TOKENIZATION WAS STEP ONE, THE CREDIT MARKET IS STEP TWO

Summary from the TLDR Crypto newsletter

RWA tokenization has reached $24.78B in distributed asset value across 846K holders, with tokenized Treasuries at $10.71B and private credit at $20.53B in active loans averaging 10.18% APR, but the credit infrastructure enabling these assets to function as scalable collateral remains absent. Existing DeFi lending architectures expose structural gaps, like venue-first designs with unified liquidation models that break under stress. Avon protocol applies a TradFi syndication model, maintaining isolated facilities with asset-appropriate enforcement while a matching layer aggregates execution, so borrowers access unified market depth without individual lenders compromising their mandates.