# Crypto Collateral vs RWA Collateral

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 18:44
- Watch: https://streameth.org/watch/yt-CZ6hKkPhF_I
- YouTube: https://www.youtube.com/watch?v=CZ6hKkPhF_I

## Description

Crypto is still just 1% the size of TradFi—so how does it compete on credit? This episode dives into Wildcat and ViFi, two very different takes on under-collateralized lending. Wildcat acts as a marketplace for private credit, giving borrowers control to design their own markets. VIFI builds yield from FX swaps and bets on emerging market inflation. Both projects challenge the norms of capital efficiency, credit scoring, and composability in DeFi. It's a candid conversation on risk, transparency, and what might actually work in a decentralized future.

Speakers:
Andreas Fletcher - Wildcat Finance
Varoun H - Co-founder ViFi Labs 
Moderator: Ivan Fartunov - Aragon

---
00:00 DeFi Credit Tradeoffs  
00:46 Comparing Crypto vs TradFi  
01:28 VIFI's FX Yield Strategy  
03:16 Borrower Incentives on Wildcat  
04:29 How Wildcat Markets Work  
06:32 Credit Ratings in DeFi  
08:05 Collateral and Legal Risk  
09:54 Risk-Adjusted Yield Comparison  
11:27 Borrower Use Cases  
12:36 Composability in Credit Markets  
15:30 Handling Black Swan Events  
17:10 Managing Risk with Transparency 

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About: 
By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.