Evidence-led research
on tokenized real-world assets.

One-pagers and deep dives covering tokenized Treasuries, stablecoins, private credit, and structured yield — built for institutional allocators.

Published Research and Dashboards

Aave V3

Aave Risk Monitor

Reserve-level borrower + depositor exposures across 11 Aave V3 deployments · live HF, eMode-aware LT, stress-test slider

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Sky · SparkLend

SparkLend Risk Monitor

Reserve-level borrower + depositor view of SparkLend on Ethereum · same stress-test pipeline as Aave V3

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HyperLend · HyperEVM

HyperLend Risk Monitor

HyperLend Core Pool reserves on HyperEVM · borrower + depositor exposures, eMode-aware LT, stress-test slider

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Maple Finance

Syrup Transparency

Real-time loan book, redemption queue, non-loan deployments · syrupUSDC + syrupUSDT

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Superstate

USTB

Short-duration US Treasuries · 15bps

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BlackRock

BUIDL

USD Institutional Digital Liquidity · category leader

In progress

Janus Henderson · Anemoy

JTRSY

Triple-rated tokenized Treasury · 25bps

In progress

VanEck

VBILL

Tokenized Treasury · 20bps · BVI

In progress

Maple Finance

syrupUSDC / syrupUSDT

Institutional credit · USDC + USDT pools

In progress

Aave Labs

GHO

Overcollateralized stablecoin · Aave-backed

In progress

Ethena Labs · BUIDL

USDtb

BUIDL-backed institutional stablecoin

In progress

Paxos · Global Dollar Network

USDG

Bank-issued, regulated USD stablecoin

In progress