Independent research on tokenized treasuries, private credit, trade finance, and the protocols making them accessible — written for allocators who'd rather read one sharp page than ten promotional decks.
No spam. No paywall. You'll occasionally hear about new RWA opportunities I find compelling.
What changed this week across tokenized treasuries, private credit, and onchain trade finance — and what it actually means.
A single RWA or DeFi product taken apart: the structure, the yield source, the risks, and how an allocator would actually access it.
A short, opinionated take. What I'd watch, what I'd avoid, and what I'd put real capital behind if I had to choose this week.
Three issuers, three structures, three very different risk profiles. A side-by-side for allocators sizing first positions.
Why the second wave of onchain private credit looks nothing like the first — and which protocols are quietly compounding.
An end-to-end look at the underwriting, the counterparties, and the redemption mechanics — written for someone who'd actually wire money.
The thesis, the format, and the standard I'm holding every issue to.
Onchain Allocators is an independent research letter published anonymously by someone who spends their days evaluating real-world asset opportunities and figuring out which onchain structures are actually investable. The anonymity exists to keep the writing candid; everything else is the opposite of opaque.
The letter is free, and will remain free. The only ask in return is your email — so that when something genuinely worth your attention crosses the desk, I can put it in front of you directly.
Join the allocators already reading.