Max Tang

Cs at @cornell | Investing @Auros_global | prev @CUblockchain @panteracapital

[Max Tang @TangyMax]

Crazy how playing chess with @Tkachuk_science at @0xCastleRetreat led to a venture deal. During my time at @Arrington_Cap , I dived deep into @Titannet_dao and was impressed by their ability to lower the barrier of entry for DEPIN. Excited for what lies ahead!

[Arrington Capital @Arrington_Cap]

We are thrilled to be supporting @Titannet_dao as they roll out their universal DePIN service platform to enable interchangeable digital resources (ie compute, storage, bandwidth). Give them a follow and check out how to get involved in TestNet!
🙌

[dilemma @actuallyimthe]

Argentina just beat Spain at the 2026 World Cup final, 3-2.

[Zynta @ZyntaFinance]

The African market has historically been extremely fragmented and complicated.

Not anymore.

Our API allows all access under one integration, one click.

NOW LIVE: https://t.co/JoNPZEwrxq

[Max Tang @TangyMax]

@hrishabhayush Gmeow

[Max Tang @TangyMax]

@defyneric @Auros_global

[Max Tang @TangyMax]

@whitemilk3535 Chad

[Max Tang @TangyMax]

@zackrosenblatt_ @Dorm_DAO LFG

[Alex Thorn @intangiblecoins]

tokenized stocks are all the rage

outside perps, there are basically two types: issuer-sponsored (like $GLXY) and third-party sponsored (Ondo, xStocks, others)

coinbase announced their own version but hasn’t said exactly how they will work

my thoughts here 👇

[Auros @Auros_global]

ICYMI - participated in @Blockworks Series A extension at $192M valuation.

Trust is still the main thing holding back onchain markets. Their data tools, IR platform, and disclosure work are solid steps toward fixing that.

Congrats to @JasonYanowitz and the team.

Glad to back it. 🤝

[Max Tang @TangyMax]

@sui414 Europe is the definition of living for yourself

[Auros @Auros_global]

🌅 VIP Sunset Liquidity Dinner

Auros is hosting an exclusive dinner with @Ledger & @stbl_official during @consensus2026 Miami.

French brasserie elegance at a premier South Beach landmark. Curated dining and high-signal conversations for founders, decision-makers, and senior executives from top institutions.

Strictly invite-only • No +1s • Limited spots

👉 https://t.co/pQOcemMiEw

[Max Tang @TangyMax]

Feeling unc, but super proud of @CUBlockchain !

[Cornell Blockchain @CUBlockchain]

"The Programmable Economy: AI & Blockchain Redefining Markets" was a runaway success in NYC.

New York City's best frontier tech conference saw 90+ speakers, 1,000+ attendees, and 70 @Cornell undergrads come together at @cornell_tech in NYC last Friday to consider how innovation is transforming Wall Street, the tech industry, security, healthcare, start-ups, the economy, and daily life.

We heard from leading global executives and builders from @MorganStanley, @RobinhoodApp, @NYSE, @Zelle/ EarlyWarning, @jpmorgan, @Citi, @EYnews, @coinbase, @RBC, @PayPal, @FTI_US, @FinancialTimes, @Mastercard, @WeillCornell , @Visa, @notablecap, and @harvey, as well as prominent blockchain executives and a dozen AI start-up founders. Full agenda details and speaker bios available at the conference website: https://t.co/KyQg6Dn3IR

Cornell Blockchain's organizer team (@hrishabhayush, @bbriaaaans, @rachelt313, Paula Hirsch, @caedy_13) want to thank our co-hosts, @CTBlockchainNYC , @theBBFund, and Cornell Tech AI Society, as well as the 2026 Host & Organizing Committees, and our committed sponsor-partners: @Google, @EYnews, @DSAForg, @moonpay, @Optimism Foundation, Avax One, @AvaLabs, @cbz, @Mantle_Official, @1inch, @initc3org, @Ripple, @cryptio_co , @zerohashx, @thisisarculus, @ChainOpera_AI, @LEK_Consulting , @SolanaFndn, @akashnet, @Auros_global, @LCVentures, @palliora, @Supernet_AI, and @BlockRunAI.

We are proud to have hosted academic delegations and students from across the country, the Northeast, and the NY Metropolitan Area, and offered tickets to students, researchers, professionals and founders at prices consistent with Cornell's mission of education.

