if you don't mind retweeting it, reposting it.
That would certainly help us get the word out.
And hello to some familiar faces.
I see you at Alpha.RWA.
I see some new Harry, Tran.
What's going on?
I see some other new faces maybe even.
Sorry if I don't recognize you again.
Welcome back.
If so, we're a bit delayed today.
Time zones, they need to be removed.
Sorry, the changing time here in the United States.
Daylight savings.
It's a real problem.
And nobody likes it.
But we do have some great guests today.
Credify, I believe Morpho will be joining us
and we might have one more special guest.
Let's see if they make it. I'll give it one more minute here and then we'll just get started with you, Evo.
No time like the present, right?
Indeed.
Hey, Zeus. We got Zeus on here.
How you doing this week, bud?
Yo, can you hear me?
Got you loud and clear.
Awesome, man.
How's it going?
Excellent, excellent.
Seems like we got a pretty good space to signal this week.
That's a good sign.
Maybe we should always delay an hour.
Don't say that. You know how it goes but i was so confused
this morning when you sent that message in about space has been now so your time zone went back
what what day did it go back i think overnight at uh oh was it last night back an hour yeah
i knew because every week i mean i know we have the space at the exact same time
every single week and i was checking i've been thinking this morning i was like
have we been doing this at the wrong time every single week but no no no i will say if uh people
are happy about this time over the earlier time, give us some emoji reactions
or what to let us know
you'd prefer to see 11 a.m. Eastern
instead of 10 a.m. Eastern.
Looks like Ozzy's a fan.
We got Real World News is behind it.
We might have to consider it, Zeus.
I mean, I'll do anytime.
I think we need to start doing one on a...
An example would be on a Monday
in the evening or the morning,
early,
early,
so we can please all the audiences,
but you know how it is.
It's tough to please them all.
It is.
It is tough,
but you know what?
It is a global movement and we're going to try to be cognizant of that and
support all time zones,
even if the,
the ones that are changing about thing, America, well driven,
what's going on. Good to see you in the audience. Another RWA foundation member again, one more
time to everybody. If you don't mind spreading the word out, we've got a little recovery to do
since I'm sure there's quite a few members that are not going to make it due to the delay. But
at the same time, we know that a lot of people watch this recording. So we're just going to run with it and make the most out of it because it's always a good
time at the RWA watering hole where we talk with the latest and greatest RWA projects
here to bring tokenization to the world in many different capacities, right?
To different audiences, to different asset classes and different applications.
And today we get to hone in on credify and i
believe we have evo the founder ceo behind credify how are evo yeah doing well doing well man uh
thanks for uh the invite and uh thank you for you know hosting us uh as always it's a pleasure to
to be your guest and speak with you guys and to be a member of the foundation as well.
And yeah, I'm happy to be here.
We are thrilled to have you.
Yeah, thanks to all the listeners.
And yeah, I guess we can get going.
Yeah, we can get going.
Exactly right. And in fact,
because many folks may not know who you are, Ivo, before we get into the Credify story,
maybe just give a quick punchline on what Credify is, but then let's talk about you.
Tell us your background. Well, Credify actually is, well, in our, I guess in our sphere,
it's an old project where we have been more than four years on the market.
We were one of the earliest to actually speak about RWAs and basically interact with the real world economy.
is basically bring finance and the finance needs of SMEs on-chain
and connect on-chain lenders with off-chain borrowers.
That was the core concept back in 2021.
We're still following it.
However, due to the market conditions,
due to the ever-adopting the ever adopting and ever evolving ecosystem.
We also had to adapt.
And who I am, I've been basically a co-founder of Credify and a co-founder of a project called
Real Blockchain, which is on L1.
And it's about to get launched in basically in a month's time.
I'll tell you a bit more about that later in our discussion.
