Connecting Onchain capital markets with Offchain yield.
Joined August 2026
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O2O in @CoinDesk 🤝
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
O2O Capital Partners retweeted
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
In this week’s Crypto Long & Short newsletter:
🟡@pgaff_digital of @O2Ocapital on what’s keeping real-world assets from scaling in DeFi
🟡Top headlines institutions should pay attention to by @FranciscoMemor
🟡“Tron led crypto card volume in Q3 2026” in Chart of the Week
coindesk.com/newsletters/cry…
O2O Capital Partners retweeted
Vaults to $100B the next 24 months and RWAs accounting for half of that
Boom
We cover vaults like these every two weeks in our vault briefs. Sign up for the next one here:
o2ocapital.com/research
Full October report: o2ocapital.com/research/rwa-…
The managers are already showing up.
@BitwiseInvest PAPY took in $8M in its first 24 hours lending against real-world credit. @galaxyhq, @GSR_io and @jpmorgan curate vaults now too.
We think ten asset managers are curating vaults by the end of the year
Vaults went from ~$3B to ~$20B in under two years, mostly on @Morpho
>> most of it still earns 4% to 6% on crypto lending
>> our forecast: $22B to $28B by year end
>> the path to $100B runs through real-world yield
Receivables, credit and income ETFs are barely onchain yet 🧵
O2O Capital Partners retweeted
Good data here on stonks in DeFi
Tokenized stocks are starting to do more than just sit in wallets. 🐘
The top six lending apps now hold $52.3M of tokenized stocks as collateral, led by @kamino at $25.2M and @JupiterExchange Lend at $13.1M.
This is the part that Wally takes a look at after issuance: getting the assets used.
Data: @DefiLlama
O2O Capital Partners retweeted
This is why I keep trying to understand onchain lending, the numbers are getting hard to ignore lol
🧵3/3
If $35B of tokenized RWAs is sitting unused in DeFi, who puts it to work?
Our October report maps the onchain buyers and what they're looking for:
o2ocapital.com/research/rwa-…
Get the next one in your inbox: o2ocapital.com/research
🧵2/3
The products built for DeFi from day one are the ones getting used.
@maplefinance syrupUSDC alone has ~$1B working in DeFi, about a quarter of the total.
Distribution and liquidity is the product. Tokenizing a fund is only the first step
🧵 1/3
Tokenized isn't the same as liquid.
>> @BlackRock BUIDL: $2.8B onchain, $18M working in DeFi
>> @circle USYC: $2.6B onchain, $32M in DeFi
>> @FTDA_US BENJI: $1.7B onchain, $0 in DeFi
Only $4B of the $39B in tokenized RWAs is put to work in DeFi per @RWA_xyz & @DefiLlama
Congrats @FissionXYZ on the $10M raise led by @PanteraCapital. Selling out of a tokenized fund in minutes instead of waiting months on a redemption window is a huge deal for anyone allocating to private credit onchain with any real size. Well deserved
Full October report on why vaults need yield that doesn't depend on crypto to get from $20B to $100B:
o2ocapital.com/research/rwa-…
Subscribe for our biweekly vault briefs and research: o2ocapital.com/research
Crypto's biggest Earn programs need subsidies to compete.
>> @coinbase High Yield USDC: 3.2% organic + 2.65% Coinbase-funded
>> @RobinhoodApp Earn: ~5% organic + ~2% Robinhood-funded
Offchain, @JPMorganAM $JEPI and $JEPQ pay 8% to 11% with no subsidy. None of it is onchain yet
New this issue: a Vaults 101 section that explains curators, allocators, sentinels, caps and timelocks with worked examples.
Get the next brief every two weeks: o2ocapital.com/research
@coinbase lends customers up to $100K $USDC against $SOL on @Morpho. Our 2nd vault brief follows the money onchain to a $34M vault on @base:
- @ClearstarLabs supplies ~80% of the $USDC in the $SOL market
- 217 liquidations, 0 bad debt
Full brief below:
O2O Capital Partners retweeted
Issue 02 of our @O2Ocapital vault deep dive is out 🫡
This edition looks at the work @ClearstarLabs is driving for @coinbase Earn
The DeFi mullet is on full display. This is the clearest growth driver for vault TVL as vaults continue to rip towards that $100B marker we love to tout