Two of crypto's largest lending businesses, built on very different architectures: one as neutral lending infrastructure, the other deploying Sky's ~$10B balance sheet.
This episode breaks down where the capital comes from, who is actually borrowing, how lending demand differs across markets, and what crypto credit still cannot do today.

Host
⭐️ Momir @momir_amidzic, Managing Partner @IOSGVC
Guests
⭐️ Sam @hexonaut, Co-founder & CEO @sparkdotfi
⭐️ Shan @shanandwater, APAC Lead @MorphoLabs

Timestamps

0:00 Intro
2:05 Seven years of money markets
7:00 Morpho vs. Spark: neutral infrastructure or your own balance sheet
8:55 "The world of credit is $200 trillion — crypto is a tiny fraction of it"
10:15 Two games in money markets
17:45 Who filled Coinbase's Bitcoin loan book?
18:45 Crypto-native liquidity is thinning — the new money comes from fintech
21:40 West vs. East: crypto as one of the last deep-tech industries that is still global
23:40 In Asia, a good product only gets you to the table
29:05 Is an HKD stablecoin any different from holding USDC?
35:50 Who's actually borrowing — are money markets just leverage facilitators?
40:10 "Perps are more of a retail product"
42:10 The bottleneck isn't capital — it's loan origination
44:35 The missing pieces: fixed terms, differentiated pricing, and undercollateralized lending
56:40 Which chains are worth showing up on
1:05:30 Asia's biggest holders aren't on exchanges — they're on hardware wallets
1:08:10 The DeFi mullet: blockchains are becoming back-end infrastructure
1:11:20 Predictions: the yen carry trade, and life after "DeFi"

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EP6: Who Funds Crypto's Loan Book

老友记 OFR House

EP6: Who Funds Crypto's Loan Book