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Aave Horizon is one of the largest dedicated RWA lending markets onchain, with roughly $390M in TVL and $134M in active loans. It lets qualified investors supply permissioned tokenized assets as collateral, while stablecoin liquidity remains permissionless.

Deposit rates in onchain credit markets come from a published function of one variable, which is why they move in double-digit steps within a day. Anyone quoting a customer-facing rate is quoting the output of that function, and its parameters can be read directly from the contract.

Sentora launched a PYUSD vault on Morpho that lends against Huma Finance's PST, a payment-receivables token with more than $225M in supply across chains. The return comes from short-duration credit used by licensed payment firms to pre-fund cross-border settlement. The launch adds payment credit to an Ethereum earn market still dominated by crypto lending and tokenized cash. In this issue, we examine the vault, Huma's credit model, and the broader expansion of credit RWAs.

A position held in an onchain market carries exposure across four distinct layers, each of which offers a different guarantee and fails in a different way. Separating them is what allows a risk function to assign an internal owner to every exposure before capital is committed.

The new Sentora vault gives allocators structured access to PST, Huma Finance's yield-bearing RWA backed by short-duration cross-border payment receivables, extending its presence on Ethereum mainnet.

Onchain markets record ownership, price credit and settle obligations like their traditional counterparts. What makes them different is that they assign those familiar jobs to an unfamiliar set of parties. This guide maps who performs each one, so a reader can locate any product, return or risk inside the structure before assessing a specific opportunity.

Tokenized credit is becoming usable: HINC proposes sub-IG collateral on Aave Horizon, while Centrifuge adds instant USDC liquidity via Symbiotic across $1.6B of funds. Two paths forward: borrow against the token, or exit without waiting for redemption.

A framework for managing on-chain collateral risk: the four risk categories, the control structure for each, why liquidation parameters are risk policy, and why oracle selection belongs to governance.

How tokenized gold works: what the holder owns, how PAXG and XAUT differ on custody, audits and redemption, how the tokens compare with a gold ETF, the unsettled tax position, and the risks that remain.

Tokenized equities took another step toward mainstream crypto distribution this week. On August 11, KuCoin integrated Ondo’s tokenized stocks and ETFs into KuCoin Alpha, allowing eligible users to access equity-linked assets directly with funds already held in their KuCoin accounts. The announcement matters less because another exchange added tokenized stocks, and more because it shows how quickly the sector is moving from specialized RWA applications toward the same distribution rails already used for spot crypto.

Why tokenized Treasuries reached institutional scale before every other asset class, how the leading products are built, the collateral role they now play, and the lesson the category holds for tokenized equities.

What tokenization changes about a security, and what it leaves untouched. The legal position, how permissioned transfer logic works at the contract level, the operational savings, and the risks that remain.

How to evaluate asset tokenization platforms as a regulated buyer: the three market segments, the criteria that matter, why chain selection governs composability, and the diligence questions vendor comparisons omit.

On August 4, BlackRock opened tokenized access to six UCITS Institutional Cash Series money market funds with combined underlying AUM of $311 billion, via 12 on-chain share classes on Ethereum through JPMorgan's Kinexys. A day later, Circle named a founding validator cohort for Arc (BlackRock, DTCC, Visa, Mastercard, and peers alongside Circle) ahead of a September 16 public mainnet, with 100+ builders already on private mainnet. One is European corporate cash with digital transferability. The other is who operates the settlement network. That same day, Wllington Management (one of the worlds largest asset managers in the world) launched mWIN in collaboration with Sentora and Midas: a tokenised RWA built for institutional credit to function as onchain collateral.

The AI debt boom is pulling capital away from other industries, raising borrowing costs for high-quality fintech and payments companies. Sentora aims to bridge that gap by using stablecoin capital to finance these overlooked borrowers while delivering higher yields to depositors.

Despite rapid growth in tokenised treasuries and credit, adoption remains limited. Structural barriers still prevent RWAs from becoming a scalable source of collateral, liquidity, and market depth across DeFi today. mWIN is designed to address these challenges.