STRC and the Next RWA Frontier for RWA AMA Recap Benmo × Ondo × YZiLabs × Saturn 1. RWA is moving from tokenization to utility @fullportmatt from Ondo believes tokenized stocks are still at a very early stage, but demand is already clear. The next step is not simply bringing equities onchain, but making them usable as: Collateral → Borrowing → Leverage → Structured Products @Hui_Huangg from YZiLabs shares a similar view: after years of building compliance, custody, and issuance infrastructure, value is gradually shifting toward the application layer. --- 2. $STRC introduces a new source of yield for DeFi @kevinlhr88 from Saturn sees STRC as a bridge between: Bitcoin → Credit Markets → Onchain Yield Instead of yield coming from token incentives, STRC generates yield through Strategy’s financing structure. Saturn then brings that exposure into DeFi through sUSDat and structured products. --- 3. Saturn’s value goes beyond simply bringing STRC onchain STRC is already tradable, but Saturn is focused on the layer behind it: Distribution + Liquidity + Structuring The same exposure can be split into Senior / Junior tranches to serve different risk profiles. Senior receives a lower yield, while Junior absorbs losses first. This is a clear example of how DeFi can go beyond tokenizing assets and begin tokenizing risk exposure itself. --- 4. @Ondo × @saturn_credit × @pendle_fi are forming an RWA stack A simple way to understand it: Ondo → brings assets onchain Saturn → distributes assets + structures risk/yield Pendle → creates markets for future yield Once a TradFi asset moves onchain, it can continue to be used to create: Fixed Yield → Leverage → Liquidity → Derivatives --- 5. Liquidity remains one of RWA’s biggest challenges Matt emphasized that RWA liquidity is not necessarily cheaper than liquidity in TradFi. An onchain transaction still requires liquidity across multiple layers: Stablecoins + Cash + Underlying Assets + Settlement Meanwhile, DeFi operates 24/7 while traditional markets do not. That means liquidity could become one of the largest infrastructure costs for the RWA sector. --- 6. What does @yzilabs look for in RWA projects? Haley highlighted three key factors: Real cash flow - the model should not rely entirely on incentives. User stickiness - do users and capital actually stay? AUM stability - does TVL/AUM remain stable after campaigns and incentives end? --- My personal take: What I find most compelling about Saturn is that they are not stopping at simply tokenizing STRC. The more interesting part is how Saturn is turning a credit asset into an entire DeFi financial stack: STRC → sUSDat → Senior / Junior → Pendle → Lending → Leverage If RWA wants to scale, bringing assets onchain is not enough. There needs to be a layer in the middle that transforms those assets into something capital can actually use. And that is exactly the position Saturn is trying to occupy. In my view, Saturn’s potential moat is not STRC itself, but its ability to become a distribution + structuring layer for digital credit. If Saturn can replicate this model across multiple credit assets, it could become one of the more interesting protocols at the intersection of: RWA × Credit × DeFi RWA 1.0 = Bring assets onchain. RWA 2.0 = Make assets useful onchain. And Saturn is building directly at the second.