But overall, previously to that, I was basically a financial instruments expert in their design.
expert in their design. I was head of credit risk methodology and capital adequacy at
EuroBank. I was also working for the European Central Bank and a couple of other private
funds as well. So tons of experience within the ThreatFi and I dare say a lot of experience within crypto and blockchain as well for the past six years.
All due to Credify and it's a pleasure to be here.
You have a fantastic background for this.
Before we get into more of the Credify story and really real, real finances we had the pleasure of having on the show before, um, you know, can you tell
us what was that red pill moment?
Like when did you realize both tokenization and sort of crypto were going to reinvent
your industry?
Yeah.
I was basically structuring a guarantee scheme, uh, for one of scheme for one of the funds,
which we had direct management above $1.2 billion under management.
And we were doing a guarantee scheme for the banks
and also a term sheet for what SMEs need to be funded, etc.
And I was like, shit, you know, like this.
Sorry for the language, by the way, but I just thought, you know, all this can be done
on the blockchain completely, you know, without total bureaucracy, completely decentralized.
And I was playing at the time with crypto as a hobby.
I was trading a bit and I just got this idea that, you know,
overall crypto is not just speculation.
It can be tied to something which is, let's say, sustainable,
to sustainable interests and sustainable yields.
And one of the easiest entry points would be actually funding different businesses which are already cash flow generating, which have revenue, etc.
We did this.
And however, as I said, we were probably one of the earliest out there in the space.
And yeah, you know, we survived a very bad bear market.
However, we, let's say, under-evaluated the level of speculation which people were looking for
and, you know, the immaturity of the market.
So we were a bit early with our concept.
I think now the concept has been proven already.
And now is the time where people can actually see and show interest
in what Credify has to offer.
And that's why we're completely revamping
everything from the beginning, from the scratch,
in terms of UI, UX, products offered,
easier access, etc.
Because especially with the current geopolitics situation, etc.,
I think more and more people are getting into the fact that
you don't need to chase a thousand techs
if you can basically
sustain over a
prolonged period of time, let's say
15-20% growth
that's the way you kind of
get wealthy
not rich overnight, but wealthy
and that's the way you
diversify your portfolios your holdings and
we are credify can offer this in terms of products and services and in a very secure let's say manner
so yeah wow yeah no that's it's it's an awesome vision and obviously I think many of us on this call are all behind
that. So moving that back into sort of Credify, can you give us just a breakdown of where
you are today, sort of what you've accomplished and where you're headed?
Well, yeah, we have established quite a few partnerships. Some of them moved forward, some of them didn't actually.
Of course, into this space, unfortunately, a lot of the news out there is basically kind of just noise.
However, we are more corporate than most projects are.
We are revenue generating uh we have you know
different business models which we have employed uh and we are employing as we speak uh we had to
adopt mika as well so some of the services which we wanted to release uh we put them on basically standby. But right now we are starting to release
them. I mean, we had to adopt to the different regulations. We had a different, let's say,
strategy point which we consumed over the past one year. And here's where deal finance comes into place. Basically what we found out from
all of this experience which I just mentioned is that RWA is a good term and a lot of people
are going towards it but technically speaking what it kind of misses is a standardized, let's say, platform approach infrastructure
where they can be evaluated, they can be trusted.
The trust factor is one of the biggest issues in the sector.
That's why we decided to create our own ecosystem through RealFinance
and use Credify as RWA-FI.
So what I mean is that not accept only tokenized assets as collateral, etc.,
but actually utilize the full ecosystem of real finance into Credify.
And the full ecosystem would mean both traditional instruments,
traditional institutions who bring their assets on chain
to be able to have those assets on to Credify as collateral, as a leveraging platform for retail to be able to actually invest, leverage as well through them,
and also become completely on-chain.
Because up until a year ago, we had this off-chain aspect where the pools would send money technically towards SMEs off-chain.
Right now, everything will be only tokenized assets.
Everything will be completely on-chain.
The collaterals will be represented on-chain.
And I think that's what people wanted to see.
