# TOKEN2049 Panel Sees Tokenized Stock Lending Overtaking Crypto Next Year

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/27296
Published: 2026-10-07T08:13:44.000Z
Updated: 2026-10-07T08:13:44.000Z
Section: Business

> Aave founder Stani Kulechov said loans backed by tokenized stocks could carry rates near 5% as DeFi projects build around real-world assets and AI-driven transactions.

Tokenized stock and other real-world-asset lending could surpass lending backed by native crypto assets next year, Aave founder Stani Kulechov said during a DeFi panel at TOKEN2049 Singapore on Oct. 7.

Aave recently enabled users on Base to borrow USDC against tokenized stocks issued through Coinbase. The loans carry interest rates of about 5%, Kulechov said, describing them as cheaper than traditional over-the-counter borrowing.

Aave’s Base market allows tokenized stocks to serve as collateral for USDC loans. The discussion placed that market within the panelists’ wider focus on real-world-asset infrastructure and product redesign after the 2022-23 crypto bear market.

Ethena CEO Guy Young said crypto yields had approached zero during the bear market while real-world risk-free rates were about 5%. The difference encouraged DeFi projects to develop products connected to assets outside native crypto markets, he said.

Synthetix founder Kain Warwick said regulatory uncertainty and risk had made many altcoins less attractive than traditional stocks. He said DeFi infrastructure could support tokenized stock trading as rules become clearer.

The panelists also described efforts to bring DeFi products directly to consumers. Ethena chose savings products and launched Ethena Pay. Warwick said his Infinex project controls the user-facing experience while keeping its back end neutral. Kulechov said Aave is developing a global savings account intended to make DeFi available to people who do not already use crypto.

Young compared DeFi products with bank deposits, which he said often pay 0.5% or no interest, while some DeFi products can offer more than 5%. He also said smart-contract-based protocols can reduce operating costs by 95% compared with banks handling compliance, legal and licensing requirements across jurisdictions.

Aave’s peak liquidity reached $76 billion last year, while Ethena’s USDe supply was about $15 billion.

The discussion also examined AI agents that automatically move idle cash. Warwick said automated agents could direct funds toward protocols with established operating records. Kulechov said AI-driven on-chain transactions could eventually outnumber transactions initiated by people.

TOKEN2049 Singapore runs Oct. 7-8 in Singapore, with speakers and participants from the crypto and financial industries.