ERC-7575 made multi-asset vaults viable as collateral.
ERC-8161 opens the door for assets that take weeks to settle.
Pending deposits and redemptions become transferable, so the redemption queue turns into a position someone else can buy.
What's actually new about ERC-8161?
The lads say it is not the packaging. You could always buy a gold ETF, a bond, a security, and a money market fund yourself, just inefficiently.
The zero-to-one is that a multi-asset, actively-managed vault can now be used as collateral.