Marcin Kaźmierczak@MarcinRedStone · 2026/08/26赛道影响Stellar's RWA market grew from roughly $800M in January to over $3B in July.
And the next phase is using these assets in DeFi.
Blend, the largest lending protocol on Stellar, holds $127M in TVL. The RWA pools inside it hold just over $2M. That is the gap between issuance and markets.
What was missing is pricing them in a way protocols can build on. Most RWAs do not trade 24/7. Their value comes from what sits in the portfolio rather than from continuous order flow, and TradFi still reports it over email and text files - which we are happy to support.
RedStone now runs 47 price feeds on Stellar, 18 of them SEP-40 compliant, covering Franklin Templeton BENJI and iBENJI, Ondo USDY, Centrifuge deJTRSY and deJAAA, Etherfuse CETES, USTRY and TESOURO, Matrixdock XAUm and Paxos PYUSD.
SEP-40 matters more than it sounds. One interface, timestamp indexing, TWAP built in, no custom adapter per provider. Any Soroban protocol can consume any feed.
The RWA decade is here, and Stellar is where the next $3B gets put to work. And that's even before the DTCC tokenization project kicks off.
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/26政策影响@HyperliquidPC @tradexyz @CFTC Hyperliquid.
AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/26政策影响Revolut launches EURR stablecoin. And more are coming.
"Stablecoins tied to other currencies are already in development"
The stablecoins and RWA growth cycle continues. https://t.co/jNE1pfZkby
AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/26赛道影响@ruvaag Definitely not an unavoidable one. But there are always trade-offs; we introduced a dynamic PT oracle methodology some time ago and will dive deeper there now that there's room for discussion again.
https://t.co/792Rxwq98O
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/26观点输出@robdogeth Some time ago, we worked on the Dynamic PT Oracle methodology, and it's probably a good moment for a broader discussion on the PT designs that can scale properly.
https://t.co/792Rxwq98O
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/26观点输出Credora keeps expanding where it matters.
Tydro, now powered by Credora.
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/25观点输出@enzo_gte 👀
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/25观点输出@defillama_res @tydrohq Ratings is the next frontier
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/25赛道影响The PT-reUSD oracle manipulation today is an interesting one.
A 2.6% move in the PT-reUSD oracle price liquidated 12 borrowers holding $36.1m of positions. The liquidator took 96% of the liquidation collateral, earning roughly $1.3m.
Those markets were deployed on June 15 and price collateral with a TWAP oracle - reUSD markets created before that date used a linear discount oracle.
Other Morpho PT markets priced with TWAP oracles carry the same structural exposure, some that you might want to observe:
PT-USDat-14JAN2027
PT-sUSDD-27AUG2026
PT-AUSD-8OCT2026
PT-USDat-27AUG2026
PT-USDG-24SEP2026
PT-USDAi-15OCT2026
Even if collateral stays strong, the risk sits in the pricing method here.
If you are looping any of these PTs, keep your health ratio at 1.06 or above. High leverage against a TWAP price on a thin market is what makes a position liquidatable at a 2.6% move.
Another interesting event to take lessons learned.
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Marcin Kaźmierczak@MarcinRedStone · 2026/08/25观点输出4/ What bothers me is that the attack surface moved and keeps repeating.
Five governance incidents this year for $25.1M. BonkDAO, $4.4M in votes unlocked $20M. BarnBridge, $777K off a $600 position.
We have spent years auditing code, but buying control is what matters here.
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
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