Look forward to many more opportunities to connect in 2026!

[Max Tang @TangyMax]

@CryptoDeFiGuy @IMCTrading Congrats ser

[Max Tang @TangyMax]

Adventure capitalism

[krish @krishkhubchand]

I'm happy to launch 'The Analyst #3 Fellowship' ---- A micro-grant programme for those who want to embark on daring adventures across supply chains, conflict zones, and frontier markets.

cc @citrini @dannytook @publicinte @OGshoots @Jack_Raines @Shaughnessy119 @lessin

[Max Tang @TangyMax]

@hrishabhayush @CUBlockchain Bullish @hrishabhayush and NYC

[Max Tang @TangyMax]

NYC is the crypto capital of the world. With the help of @hrishabhayush, we started curating dinners in NYC for friends and alumni of @CUBlockchain. The dinner last semester was a great success and I am glad my goat @hrishabhayush is carrying the torch this semester.

[Hrishabh @hrishabhayush]

It was a special experience hosting our 2nd Dinner @CUBlockchain Dinner in SoHo, NYC bringing together CBC students, alumni, and friends.

We had 30 builders and professionals across crypto, fintech, and venture share what they’re working on and how Cornell and the industry shaped their journey. @CUBlockchain members, Cornell alum working at different companies like @AvaLabs, @GoldmanSachs, @thisisarculus and previously worked at @BlackRock, @base, @avax, @Ripple joined us alongside our friends at @WhiteStarCap, @BNYWealth, @IMCTrading, @Auros_global, @ellipsis_labs, @Uniswap.

Huge thanks to everyone who made it out and for supporting the Cornell Blockchain community.
​
If you’re a Cornell alum or friend in NYC who wants to stay in the loop for future CBC events, DM me!!!

[Max Tang @TangyMax]

If you are looking to hire hungry young talent, find a co-founder, invest in early stage startups or find a job, feel free to DM @hrishabhayush and I. We are curating a unique digital asset experience for anyone looking to invest or build in NYC.

[Cornell Blockchain @CUBlockchain]

We are proud to welcome Jed Finn, Head of @MorganStanley Wealth Management, as a Keynote at the AI & Blockchain Redefining Markets conference on April 24th in NYC at Cornell Tech.

Morgan Stanley finished 2025 with $9.3 trillion in assets ($7.4 trillion in Wealth Management), and recently observed in a published note: "Digital assets have moved from niche to mainstream, briefly surpassing $4T in market value. Crypto, stablecoins and tokenized products are now embedded in global markets, offering faster settlement, lower costs and programmable financial infrastructure. Institutions, wealth platforms and regulators across major economies are rapidly integrating and formalizing the space."

Embracing innovation at scale is one of the central--and most complex-- opportunities in front of global executives today, and we look forward to hearing his insights into growth and managing change.

Early bird tickets are available now: https://t.co/5h4OlsWNTN

Join us April 24th! https://t.co/6eXCZVUXfn.

The 2026 Conference is co-hosted by: @CUBlockchain , Blockchain @ Cornell Tech, @BlockchainBldrs, and AI @ Cornell Tech.

[Stani @StaniKulechov]

Private credit is in a strange place today.

The economy is tied to the cost of money. Low interest rates mean cheap borrowing, which in theory should lead to higher utilization of credit facilities. Conversely, high interest rates mean less affordable borrowing and, in theory, reduced demand for credit.

We've been living through a high-interest-rate environment since the Federal Reserve began its aggressive tightening cycle in March 2022, raising rates from near zero to over 5% by mid-2023, the fastest hiking cycle in four decades. Rates have remained elevated through early 2026, with only modest cuts. For many consumers and businesses that initiated borrowing during the low- or mid-rate era, and whose obligations remain outstanding, this translates into a significantly higher cost of capital, a burden that compounds over time.

This all sounds normal. Finance is part of almost every phase of a company's lifecycle, from growth to maturity. The problem arises when the cost of capital stays elevated for too long, creating unmanageable expenses for borrowers.

Businesses typically borrow from financial institutions like banks, or from asset managers in the form of private credit.

How do private credit funds work?

Private credit funds are typically either closed-end or semi-liquid vehicles managed by asset managers. This structure makes sense: the funds need to deploy capital into lending opportunities to generate returns. Investors in private credit range from pension funds, insurance companies, and family offices to, increasingly, retail investors.

