Udit Bhansali

@F1 🚩 Previously @Securitize @Figure

[Udit Bhansali @PoppyPancho]

@lex_node @jessepollak ten years of trustless rails and the endgame is a note tracking a share at a custodian somewhere. put the register onchain or it's just receipts.

[Udit Bhansali @PoppyPancho]

DeFi lending just rediscovered the term sheet.

Fixed term is the feature institutional credit was waiting for onchain.

Rates can float; real credit always has a date. Fund facilities, repo, mortgage books, warehouse lines: all of it is duration-managed, and DeFi couldn't express duration cleanly until now.

Midnight handing rate and term to the open market is the first onchain structure a traditional credit desk could map onto without translation.

[Morpho 🦋 @Morpho]

The missing piece for onchain finance is here

Fixed rate, fixed term credit markets

Morpho Midnight is live

[Udit Bhansali @PoppyPancho]

yeah all three eventually, but that feels like the endgame not the build order. only one of them (3b) is a business banks already run, the other two are multi-year issuer + custody builds.
do you see it as secured lending first and issuance later, or the money-center banks skipping straight to issuing?

[Udit Bhansali @PoppyPancho]

@zaidrmn Congrats, Zaid! Huge fan of Flex and what your team is building.

[Udit Bhansali @PoppyPancho]

@MerlinEgalite Congrats on the launch. BIG milestone.

[Udit Bhansali @PoppyPancho]

@FerdiDabitz Congrats! DM’d you.

[Udit Bhansali @PoppyPancho]

@eastdakota brother you ARE the distributed system

[Udit Bhansali @PoppyPancho]

@Strategy securitization desks spent 40 years trying to get pool correlation down, this is the first deck to pitch correlation of 1 as the feature

[Udit Bhansali @PoppyPancho]

@ChadNewbry @codyschneider Your workspace is for day to day use. Their mailboxes are for bulk cold emails setup as google accounts.

[Udit Bhansali @PoppyPancho]

@ChadNewbry @codyschneider This should help - https://t.co/w6rgkVaLck

[Udit Bhansali @PoppyPancho]

@dwr We need an onchain transfer agent policy. That’s what will truly democratize tokenization.

Very few people understand how foundational this is.

[Udit Bhansali @PoppyPancho]

@chrishlad @hanoverpark “Human duct tape” is painfully accurate. Curious how opinionated the product gets beyond surfacing the data.

[Udit Bhansali @PoppyPancho]

@axtalks But what if you TAM is 100-150k? How do you create and test campaigns in such a scenario?

[Udit Bhansali @PoppyPancho]

@zerohedge nothing says durable ai supercycle like needing wall street leverage to fund it.

[Udit Bhansali @PoppyPancho]

@PeterMcCormack the problem with a wealth tax isn't ideology, it's that most wealth is illiquid and unpriced. you end up taxing a valuation somebody made up, and collecting it by forcing a sale that then sets the next valuation.

[Udit Bhansali @PoppyPancho]

@Defi_Warhol @megaeth is that one vault unwinding or the points program ending? the shape looks like a single LP leaving rather than a bleed

[Udit Bhansali @PoppyPancho]

@lukaivicev The missing part is that a ramp is a balance sheet, not an API. Someone holds fiat inventory on both ends across the settlement gap and wears the risk while it's open. That cost floors at the cost of capital.
It never floors at zero.

[Udit Bhansali @PoppyPancho]

This is the whole argument for tokenized deposits. The ramp fee exists because you're crossing between two ledgers with different legal settlement.

Keep it as a bank liability and the crossing never happens. JPM coin moves billions internally at basically zero because it's the same balance sheet on both sides.

[Luka Ivicevic @lukaivicev]

The one reason I’m bearish on stablecoins as a form of payment is because of the cost of on/off ramps. It has price elasticity limits to it where sending a wire may be slower but $1=$1, while even at 1bp to off ramp you’re paying $10k on $100M. Who's making on/off ramps free at scale? I also don't think netting is the best approach.

[Udit Bhansali @PoppyPancho]

@origamichat How is it diff/better than this? Do you offer google or Microsoft mailboxes?

https://t.co/5eQqkhUnrC