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Real-world assets already back the largest stablecoins, yet borrowing against them onchain still runs through variable-rate pools. Peter Gaffney of O2O Capital Partners explains why fixed-rate, fixed-term lending is the missing piece, and how a 5% shift in Sky and Ethena reserves could create $1.8 billion of demand for real-world assets.
![[Aggregator] Downloaded image for imported item #25393 Crypto Long & Short: Why real-world assets need fixed-rate loans onchain](https://coindaily.org/wp-content/uploads/2026/10/2d7168e1ad119fe6bd69df2bdbad13b8b4d86c7e-7000x4500-1-1160x560.jpg)