A CoinDesk Indices column says real-world assets already support the largest stablecoins, but borrowing against those assets onchain still largely happens through variable-rate pools. In the piece, Peter Gaffney of O2O Capital Partners argues that fixed-rate, fixed-term lending remains the missing part of the market structure. He says that gap matters because real-world assets are already embedded in crypto’s core plumbing, yet the lending model tied to them has not matched the predictability often associated with those assets. Gaffney also points to a potential demand scenario: if 5% of reserves at Sky and Ethena were shifted, that move could generate $1.8 billion in demand for real-world assets. The article was published by CoinDesk on Oct. 21, 2026, and was edited by Kim Greenberg Klemballa.
A CoinDesk Indices installment of Crypto Long & Short says real-world assets already back the largest stablecoins, but onchain borrowing against those assets still runs through variable-rate pools.
In the article, Peter Gaffney of O2O Capital Partners argues that fixed-rate, fixed-term lending is the missing piece for that segment of the market.
Gaffney writes that a 5% shift in reserves held by Sky and Ethena could create $1.8 billion of demand for real-world assets.
The piece was published on Oct. 21, 2026, and edited by Kim Greenberg Klemballa.
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