Closed-end funds don't allow redemptions until maturity, usually 7 to 10 years. Semi-liquid funds offer quarterly redemption windows with limits. BDCs (Business Development Companies), which are publicly traded, provide liquidity via daily trading on exchanges.

In essence, private credit funds function as private banks: they lend capital to businesses and collect interest.

What does private credit fund?

Typically, private credit finances leveraged buyouts for private equity, middle-market corporate loans for companies that lack access to public bond markets, certain asset-backed lending (such as aircraft, shipping, and consumer loans), and real estate credit.

Private credit funds generally fill the funding gap that banks have vacated. This shift has been driven primarily by post-2008 regulation, particularly Basel III, which pushed banks out of riskier corporate lending. Today, private credit finances an estimated 80 to 90% of leveraged buyouts in the U.S. middle market.

Who are the players?

Apollo ~$460B AUM
Blackstone ~$330B AUM
Ares ~$280B AUM
KKR ~$220B AUM
Carlyle ~$190B AUM
Blue Owl ~$170B AUM

What's going on?

Recently, distress has emerged across private credit. The persistent cost of capital driven by high interest rates remains a reality, and AI is reshaping perceptions of many software companies that private credit has funded, creating uncertainty about these borrowers' futures.

The market has already begun repricing private credit:
VanEck BDC Income ETF: ~15% decline over the past year

Blue Owl Capital: ~50% decline over the past year, with ~30% of that during 2026

Apollo, Blackstone, Ares, KKR: shares down ~20% on private credit concerns

The average BDC now trades at roughly a 20% discount to NAV while offering 10 to 11% yields, signaling that loan portfolios may be overvalued, defaults could rise, or liquidity risk is building. What makes this even more concerning is that historically, these funds traded at a premium.

Some funds' monitored loan default metrics have risen to as high as 9%. Blackstone's flagship private credit fund, BCRED, is a notable example.

BCRED recently limited its redemptions. The fund manages roughly $82B, and during Q1 2026, redemption requests reached $3.7B, approximately 8% of NAV. Blackstone injected $400M of its own capital to support liquidity. Technically, the fund was not gated, but it came very close.

Meanwhile, BlackRock's HPS Corporate Lending Fund (HLEND), a $26B fund, received $1.2B in redemption requests, reaching the point where gating was necessary. Roughly $580M in requests could not be honored.

Blue Owl's retail private credit vehicle experienced $2.9B in redemptions during Q4 2025, with redemption requests reaching 15% of NAV, largely driven by exposure to software lending.

Can the market handle a private credit fund default?

While total redemptions have been around $7B+ (5 to 10% of NAV) and public alternative managers are down 20 to 30%, the overall private credit market is still $1.8 to 2T in size. Even the largest funds top out at $20 to 80B, compared to the global bond market at $130T or banking assets at $180T. A single fund default would most likely not collapse the broader market or trigger the kind of contagion that amplifies crises. Large funds also hold diversified portfolios of hundreds of loans, and the semi-liquid or closed-end structure naturally forces investor lock-up, acting as a buffer against bank-run dynamics.

I've mapped out three scenarios of increasing severity:

Scenario A: One large fund defaults (~$50B)Investors lose capital, some companies lose financing, and credit spreads widen. The system likely absorbs the shock.

Scenario B: Several funds fail simultaneouslyCredit markets freeze, leveraged companies cannot refinance, and defaults cascade. This could trigger a credit-cycle downturn.

Scenario C: Private credit + leveraged loans collapseA broader corporate credit crisis unfolds: private equity deals fail and banks become exposed. This would be genuinely systemic.

Fortunately, private credit funds remain relatively small in the broader picture and are unlikely on their own to pose systemic risk. However, the most worrisome scenario is one where loss of confidence begins in private credit markets, particularly around lending to businesses vulnerable to AI disruption, and then bleeds into public bond markets. This contagion path is plausible because the larger corporates in bond markets are arguably more exposed to automation and AI disruption than the leaner, high-growth businesses that private credit typically funds.

How does this affect RWAs and DeFi?

The most immediate impact of private credit distress falls on capital allocators. Many private credit funds have been distributed to retail investors via publicly traded BDCs, private credit ETFs, or semi-liquid funds like Blackstone's BCRED, Apollo's Debt Solutions BDC, and BlackRock's HPS Corporate Lending Fund.