And that's what, you know, kind of brings trust into the system,
and that's what we have been working on and we're about to release.
And furthermore, again, when speaking about ecosystem,
we managed to strike two very major partnerships over the past five months
with one financial institution and one financial brokerage.
And there's gonna be several very interesting products coming to our
platform in April and basically completely new utilities to our token
called Credi and there's to be the possibility of actually leveraging
upon credit as well all right all right that's that's awesome let me just break that down and
you correct me where i might have lost you to make sure that everybody especially anyone new
just joining gat catches up on here so you you've been working on credit fi for for some time now call it an early
pioneer i know what that's like and uh you know you had to run into some issues it turns out you
saw some infrastructure standardization problems and you actually ended up combating that by
developing your own l1 solution called the real blockchain and on top of that you suffered from
some some changes in regulation so on top of that, you suffered from some changes in regulation.
So on top of building out new infrastructure,
you also had to adapt to the new Michael laws.
But now you're essentially able to bring it all full circle
with real finance ready to go,
real blockchain essentially integrated into the Credify platform.
And you're now going to be accepting more assets
and more new customers, it sounds like,
for some new offerings next month.
Did I catch all that right?
Yeah, pretty much.
And yeah, as I said, we are actually,
just to add on it,
a major point is that these two new partnerships
are actually bringing liquidity
outside of the blockchain space.
And that's something which we have been chasing for quite some time.
Because, as I have mentioned before, one of the problems with crypto is the fragmentation.
The fact that there is 50,000 different projects and tokens being launched constantly,
maybe even each single day.
And even though the participants within the space and the entrance to the market,
they're increasing rapidly, the supply is also increasing even further,
like even more exponentially.
So technically speaking, what I do believe
that the whole space at some point is going to consolidate
and that's why there's all these shakeouts,
there's all these Black Swan events, etc.
But at the end of the day uh you know companies such as creditify who have been built by i'm sorry i'm not sounding too modest right now
but it is it is in this manner who have been built by people who are you level, more institutional.
They kind of survive through thick and thin and adopt with the space
and actually do the foundations for further growth rather than just disappear into the void.
Let's put it that way. And yeah, just to correct you on one thing,
basically, a real blockchain is the ecosystem
and Credify will be integrated on it
as the purpose that for financial, basically, RWA-FI and financial leveraging liquidations etc on
all of those tokenized assets which are coming come chain which which as soon as
early as next month and you mentioned that it's open to retail so before we
got we got Luke from Morpho here so we do like to round robin and keep things moving and we'll get right back to you, Evo.
But I do want to ask you one more question here.
Yeah.
Can you just expand on, you are, you mentioned you are working with a lot of institutions.
You are open to retail, to access the Credify platform, it seems.
Are there any specific type of sort of private credit assets you guys are targeting or anything else we should know just sort of for accessing the platform and what to expect?
Actually, we're going to be, as I said, expanding the product range and through our partnership.
One of them is, as I said, with the financial brokerage.
You can expect actually even equity investment possibilities directly through the platform.
That's awesome. That's just the beginning. We're going to expand on that. Like I said,
we're going to come right back to you, but we did get Luke here as well from Morpho. So,
hey, how are you doing, Luke? Just wanted to see if you got a chance to get on here. Fantastic.
Do you mind just giving us a quick punchline on Morpho,
just for anybody who doesn't happen to shockingly not have heard of Morpho? And then we'd love
just a little bit more about your background, Luke. Let's get to know you.
GM, GM. Yeah, absolutely. Thanks for having me. I am a BD lead at Morpho, focused on DeFi and RWAs, so the good stuff. And for
anyone who doesn't know Morpho, we're one of the largest protocols in DeFi. We are a lending
network. So you can think about us as pure infrastructure for other folks to come in and build on-chain financial products.
