TLDR Tech / Crypto
Asset-Based Finance is already onchain; tranching is how you scale it
Tokenized asset-based finance (ABF), a ~$6 trillion private market projected by KKR to exceed $9 trillion by 2029, has successfully moved granular receivables pools onchain via platforms like Midas, Figure and Fasanara. However, most tokenized ABF still issues a single undifferentiated risk token rather than a true tranched capital stack. Tranching, splitting a pool into senior and junior claims via a waterfall, is what allows granular pools to reach investment grade. Strata has structured six live markets since October 2025 across Ethena, Midas, and Figure with $2B+ minted, 20,000+ users and nine audits, with senior/junior tranches performing as designed during a stress event on its Saturn USDat market.
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