These funds share common characteristics: quarterly (or monthly) redemption windows, redemption limits typically capped at 5% of NAV per quarter, and target returns of 8 to 11%. Recently, some funds have also begun gating redemptions.

From a DeFi capital allocator's perspective, the biggest risk I see is structural: private credit is packaged in DeFi in ways that many retail-oriented users don't fully understand before committing capital. We've seen countless examples of DeFi users eagerly supplying funds into high-yielding RWA strategies, only to discover later that the underlying exposure carries significant duration risk.

I believe RWAs represent the biggest opportunity for DeFi in the near term. However, my greatest fear is that institutional opportunists could view DeFi as a channel to offload illiquid and distressed products that Wall Street has already soured on, effectively using DeFi participants as exit liquidity. This risk is amplified by the fact that assessing RWA allocation opportunities is inherently harder: they don't carry the same transparency or onchain verifiability that native DeFi opportunities provide.

That said, private credit done well onchain offers something traditional finance fundamentally cannot: smart contract-enforced guarantees. Redemption windows, withdrawal limits, collateral ratios, and distribution rules can be encoded immutably, meaning fund managers cannot arbitrarily change the terms after capital has been committed. In traditional private credit, investors discovered the hard way with BCRED and HLEND that redemption policies can be tightened or gated at the discretion of the manager when conditions deteriorate. Onchain, those rules are transparent from day one and enforced by code, not by a fund administrator under pressure. This is precisely where RWAs and DeFi can outperform the traditional model for this asset category.

For RWAs to succeed in DeFi, and for DeFi to scale meaningfully through real-world assets, the industry needs deliberate and careful structuring of opportunities that bridge TradFi and onchain markets. That means robust transparency standards, proper risk disclosure, independent verification of underlying collateral, and governance frameworks that protect onchain participants from asymmetric information disadvantages. Without these safeguards, the convergence of TradFi and DeFi risks becoming extractive rather than additive.

DeFi should not become Wall Street's exit liquidity.

[Utexo @utexocom]

Backers: @FulgurVentures, @Alchemy, @FTI_Global, @Maven11Capital, @etherealvc, @Auros_global, @sats_ventures, @gate_ventures, @ArcanumCapital, @Papervc, @Axia8Ventures, @FlowTraders, @KuCoinVentures

Angels from: @Ledger, @SolvProtocol, @BtcTurk_Global, @echodotxyz, @legiondotcc

[flip @trevor_flipper]

Equity perps continue to get a bad wrap by most people and the common critique is that funding is expensive, order book depth is bad, and the mark-to-underlying can be incredibly volatile at times. And I would have to say that all of these are largely true today.

Equity perp funding runs 11-31% annualized while IBKR CFDs cost 6.5%. @HyperliquidX & @Lighter_xyz order books are 10-100x thinner. So yeah, if you froze markets today and assume no innovation, the picture is pretty dire but I think if this is the future you subscribe to you forget about what just happened last year with the crypto perp basis trade.

The other hidden cost people fixate on is the mark-to-underlying spread. Initially I thought this was an incredibly high hidden cost but after digging into it more I don't think it really matters all that much. It is more akin to a closed-end fund premium, similar to what ETHE was for a period of time.

For traders, assuming you enter and exit at a similar spread, it isn't a cost. It is just something to be mindful of, especially if you tend to be an emotional person who just apes.

And despite all of this - the high funding, the thin books, the spread noise - for directional traders none of it really matters if you capture the move.

So what will close these gaps and inefficiencies? I think it is quite obvious that it will be the same thing that closed the gap and inefficiencies for crypto perps, which was the basis trade.

Before BTC spot launched on Hyperliquid, BTC funding averaged ~18% annualized, and within months it compressed to ~9%. ETH followed the same arc. Nearly 50% reduction in carry cost driven by one change that allowed arbitrageurs to collect interest rate-agnostic yield by going long spot and short the perp. This flow deepened the order book, anchored the price to the actual underlying assets, and compressed funding.

Equity perps today look like crypto perps in 2024. Everyone had the same critiques that funding was too expensive, books too thin, and too much basis risk. And for funds this really did matter and kept many from using these product. And then spot launched and all these inefficiencies were quickly fixed. The same is likely to happen with equity perps. We have the NYSE moving towards 24/7 trading, which will help. We have US regulatory clarity coming this year, which will help. And we even now have the CFTC chief explicitly talking about clearing a path for U.S. perps.