Aave, Morpho, and Kamino are all engaged in RWA lending, but each follows a distinctly different path. Aave Horizon: A standalone, permissioned institutional market Aave places RWA in a separate Horizon market. Institutions must undergo KYC via issuers to collateralize RWA assets, while the stablecoin funding side remains open—anyone can deposit USDC, RLUSD, or GHO. Asset eligibility, risk parameters, and liquidation frameworks are centrally managed by Aave governance and a dedicated risk team. Morpho: Isolated markets + Curator capital allocation Morpho does not build a standalone RWA product. Instead, each RWA asset can establish its own independent lending market. Curators decide which markets receive capital and how much funding each market can access. Kamino: Customizable markets + Vault layer Kamino also employs a market layer and Vault layer, but with greater flexibility. A single market can support multiple collateral and debt assets, with customizable LTV ratios, interest rate curves oracles, supply caps, and permission settings. It functions more like a customizable, multi-asset RWA lending platform. RWA Share Across Protocols Aave: 2.5% Aave’s overall lending volume is large, so RWA currently represents only a small portion. Representative assets include Superstate USTB, Janus Henderson JAAA, VanEck VBILL, and Superstate USCC. Its strategy is clear: start with government bonds, bond funds, and high-grade credit—focused on institutional, standardized assets. Morpho: 16.9% Morpho’s RWA segment is already a major business line with the broadest asset coverage. Beyond private credit assets like Hastra PRIME, Maple syrupUSDG, and Midas mF-ONE, it also includes reinsurance assets like reUSD and tokenized gold like XAUt. This shows Morpho operates more like an open RWA credit marketplace—asset inclusion depends entirely on whether a Curator is willing to allocate capital to it. Kamino: 33.5% Kamino has the highest RWA share, nearing one-third of its total lending TVL. Representative assets include Prime Reserve, OnRe, Maple syrupUSDC, Superstate USCC, and Hastra AUTO. Notably, OnRe (reinsurance) and AUTO (auto loans) demonstrate that Kamino is not limited to government bonds—it actively integrates vertical private credit assets with clear cash flows.