Crypto Long & Short: Why real-world assets need fixed-rate loans onchain

CoinDesk · 10/21/2026, 3:00:53 PM

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.