Good to see @PaulFrambot & @Morpho pushing receivable-backed credit onchain. This is an important step for the industry and something I believe is long overdue. For years, DeFi lending has largely been built around assets that have a live market price and can be liquidated almost instantly. But real-world credit operates very differently. A 90-day trade receivable isn't ETH collateral. It carries different maturities, counterparty risks, credit ratings and legal obligations. If we want to bring this multi-trillion-dollar credit market onchain, there are some fundamental questions the industry needs to address: - Credit underwriting vs. collateral pricing: Traditional DeFi relies heavily on market prices and liquidation thresholds. Real-world credit requires assessing borrower risk, cash flows, repayment capacity and creditworthiness. How do we make these standards transparent and interoperable across markets? - Maturity vs. instant liquidity: Credit assets have fixed maturities, often 30, 90 or 180 days. How do we create secondary liquidity without introducing dangerous maturity mismatches or assuming these assets can be liquidated instantly? - Legal enforceability and repayment: Smart contracts can automate repayment waterfalls, but the actual receivables and legal claims exist offchain. How do we ensure enforceable creditor rights, repayment priority and protection against double financing across jurisdictions? - Credit tokens as collateral: Perhaps the most interesting opportunity. Can properly structured and risk-rated credit tokens themselves become acceptable collateral, with appropriate haircuts, allowing credit funds to unlock additional liquidity without creating excessive leverage? At @ZIGFinance, we've been working at precisely this intersection, with over $100M across real-world credit and yield strategies, structuring and distributing capital across different chains and stablecoins, including USDC, USDT and USD1. I believe emerging markets stand to benefit enormously from this shift. There are businesses generating genuine cash flows but struggling to access financing because local banking systems, underwriting standards and institutional risk appetite don't align with global capital. Onchain credit infrastructure could help bridge that gap, provided we get the underlying risk structures right. It's encouraging to see serious players like Morpho entering this space. These are not problems any single protocol will solve. They require collaboration between credit originators, underwriters, institutional capital and onchain infrastructure providers. The next evolution of DeFi should be about connecting global capital to real economic activity, especially in markets where access to credit remains fundamentally broken.