TradFi is finally finding a familiar analogy for onchain credit.
Vaults may resemble CLOs, but the key difference is not “blockchain settlement.”
It’s programmable capital markets
→ Real-time reporting,
→ Composable liquidity, and
→ Global distribution by default.
That’s the category we’re building for
Grayscale Research believes onchain vaults may break into traditional finance.
Similar to collateralized loan obligations (CLOs), vaults pool capital into managed portfolios, but are fully onchain. Today, onchain vaults hold ~$7B in total value locked (TVL), a fraction of the ~$1.5 trillion CLO market.
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