So Morpho started out as an optimizer that sat on top of the legacy DeFi lending protocols,
so Aave and Compound. And ultimately, Morpho became the largest single user of those protocols,
managing, uh, call it $3 billion of TVL within really like the first year that
that Morpho was launched, which was call it 2023.
And what the team quickly learned was that, uh, these protocols were not built
to scale in the way that traditional lending markets require,
mainly because it is a pooled risk model. So somewhat similar to a broker or a fund or,
you know, like kind of like a CLO. There's a bunch of different ways you could term it,
I suppose, but instead of this one risk profile
where every depositor is opting in,
the Morpho team wanted to build a free open market
for any expression of the risk curve.
And so the team built Morpho Blue,
which is the first iteration of the protocol.
And the architecture of it is such that there is a base layer called Morpho Markets, where
each individual market is an isolated lending market, which means that there's one collateral
asset, there's one loan asset, and then there's some risk parameters, including the liquidation
LTV and the Oracle configuration, right?
So today there are thousands of markets on Morpho, but a small percentage of those are the most active and sort of attract the most borrowed demand, the most liquidity.
And so that is sort of where borrowers interface with lender capital.
But the lenders actually deposit into what are called vaults. And vaults have become
sort of this catch-all for the future of asset management and the future of like on-chain finance and all these different financial products.
But Morpho vaults are non-custodial, so a little bit different than maybe other vaults, which actually are custodial.
Morpho vaults are purely non-custodial. Depositors retain control and custody of their underlying funds throughout the entire lending process.
And the vault is managed by what we call a risk curator.
And we call it specifically a curator because it is not a manager.
That manager does not have custody of the funds.
They're simply programming the allocation strategy, if you will, of that specific vault.
So if you go on to Morpho today, app.morpho.org backslash vaults, you will see hundreds of
different vaults sorted by whatever preference you're looking for, but in the first instance,
sorted by size of deposits.
And you'll see that for USDC or USDT or whatever asset you're looking for,
there are multiple different vaults.
And so you can self-select for whatever expression of the risk curve that you're
looking for, whether it's the most low risk opportunities in all of DeFi.
So really lending against blue chip collateral only.
So call it like Bitcoin and ETH.
You can access that on Morpho.
If it's looking for higher yields, you can access that on Morpho.
If you have a preference for one risk manager over another, you can access a
number of different curators on Morpho.
And so that is sort of like this open, free market for lending and for yield products
that Morpho has built.
I suppose I'll pause there.
A bit on my background, I started out in Tradify.
I spent three years at Goldman Sachs.
I was a high yield bond salesman and sales trader for a bit.
And so I started out in junk bonds, traditional credit and some private credit stuff as well.
And then I've been in DeFi for the past a little over four years now. So
worked at Avalanche for a year, was the RWA lead there, spent two years at Maple Finance,
spent some time at FalconX, which is a institutional prime brokerage within crypto.
And most recently, I was head of growth at an early stage DeFi project building on-chain
credit derivatives called Cork Protocol.
So, yeah, that's... That's that's awesome that's perfect that's exactly what we all wanted to hear i mean you
got a wonderful mix of trad fi behind you but it sounds like you red pilled uh early enough right
and you have such an incredible uh track record of working for some great companies but also
a great job explaining vaults and all
that why don't we dive in a little deeper on that how how serious is morpho taking rwas right maybe
maybe you can tell us to what percentage or number of vaults there really are related
to rwas and sort of maybe what's the sense what's the mood over uh ed morfo about rwas is this going to take over
everything is this just sort of another another division sort of how are you guys treating it
yeah for sure um i would just preface this by saying we are still extremely early in rwas in RWAs coming on chain and really like being integrated holistically within DeFi.
At Morpho, we really haven't up until this year put any thought or strategy or resources,
frankly, into the RWA segment.
Crypto-backed loans have powered the growth of Morpho up until this point.
