INSIGHT: The RWA opportunity & onchain yield Tokenized RWA markets will explode over the coming years, estimated to reach $2T-$30T in total onchain AUM by 2030, a minimum >50x change from current levels. Credit markets are a stand-out beneficiary. Citi expects $100B in tokenized private credit by 2030. BCG forecasts 20-30% of all securitized debt to move onchain by 2035, with blockchain rails making the credit lines cheaper and more transparent to originate and trade. If this forecast is realized, it would imply $2.5-$3.8T in structured product AUM onchain - a 1000x increase from today. We agree that the growth of yield-bearing RWAs onchain will be explosive, but onchain yield markets face an obvious gap today - they crave differentiated, scalable yield. Low-yield, large-scale assets are abundant, but differentiated yields - defined by high nominal yield and low volatility - are in short supply. As we see in the chart below, most assets cluster near 3-6%, not at all differentiated from the risk-free rate of 3.62% or the 10-year yield at 5%. We believe there is ample opportunity for differentiated yield profiles that move the efficient frontier, i.e., adding incremental yield while simultaneously lowering volatility of existing DeFi portfolios.