On-chain credit product does not pay enough for the amount of counterparty risk that depositors take. Most don't even know who have claims over their collaterals...
The black swan on private credit is not even "highly" improbable.
It's very probable. On-chain capital deserve better.
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High APY DeFi vaults w/ illiquid RWAs and private credit look attractive......until panic hits.
RWAs and proof of reserves are great, but they don’t solve the core issue.... these assets can’t be unwound overnight.
A liquid token wrapper on a very illiquid underlying collateral doesn’t eliminate maturity and liquidity mismatch risk.
High yield comes with strings attached. Keep that in mind as more RWAs come onchain...
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