But we're sort of at this interesting moment in time when, you know, we have more regulatory
clarity, we have significant adoption and really like human capital and thought leadership from traditional financial
institutions, primarily like the asset managers who are probably the most important distributors
of RWAs. And so like, we think it's a very interesting moment in time because the RWA
space has leveled up at the same time that the speculative fervor of crypto has sort of died down a little bit.
And the animal spirits that had been powering high yields on chain for the past several years,
really since DeFi summer, have sort of died down in a sense and sort of been
farmed to oblivion. Even basis, like three month basis right now is below 3%, which is
pretty mind boggling to me that you're getting paid less to put on a delta neutral crypto trade,
even if you're on these offshore venues and taking on that counterparty
risk versus just owning T-bills. So the fact that the de facto risk-free rate of crypto is
inverted to T-bills, I think says a lot and also just speaks to the opportunity to
really integrate RWAs as a yield source to DeFi and sort of correct some of these market inefficiencies that i'm seeing but
um i think the base it's interesting to think about basis because for years this was just like
a great trade a great delta neutral trade um but it wasn't super accessible and then you had
sort of in parallel you had athena productize and distribute this trade on chain.
And you also had, you know, large TradFi pod shops like Millennium get access to basis
on regulated venues with, you know, the BlackRock, Bitcoin ETF and also CME futures.
So sort of you had this period of time from 2024 to 2025 when basis basically went from like this
consistent, juicy, low risk, double digit yield source into something that is now like below T
bills, right? So that just shows you number one, like how crowded that trade has become,
but also number two, like how much the appetite for leverage has been
reduced. And the reason I go through all this is to say that like the appetite to borrow against
crypto on chain today is pretty low and the lender side has gotten extremely crowded. So
lending markets are always sort of like a seesaw, always sort of a chicken and egg problem of like
trying to solve one side of the market and then the other, like trying to source the stable coin
and the lender supply and then trying to find the borrowers. Right. And so like for most of the time
I've been in the space, it's been more of a problem of actually sourcing the stable coin supply
to go out and issue loans. That is no longer the case. We are drowning in
stablecoin supply over at Morpho right now. We are integrating embedded stablecoin yields into
all of these leading fintechs, web twos, banks, neobanks. If you go to the Morpho feed, there's
a new integration just about every day. And so the stablecoin supply spigot has been turned on.
And I think that Pandora's box has been opened in that respect.
And I don't think we're going back.
And so it's really now about like finding where is the yield going to come from?
Where is the borrow demand going to come from?
What does the yield engine look like?
And it just needs to expand beyond crypto
back loans and beyond the crypto native yield sources. And that's where RWAs come in. And that's
sort of to set the table where we are at today. So we're sort of in the bottom of the first inning
in my mind. I think that's an accurate assessment. Would you say that, like call it that stablecoin dry powder, is that mostly like hedge funds or crypto funds? Are you dealing with a lot of institutions that are now saying, hey, we'd also like to use our stablecoins or put them to work? Or is this mostly retail? How would you say the audience has changed with this new market?
It's all the above, which is kind of crazy.
I've seen traditional banks getting involved in Bitcoin-backed lending.
Cantor Fitzgerald, to name and name, when I was at Maple. We did some stuff with them to get them sort of lining up a warehouse
line for us to go out and originate crypto-backed loans. There are community banks and smaller
regional banks that are now entering the space. There are traditional asset managers, like a Bitwise, for instance, that's doing crypto backed lending.
You know, there are tons of these crypto native institutions that are pretty flush with stable point supply.
There's obviously a lot of retail capital, you know, both from integrations.
Right. So like Kraken Earn, Gemini Earn, Coinbase Earn,
those are the three major US exchanges. And we have hundreds of millions of dollars of stable
coin supply from US retail stable coin holders through those earn integrations, right? So like
you have the US retail, we have Asia retail through
crypto.com, finance wallet, OKEx Earn, right, all these and similar in Europe as well. So we have a
global supply of retail stablecoin liquidity that's looking for yields. We also have a global supply of
institutional stablecoin liquidity that's looking for yields. So it's really well-rounded,
which creates a dynamic market. And I think an opportunity set where different types of assets,
different types of issuers can be successful, right? Because there are going to be some people who prefer low risk, lower yielding products, there are going to be some people
that prefer, you know, higher yielding products and are more risk seeking.
