The tokenized asset market went from $1B to $25B in two years.
DeFi Drip by Centrifuge goes inside the room: direct conversations with the founders, protocol leads, and asset managers making the decisions that are moving institutional finance onchain. Not analysis. Not predictions. The people actually building it, explaining how.
Unsecured Credit Is Coming Onchain | Benjamin and Weso, Cap — S2 E7
Benjamin Sarquis Peillard, founder and CEO of Cap, argues DeFi yield has been circular from the start. Bitcoin-backed lending, basis trading, inflationary tokens: on his read, the returns come from crypto paying crypto. Cap connects onchain capital to the productive economy through unsecured credit, the largest credit market in the world, and one DeFi has never been able to touch.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Benjamin and Cap CTO Weso break down the three-sided market behind insured private credit, how institutions are borrowing onchain without posting collateral, and how tokenized RWAs can become the next underwriting asset.
IN THIS EPISODE 👇
Cap's three-sided market: depositors bring dollars, institutions borrow unsecured, underwriters post collateral and pick the borrower
How regulated asset managers can become distribution channels
What's the borrow demand for unsecured credit onchain
How onchain underwriting is faster than a traditional credit committee
Why retail should never underwrite institutions directly
What secures unsecured borrowing, and the role RWAs can play
Composability as the hardest concept to explain to traditional finance
(https://centrifuge.io/blog/despxa-on-base)STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
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LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
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29 Jul 2026
RWAs Are the Missing Collateral Layer in DeFi Lending | Jonathan Han, Euler Labs — S2 E6
DeFi lending has always run on crypto-native collateral. Jonathan Han, CEO of Euler Labs, argues that's a structural problem — correlated assets move together in a downturn, creating cascading liquidations. RWAs fix that by providing a critical layer of diversification.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Adam Bawi, Director of BD at Centrifuge, sits down with Jonathan to break down Euler's modular vault architecture, the deSPXA integration, and why building a transparent risk framework for RWA collateral is the most important challenge in DeFi lending right now.
IN THIS EPISODE 👇
Euler's comeback: from a $200M hack to $4B in deposits
Modular vs monolithic vault architecture — and why modularity wins for institutions
How Kraken Earn built on Euler and hit $100M in deposits in months
deSPXA live on Euler: the first tokenized licensed S&P 500 as collateral
Why RWAs provide the non-correlated diversification DeFi lending needs
Looping strategies for shorter duration RWA assets — what's coming
The next collateral categories: tokenized commodities, gold, and yield-bearing stablecoins
Why risk frameworks are the most important unsolved problem in RWA lending
(https://centrifuge.io/blog/despxa-on-base)STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
X (Twitter) → https://x.com/centrifuge (https://x.com/centrifuge)
LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o (https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o)
16 Jul 2026
Vaults to Power Every Financial Product Onchain | J. Offerijns & F. Gartenmeister, Centrifuge — S2E5
Vaults started as a yield product for DeFi users. Jeroen Offerijns, CTO at Centrifuge Labs, and Frederik Gartenmeister, Head of Product at Centrifuge Labs, argue they're becoming the core primitive that enables any financial product — funds, ETFs, securitizations — to run natively onchain.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Mariia Yatsenko, Head of Marketing at Centrifuge Labs, sits down with Jeroen and Frederik to break down institutional vaults: what makes them different from standard DeFi vaults, why asynchronous execution is a feature not a bug, and what the road from tokenization to native onchain origination actually looks like.
IN THIS EPISODE 👇
Why vaults are becoming the core primitive for onchain finance — not just yield products
What "institutional" means in the context of vault infrastructure
Why asynchronous execution is a safeguard, not a limitation
Onchain PM: managing one portfolio across multiple chains
Accounting tokens: how Centrifuge solves the settlement phase problem
The three stages of onchain finance: tokenization, onchain asset management, native origination
What higher risk-adjusted yields look like when RWAs and DeFi assets are combined in one vault
LEARN MORE LEARN MORE
Dive deeper into institutional vaults with Centrifuge's technical series:
Centrifuge Expands Its Institutional Vault Stack with the Onchain Portfolio Manager → https://centrifuge.io/blog/onchain-pm (https://centrifuge.io/blog/onchain-pm)
The Evolution of the Onchain Capital Stack → https://centrifuge.io/blog/from-tokenization-to-vaults-onchain-capital-stack (https://centrifuge.io/blog/from-tokenization-to-vaults-onchain-capital-stack)
Beyond Instant Settlement: The Standard for Asynchronous Vaults → https://centrifuge.io/blog/asynchronous-vaults (https://centrifuge.io/blog/asynchronous-vaults)
The Programmable Vault Stack: Customize Behavior Without Rewriting the Core → https://centrifuge.io/blog/the-programmable-vault-stack (https://centrifuge.io/blog/the-programmable-vault-stack)
STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
X (Twitter) → https://x.com/centrifuge (https://x.com/centrifuge)
LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o (https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o)
7 Jul 2026
The Chance to Engage Investors Like Never Before | Jonathan Casterline, Van Eck — S2 E4
Jonathan Casterline, Product Manager for Digital Assets at Van Eck, discusses where the firm goes next in tokenization. Van Eck holds roughly $4 to $5 billion in digital assets, primarily within the ETF space.
