Connecting Onchain capital markets with Offchain yield.
Joined August 2026
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Today we're launching O2O Capital Partners to accelerate onchain finance and move $1T of bank balance sheet risk onto the fastest growing capital base in the world.
Here's how the two sides of that trade line up:
Our cofounders @Stevie_G_Mac and @pgaff_digital will be in New York the next couple weeks.
Look forward to meeting with our partners as we bring our first RWA vault products to market
Reach out direct to schedule meetings while in town 🫡
In New York for @O2Ocapital next week to switch up
Around for all things looping, Earn programs, and RWA liquidity 📲
@krakenfx DeFi Earn's biggest USDC vault holds $254M for 51k+ depositors
Our 3rd vault brief shows:
1. ~72% of NAV is two private credit tokens, @HastraFi PRIME and @humafinance PST, looped on @Morpho
2. base yield ex-incentives: ~3.7%, 3rd of 6 Earn vaults
Full brief below 🧵
More from the brief:
>> the yield hasn't moved with crypto, but withdrawals rise with $BTC's daily swings
>> a June-size run would need ~$20M beyond liquid assets
>> ~0.6% of the yield comes from incentives paid on @StellarOrg through a second @SentoraHQ vault
Vaults 101 is back too: strategy accounts, timelocks, posted marks and exit queues, all explained with this vault.
Get the next brief every two weeks: o2ocapital.com/research
Who actually funds @coinbase's Solana-backed loans?
>> May to July: @SteakhouseFi's High Yield vaults
>> July 27th: @ClearstarLabs starts lending
>> today: Clearstar supplies 86% of SOL lending and 88% of JitoSOL
All on @Morpho, all visible onchain
The handoff was almost mechanical
After 16 of Clearstar's 17 deposits of $100K or more, Steakhouse's vaults pulled about as much back out within 25 minutes
Steakhouse never lowered its caps, so it looks like rates doing the work, not a decision to leave
Full breakdown in our Vault Brief Issue 2:
o2ocapital.com/research/clea…
New brief every two weeks. Sign up here: o2ocapital.com/research
O2O Capital Partners retweeted
Fixed rate lending gaining quick steam among Ethena and Maple
A lot's changed in the few days since our CoinDesk article...
nitter.gq/andrewhong5297/status/…
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
O2O in @CoinDesk 🤝
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
O2O Capital Partners retweeted
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
In this week’s Crypto Long & Short newsletter:
🟡@pgaff_digital of @O2Ocapital on what’s keeping real-world assets from scaling in DeFi
🟡Top headlines institutions should pay attention to by @FranciscoMemor
🟡“Tron led crypto card volume in Q3 2026” in Chart of the Week
coindesk.com/newsletters/cry…
O2O Capital Partners retweeted
Vaults to $100B the next 24 months and RWAs accounting for half of that
Boom
Vaults went from ~$3B to ~$20B in under two years, mostly on @Morpho
>> most of it still earns 4% to 6% on crypto lending
>> our forecast: $22B to $28B by year end
>> the path to $100B runs through real-world yield
Receivables, credit and income ETFs are barely onchain yet 🧵
The managers are already showing up.
@BitwiseInvest PAPY took in $8M in its first 24 hours lending against real-world credit. @galaxyhq, @GSR_io and @jpmorgan curate vaults now too.
We think ten asset managers are curating vaults by the end of the year
We cover vaults like these every two weeks in our vault briefs. Sign up for the next one here:
o2ocapital.com/research
Full October report: o2ocapital.com/research/rwa-…
O2O Capital Partners retweeted
Good data here on stonks in DeFi
Tokenized stocks are starting to do more than just sit in wallets. 🐘
The top six lending apps now hold $52.3M of tokenized stocks as collateral, led by @kamino at $25.2M and @JupiterExchange Lend at $13.1M.
This is the part that Wally takes a look at after issuance: getting the assets used.
Data: @DefiLlama
O2O Capital Partners retweeted
This is why I keep trying to understand onchain lending, the numbers are getting hard to ignore lol
🧵 1/3
Tokenized isn't the same as liquid.
>> @BlackRock BUIDL: $2.8B onchain, $18M working in DeFi
>> @circle USYC: $2.6B onchain, $32M in DeFi
>> @FTDA_US BENJI: $1.7B onchain, $0 in DeFi
Only $4B of the $39B in tokenized RWAs is put to work in DeFi per @RWA_xyz & @DefiLlama
🧵2/3
The products built for DeFi from day one are the ones getting used.
@maplefinance syrupUSDC alone has ~$1B working in DeFi, about a quarter of the total.
Distribution and liquidity is the product. Tokenizing a fund is only the first step
🧵3/3
If $35B of tokenized RWAs is sitting unused in DeFi, who puts it to work?
Our October report maps the onchain buyers and what they're looking for:
o2ocapital.com/research/rwa-…
Get the next one in your inbox: o2ocapital.com/research