And so I think you have an environment where basically like the Morpho model just makes
sense because people want to self-select for different risk profiles.
They don't want to be opting into one risk profile.
There's a good way you can visualize
this. If you go to knowyourrisk.info, you can kind of see what I mean in terms of what the
risk profile looks like on individual Morpho Vaults versus other opt-in lending protocols.
Wow, that's a great website. I didn't know about that one. I'm going to check that out for sure.
I appreciate that insight. In fact, I kind of want to ask the same question to Ivo here in terms of his sort of audience and how they've evolved.
You mentioned talking to some institutions. Are these traditional banks in Europe? Are these mostly funds or family offices?
How's the conversation going and evolving since you started and where we are today?
Well, as I actually mentioned, and I think Luke mentioned it just now as well, I think
the market has evolved quite a bit and kind of matured when it comes to speculative assets
towards a bit more conservative but more sustainable asset classes and yields.
And yeah, I mean banks and financial institutions are looking to actually generate yield and provide
generate yield and provide, how do I say it, and basically invest into a good yield bearing instruments.
Of course, here's where I think that, you know, Credify safe and secure, evaluated by, let's say, Experian,
and in the meantime giving decent yield when it comes to lending, basically.
So we do have both currently interest from the liquidity
providers but we also have demand from borrowers in different let's say SME
natures and in different sectors so and is it also yes all stablecoin powered or do you enable options to participate in some of these without stablecoins?
No, we're sticking to stablecoins as well.
Of course, the thing is, and I would actually would love to extend a hand here to Luke.
We can potentially seek a collaboration.
I've loved what he said, and I do think that we can offer,
in terms of, you know, basically borrowing aspects, good opportunities,
and with, as I said, stable, and although a bit of lower yield still it is beating
let's say the the treasuries which he mentioned and yeah we're you know especially in Europe
there is demand but it's again all generated in stables and both on both sides, to be honest.
Yeah, no, that's great to hear to see you also driving a fully on-chain infrastructure.
And you guys also have, similar to Morpho has a token, there's also a Credify utility token or governance token.
Is that right?
Yeah, yeah, it's a utility token.
Awesome.
Could you just expand on that a little bit more
in terms of how that interacts with the ecosystem?
Well, we do have a direct interaction
when it comes to basically borrowers and lenders
who are participating onto our platform.
There are different, let's say, benefits and incentives to actually use the utility token, reduced fees, of course.
There are different, let's say, tier levels and different risk-rated rewards as well and a couple of new utilities are going to be basically
introduced in the next queue and this is mainly in connection with uh credit default insurance as
well all right well looks like we're gonna have to get you back on the show in the future to walk
us through through that one and the reason I brought it up is because we love
to talk on the show that RWAs and tokenization isn't just here about getting access to new
investment opportunities and to actually better financial infrastructure, but it's also about
the movement of trillions of dollars and the global economy going on chain and that there are opportunities like these
utility or governance tokens related to the very infrastructure we're having on stage here like
Credify and like Morpho, which also has a token and ultimately, as we can hear, powering RWA
infrastructure of the future. So I'm excited to see that. We do have, I believe, another guest coming on stage as
well. And we have to run out a little bit early because I got to talk to Schofield five minutes
ahead before our sharp next call. But I think what we can do here is, Luke, is there any,
I want to bring it back to you, is there any upcoming major initiatives or announcements
or upgrades related to RWAs for Morpho that we should be aware of?
Yeah, 100%. So the second iteration of the Morpho protocol is slated to go live in the
second quarter of this year. Previously, we'd been referring to this as Morpho V2,
although there is a new name for the upgrade and the extension to Morpho Markets,
which has not yet been released, so I'll call it Morpho Redacted.