A year after launching their tokenized Treasury fund, the firm is working out how to move past experimentation and drive the institutional demand that the next generation of onchain products will need.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Graham Nelson, DeFi Product Lead at Centrifuge, sits with Jonathan to discuss the evolution of asset management, the challenges of distribution in a nascent regulatory landscape, and why tokenization's greatest value lies in direct investor engagement.
IN THIS EPISODE 👇
Van Eck's move from ETFs into tokenization
Learnings from their first tokenized fund and how the industry evolves
Debunking "cheaper, faster, better": the intermediaries tokenization was supposed to remove are still in the room
The marketing problem: what you can actually say once a security is onchain
Standardization across private funds, wrappers, and custodial models
The relevance of direct investor engagement
STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
X (Twitter) → https://x.com/centrifuge (https://x.com/centrifuge)
LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o (https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o)
23 Jun 2026
RWAs Are Proven as Collateral — Now Comes Scale | Sebastian Pulido, Aave Labs — S2 E3
RWAs can be used as collateral onchain. That part is proven. Sebastian Pulido, Director, Institutional & DeFi Business, at Aave Labs, argues the harder problem is what comes next: market structure, liquidation speed, and getting tokenized assets into the hands of investors who will never touch a Web3 wallet.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Graham Nelson, DeFi Product Lead at Centrifuge, sits down with Sebastian to break down how Aave Horizon is evolving, what Aave V4 unlocks for RWAs, and why the DeFi mullet — fintech front end, DeFi rails in the back — is the real distribution model.
IN THIS EPISODE 👇
What Aave Horizon is and why it was built specifically for tokenized assets
Who is actually buying RWAs onchain today and what they want
The liquidation problem: why RWA settlement speed creates a unique challenge for DeFi lending markets
Aave V4's hub and spoke model and what it means for RWA collateral
Why fintech distribution — not DeFi apps — is the real unlock for institutional adoption
Sebastian's bet: 5-10x RWA TVL in the Aave ecosystem within a year
STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
X (Twitter) → https://x.com/centrifuge (https://x.com/centrifuge)
LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o (https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o)
4 Jun 2026
What It Takes to Underwrite 7 Billion People Onchain | Paul Frambot, Morpho — S2 E2
Credit markets are $200 trillion. Crypto-backed loans are $60 billion. Paul Frambot, co-founder and CEO of Morpho, argues DeFi has barely scratched the surface, and the missing piece isn't more crypto collateral, it's fixed-rate, fixed-term obligations.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Graham Nelson, DeFi Product Lead at Centrifuge, sits down with Paul to break down how Morpho is becoming the lending infrastructure layer underneath fintech, exchanges, and now RWA collateral.
IN THIS EPISODE 👇
- How Morpho became the backend for the major exchanges' earn products
- Why RWAs are the fastest growing segment on Morpho
- S&P 500 as collateral: the DeFi Mullet in practice
- Why variable rate lending is the biggest blocker for institutional adoption
- Morpho V2: fixed-rate, fixed-term markets and what that unlocks for RWAs
- Underwriting seven billion people — Paul's long-term vision for Morpho
STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io (https://centrifuge.io)
Blog → https://centrifuge.io/blog (https://centrifuge.io/blog)
X (Twitter) → https://x.com/centrifuge (https://x.com/centrifuge)
LinkedIn → https://linkedin.com/company/centrifugehq (https://linkedin.com/company/centrifugehq)
Telegram → https://t.me/centrifuge_chat (https://t.me/centrifuge_chat)
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o (https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o)
28 May 2026
From $1B to $25B: What Comes After Tokenization | Bhaji Illuminati, Centrifuge — S2 E1
The RWA market went from $1B to $25B in two years. Bhaji Illuminati, CEO of Centrifuge Labs, argues the industry is now asking a harder question: not how to tokenize assets, but how to make them actually useful.
Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Graham Nelson, DeFi Product Lead at Centrifuge Labs, sits down with Bhaji to break down what composability means in practice: lending markets, stablecoin reserves, and DeFi protocols running on institutional-grade assets.
IN THIS EPISODE 👇
Where the RWA market stands today and what comes after tokenization
Centrifuge's two issuance paths: blue chip asset managers vs. whitelabel infrastructure
deSPXA: why recreating the S&P 500 at the asset level is different from wrapping an ETF
The dual access model: institutional fund shareholders and permissionless DeFi users, same asset
RWAs powering yield across the DeFi stack — Morpho, Aave Horizon, and what's next
TIMESTAMPS
00:00 From $1B to $25B — the RWA trajectory
00:45 Introduction: Bhaji Illuminati, CEO of Centrifuge
01:08 What the RWA Summit is about in 2026
02:13 What the next 6 months look like for Centrifuge
03:44 Two issuance paths: institutional and whitelabel
05:38 You tokenize an asset — then what?
06:15 Introducing deSPXA
07:18 Why this is a digital native fund, not a wrapped ETF
08:43 The dual access model: institutional and DeFi
09:21 RWAs powering the DeFi yield stack
LEARN MORE
Centrifuge App → https://app.centrifuge.io
deSPXA → https://centrifuge.io/blog/despxa-on-base
STAY CONNECTED WITH CENTRIFUGE
Website → https://centrifuge.io
Blog → https://centrifuge.io/blog
X (Twitter) → https://x.com/centrifuge
LinkedIn → https://linkedin.com/company/centrifugehq
Telegram → https://t.me/centrifuge_chat
Newsletter → https://share.hsforms.com/19j_mbuUsTiyf84HcIsndswnup3o
18 Jan 2024
DeFi Drip: Anemoy and Onchain Treasury Products with Martin Quensel
Martin Quensel of Anemoy and Cassidy Daly of Centrifuge discuss Anemoy, onchain treasury products, legal considerations surrounding onchain products, and permissioned vs permissionless finance in this episode of DeFi Drip.
4 Dec 2023
DeFi Drip: EY and Tokenization in Asset Management with Prashant Kher
Prashant Kher of EY and Cassidy Daly of Centrifuge discuss all things tokenization in asset management, from how different investor segments view this growing asset class to the effect of adopting tokenization on traditional markets, in this episode of DeFi Drip.
22 Aug 2023
DeFi Drip: Safe and Account Abstraction with Johannes Moormann
Johannes Moormann of Safe and Cassidy Daly of Centrifuge discuss implementing account abstraction, improving security and privacy, and real-world asset use cases in this episode of DeFi Drip.
1 Aug 2023
DeFi Drip: Moving Credit Onchain and Solving DAO Treasury Challenges with Jake Lynch
Jake Lynch of L1 Digital and Cassidy Daly of Centrifuge discuss private credit onchain, challenges DAO Treasuries face, and optimism in the current bear market in this episode of DeFi Drip.
1 Aug 2023
Innovating in the Face of Uncertainty with KPMG and S&P
Lucas Vogelsang of Centrifuge, Greg Genega of KPMG, and Chuck Mounts of S&P Global discuss the future of private credit on-chain.
1 Aug 2023
DeFi Drip: DAO Treasuries and Real-World Assets with Facu Peláez
Facu Peláez of karpatkey and Cassidy Daly of Centrifuge discuss Real-World Assets, DAO treasuries, and risk management in this episode of DeFi Drip.
1 Aug 2023
DeFi Drip: TradFi Perspective on DeFi with Chuck Mounts
DeFi Drip, hosted by Cassidy Daly from Centrifuge, is a series talking about all things coffee and changing the world of finance. Episode 3 features Chuck Mounts, Chief DeFi Officer at S&P Global.
1 Aug 2023
DeFi Drip: MakerDAO and Real-World Assets with Sébastien Derivaux
DeFi Drip, hosted by Cassidy Daly from Centrifuge, is a series talking about all things coffee and changing the world of finance. Episode 2 features Sébastien Derivaux, contributor to MakerDAO.
1 Aug 2023
DeFi Drip: BlockTower x Centrifuge with Kevin Miao
DeFi Drip, hosted by Cassidy Daly from Centrifuge, is a series talking about all things coffee and changing the world of finance. Episode 1 features Kevin Miao, Head of Credit at BlockTower.
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