Positive Real Yield (+2.34%)

Positive real yields create headwind for gold as cash generates real return. 10Y: 4.84% · CPI est: ~2.5%

Within normal historical range (60-90)

Gold at large premium over platinum — inverted vs pre-2015 norm

Near parity

Mid-range

Tight — tracking spot

Tight — tracking spot

Tight — tracking spot

Moderate discount

Tight — tracking spot

Private credit is the highest-yielding layer of the traditional capital stack — and the least understood layer of the on-chain one. Most data sources show a $3–4B market. The real market is $23B, dominated by a mortgage lender most DeFi natives have never heard of. This tab maps what's actually out there, what it yields, and whether the spread justifies the risk.

Market Highly Concentrated

Maple Finance controls 99% of on-chain private credit TVL across 3 active protocols. The sector has consolidated significantly — counterparty concentration risk is elevated.

BTC is down 12.1% from its 90-day high. Within a range where historical credit stress has sometimes emerged. No acute stress signal yet.

Based on 90-day BTC price data (CoinGecko). Past correlation does not predict future behaviour.

Illiquidity Risk - Key Differentiator from REITs

Unlike VNQ (liquid, exchange-traded), tokenized real estate has limited secondary markets. Exit may require finding a direct buyer - can take days to months. KYC/AML required on most platforms.

A Note On The Data

Most people sizing the on-chain private credit market look at DeFiLlama and see roughly $3–4 billion. That number is incomplete. It misses Figure — a traditional mortgage lender running $15.8 billion in home equity loans on the Provenance blockchain. It misses Tradable, Intain, and others that don't report to DeFiLlama.

The real market is $23 billion. And 67% of it is a company most DeFi natives have never heard of.

This site pulls from DeFiLlama, RWA.xyz, CoinGecko, and Yahoo Finance to give you the fuller picture. The gap between what crypto-native data sources show and what's actually happening is itself one of the most important things to understand about where this market is going.

Who This Is For

You've been in crypto long enough to have real money at stake — not just experimenting. You've lived through at least one full cycle, probably two. You know what a wallet is, what a protocol is, what yield means in practice. You've chased some of it and maybe got hurt, or watched others get hurt, and that experience changed the way you think.

You're not a TradFi professional. You don't have a Bloomberg terminal. You didn't go to Wharton. But you're also not a degen anymore — or at least you don't want to be. The "wen Lambo" phase is behind you, or you're consciously trying to move past it, because you've realized that approach doesn't compound wealth, it gambles it.

What you're building is a more serious mental model. You want to understand what you own. You want to size positions correctly. You want to know when the thesis has broken before you find out the hard way.

You're also paying attention to what's happening with institutional money coming into crypto — you sense it's significant but don't fully understand the mechanics. When you hear that Figure has $15.8 billion in home equity loans on a blockchain you've never heard of, you're genuinely surprised and want to know more. That surprise is the signal — you were missing something real, and now you know it.

You're not looking for someone to tell you what to buy. You're looking for a better way to think about it — because you've learned the hard way that the quality of your questions determines the quality of your outcomes.

That's exactly who this site is for. And that's a large, underserved audience.

What We're Watching

Traditional finance has a capital stack — a hierarchy of assets ordered by risk and return. T-Bills at the bottom. Then bonds. Then high-yield. Then private credit. Then equity. Each step up offers more return in exchange for more risk, less liquidity, or both.

That stack is being rebuilt on-chain, right now, in real time. Tokenized T-Bills. On-chain private credit. Tokenized real estate. Bitcoin treasury products that blur the line between fixed income and leveraged crypto exposure.

rwa-intel.io maps where things currently sit on that stack — what's available, what it actually yields after adjusting for risk, and what context you need to evaluate whether it makes sense for you.

What We Don't Do

We don't tell you what to buy. We don't rate protocols. We don't make recommendations.

What we do is give you the framework that TradFi professionals apply when they evaluate yield — and translate it into the on-chain world where the rules are still being written.

Spread vs the risk-free rate. Concentration risk. Liquidity and lockup. Default history. BTC correlation. Market structure. These are the questions a credit analyst asks. We ask them here, about on-chain products, every few hours.

The Honest Version

Most people evaluate on-chain yield with one of two toolboxes.

The first is pure crypto instinct — high number good, protocol has a Discord, seems legit. This is how people got wrecked in 2022 when Maple's borrowers defaulted, Goldfinch's emerging market loans soured, and Celsius turned out to be running fractional reserves with other people's yield.

The second is pure TradFi instinct — if it's not rated by Moody's and held in a custodied account, it doesn't exist. This misses the fact that genuinely interesting things are being built, that real yields exist on-chain, and that the capital stack migration is happening whether TradFi acknowledges it or not.

Neither toolbox is sufficient alone.

This site is for the person building a third one.

What We Hope You Take Away

Not a trade. Not a recommendation. A better set of questions.

Is this yield real, or is it just compensating for risk I haven't priced yet?

What's the spread over the risk-free rate, and is it enough?

Am I being paid for illiquidity, concentration risk, or default risk — or all three?

Does this product actually do what it says, or is it TradFi terminology wrapped around a crypto-native bet?

If you leave this site asking those questions about yield — any yield, on-chain or off — then it's done its job.