But effectively, what this is is a fixed rate protocol. So at Morfo, we've spent the last
one to two years talking with institutions, spanning the largest banks, asset managers,
fintechs in the world. And it's become very clear to us that what's missing from DeFi is the ability to solve for fixed rate and fixed terms. So allowing more expressivity of
loan terms on chain. And I think the beauty of DeFi is like historically has been the ability to
create autonomous markets really. When you think about AMMs and IRMs in the lending market context as a way to bootstrap
market structure with software, I think that is such a powerful innovation.
And it's something that if you do any borrowing or lending in on-chain money markets
today, you're familiar with how these variable rates work and the way that they can sort of
fluctuate based on broader market dynamics, based on supply and demand, et cetera.
But what we've heard is to scale,
you know, Morpho is a $10 billion protocol today to scale to 100 billion and to scale to a trillion,
there's going to need to be the ability for fixed rate lending. And like I said, term lending. So
locking in certainty of terms over some loan tenor, locking in certainty of rate over some
period of time, right? And so that is the next upgrade and extension of the protocol that
will be rolling out within the next few months. And the reason that's relative to RWA is because
number one, it allows for native real world on chain originations to happen
because the real world, you know, it typically runs on fixed rate lending, even for like,
you know, floating rate bank loans, they're priced off of, you know, SOFR plus a fixed rate.
And so like none of these types of loans are possible on chain
today. They will be possible on Morpho V2. Not only will you be able to do fixed rate lending
and fixed term lending, you'll be able to do really any type of lending you can imagine,
whether it's off-chain collateral, multi-asset collateral, pure counterparty, unsecured credit. So like uncollateralized
lending, under collateralized lending, an open term evergreen loan, a revolving credit facility,
a term loan, a bullet loan. Like if you just want to go down the list of any type of lending that
exists in TradFi, this will all be possible with Morpho B2.
So it allows for full expression of loan pricing in terms and we've sort of moved towards the central limit order book
and more order book style liquidity, which resembles TradFi. This is effectively the
same thing that we're doing with lending markets with Morpho, the fixed rate protocol building on
top of and then as an extension of the floating rate protocol. So you will be able to, as a,
let's say a vault curator or a lender or a borrower, express your intent to borrow or lend
at specific loan terms. And that intent will live in this unified order book. So
there could be a lender or borrower on the other side who chooses to take those terms.
Let's say in this case, there's a borrower in the book who wants to borrow against their Bitcoin at 5% fixed for six months.
That lives as an intent in Morpho V2 in the order book.
who has $10 million of USDC in the floating rate markets,
the variable rate markets, which are yielding 3% or 4%,
and they decide I want to lend this out at a fixed rate,
they can route that liquidity from the V1 floating rate market
to the V2 fixed rate market.
And so that can all be done from the same Morpho
Vault V2. So we rolled out Vaults V2 earlier this year. We've bootstrapped between one and two
billion dollars of liquidity into Vaults V2 already. So we'll have billions of dollars of
stablecoin liquidity that's forward compatible and ready to go on day one for the fixed rate protocol as it goes live. So we're able to tackle the cold start problem that
way. And I think that's really exciting for RWA. I think that's critical, especially when it comes
to the capacity of what Morpho is doing, bringing all of lending on chain. This is a multi-trillion dollar industry itself across. I think private credit is slated 40 trillion
by the end of the decade and such. So this is a massive opportunity. Appreciate the insight there
and the alpha about what's coming. I want to ask the same thing quickly to Evo here,
unless he had to drop already. Looks like we might have lost him.
We are going to
have Adrian. Are you coming up here,
Adrian? Are you available?
Accepting the invite or not?
