Who Funds Crypto's Loan Book? The bottleneck in DeFi lending may not be capital. It’s origination. In this episode, our Managing Partner @momir_amidzic sits down with @hexonaut, Co-founder / CEO @sparkfinance and @shanandwater, APAC Lead @Morpho for a full teardown of where the money comes from, who's borrowing it, and what the market still can't do. Timestamps 00:45 Intro 02:05 Seven years of money markets 07:00 Morpho vs Spark 　 08:55 "The world of credit is $200 trillion, crypto is a tiny fraction of it" 10:15 Two games in money markets　 17:45 Who filled Coinbase's Bitcoin loan book 　 21:40 West vs East: Crypto as one of the last deep techs that's still global 　 29:05 Is an HKD stablecoin any different from holding USDC? 35:50 Who's actually borrowing: are money markets just leverage facilitators? 　 40:10 "Perps are more of a retail product" 　 42:10 The bottleneck isn't capital, it's loan origination 44:35 The missing pieces 56:40 Market narratives 01:08:10 The DeFi mullet: blockchains are becoming back-end infrastructure 　 01:11:20 Predictions 🎧 Apple: 🎧 Spotify: 🎧 Xiaoyuzhou: 📺 YouTube: 📺 Bilibili:

Centrifuge and @IOSGVC have entered into a strategic partnership to advance institutional tokenization across Asia. IOSG first backed Centrifuge in 2021 and has now increased its position through open-market purchases. That reflects a shared conviction: tokenized assets are moving from an emerging thesis to an increasingly important part of global capital markets. Asia is emerging as a key region in that shift, driven by growing institutional interest and rapidly evolving digital asset ecosystems. Together, we’ll help expand access to tokenized assets across Asia and support the next phase of growth.