I do want to also give a shout out to Driven Lab,
another one of our RWA Foundation
members. They're doing some
awesome things over in the car asset
tokenization space. Dow is based
on Ferraris, as well as even the supply chain and car culture
itself. So check out driven lab. If you haven't,
hopefully that's you Rex or somebody else. See you, my friend.
And Adrian, we got Adrian on the line.
Evo will get a chance for you to end the show,
but we do got to end it a little early.
I wanted to give a shout out to Adrian. Congratulations, my friend, and one of my
business partners on the recent Invest Ready news to Global Settlement. Why don't you expand on that?
Give us the punchline. Adrian, you got three minutes. I really appreciate it, Herrick. And
thank you so much, everybody, for the incredible insight in this watering hole.
The watering holes are always amazing.
Yeah, it's pretty crazy that this week we've been acquired by Global Settlement Network.
InvestReady has been around since 2013, so we're a little old hat in the industry.
But we focused on mainly has been accredited investor verifications for
Reg D 506c. Over the years, we've expanded to do some KYC AML through Plaid. And we also provide
bad actor verifications, as well as non US exempt verifications like accredited investor verification
in Singapore and other countries.
And recently in the last couple of years, although it's been a work in progress since back in the STA days, we launched a product called a credit token, which basically is
zero knowledge proofs of verification on chain. And the way it works is we mint a one of one token,
basically an NFT that is actually tied to the wallet.
So it's non-transferable that represents the verification
that we've ordered any other platform has completed.
And so, you know, the combination of our TradFi experience
where we've worked with customers
as big as Mercedes-Benz Financial Services,
Invesco, Securitize in the past
to help them with their compliance,
plus our on-chain platform
really led to Global Settlement coming along
and acquiring a majority stake in the company in order for us to combine
entities and basically have our entity now be GSXID. We're going to be adding some extra resources
in terms of actual biometric company coming online as well and you know it's very
exciting because we get to do what we've been doing serve a broader market and
then I myself am also going to be coming online as the chief legal officer for
Global Settlement Network as well over the next month so exciting times man
yeah congrats man the identity problem is a massive one that I think you guys network as well over the next month. So exciting times, man. Yeah. Congrats, man.
The identity problem is a massive one that I think you guys are solving.
Obviously I'm a little biased, but also the global settlement team,
they're building an interoperable blockchain layer to help with settlement
across all assets and equities and such.
So obviously identity is a key component to all that.
And I'm excited to see what you guys do with that.
So congratulations, Adrian.
We got three more minutes left.
We got to end the water hole episode early this week.
Ivo, what you got for us, my friend?
Any alpha, anything we got to be aware of other than, of course, what you already mentioned is you got some products launching in April.
So I think everybody better be ready for that
uh yeah well as I said uh not only projects but we have uh two major basically partnerships with
you know thread five players as well coming on coming on to creditfy and uh furthermore, again, I do think that at the end of the day, RWAs are going to be, and especially our colleagues here from Morfo, they're completely correct. something of interest and having such kind of, let's say, assets as collateral or leveraging
upon them as what Credify will be specializing in the near future is basically key to financial
accessibility and liquidity in the next phase.
That's what I have to say.
That's a beautiful thing to end on, my friend.
So I think that's what we're going to do.
Exactly that.
I appreciate everybody's time coming out here.
Next week, we're going to have a huge announcement behind Tokenize This.
That's the annual conference we put together for institutions, blockchains, and the tokenization companies to get together in New York City every year.
June 23rd to 25th this year, we've got an amazing lineup, Fidelity, Apollo, Securitize, Maple, and many, many others.
So I'd love to see you all there.
Check out for that news.
But otherwise, we'll see you again next week on Thursdays. Every week, more new RWA projects to learn about and check out.
So thank you, Sam, Victor, Fuya, Grioni, Pertik.
I'm going to try to get Zan, Moses.
So many amazing faces in here.
We're going to hopefully see you again next week.
But otherwise, have a great rest of the week.
And happy tokenizing everyone.
