RedStone delivers the NAV pricing layer for KPK’s Prime RWA vault on Euler, enabling tokenized treasuries and investment-grade credit to function as collateral in onchain lending markets.
TL;DR:
- KPK has launched USDC Prime RWA on Euler, a lending vault backed by tokenized US Treasuries and AAA-rated CLOs issued through Securitize.
- RedStone provides daily NAV feeds for VBILL and STAC, the two RWA collateral markets inside the vault via an oracle Router governed by KPK
- Pricing RWA collateral requires different infrastructure than pricing exchange-traded assets. NAV-aware feeds change how collateral health is interpreted, how liquidation systems behave, and how protocols distinguish market noise from actual balance-sheet deterioration.
- Yuzu Money is the first borrower, using VBILL as collateral to access USDC liquidity. The vault targets a 2.5–5% lender APY with a 15% instant-withdrawable buffer.
- This is what the next layer of DeFi credit infrastructure looks like: regulated issuance, modular lending, and a pricing layer built around economic state rather than last-trade price.
The Problem With Pricing Assets That Derive Value From Reserves
Most oracle infrastructure was built for crypto-native markets: assets with continuous order books, high trading velocity, and prices that reflect economic reality in real time. That architecture works well when market price and economic value are the same thing.
RWAs introduce a different requirement. VBILL is backed by VanEck’s fund holding cash, Treasury bills, and repurchase agreements, with State Street custody. STAC holds a diversified portfolio of US AAA CLOs, with BNY as service partner. Neither derives its value from secondary-market trading activity. Both derive it from underlying reserves, fund structure, and the NAV published by the issuer. Pricing them as if they were spot assets creates risk rather than managing it.
That distinction becomes consequential once an asset sits inside a lending market. A temporary secondary-market discount is not a balance-sheet event. Treating it as one triggers unnecessary liquidations. Ignoring it entirely creates a different set of problems. The pricing layer needs to understand the difference and act accordingly, which is a fundamentally different design requirement from aggregating exchange feeds.
What RedStone Is Providing
RedStone delivers daily NAV feeds for the two RWA collateral markets inside the USDC Prime RWA vault. VBILL/USDC is classified Tier A, backed by VanEck-managed Treasury exposure. STAC/USDC is classified Tier B, backed by diversified AAA CLO exposure. Both feeds run through KPK’s Oracle Router, governed by the KPK Curator Safe, which means pricing governance and operational controls sit at the same layer as the rest of the vault’s risk management. Oracle health, NAV drift, and fund-level events are monitored as part of one system, not separated out as secondary concerns.
That integration is structural. KPK’s exit agent automatically responds to oracle price changes, as well as ownership-transfer and issuer-side pause events on the collateral wrappers. The pricing layer is wired into the risk response architecture.
RedStone’s NAV feeds are sourced through RedStone and Securitize’s Trusted Single Source Oracle (TSSO) framework, which enables issuer-authoritative fund valuations to be delivered onchain in a verifiable manner. Unlike exchange-traded assets where multiple market venues contribute to price discovery, regulated funds publish a single official NAV that serves as the economic source of truth for collateral valuation. The combination of TSSO and RedStone’s oracle infrastructure allows lending markets to consume that authoritative valuation while maintaining the transparency and operational guarantees required by DeFi protocols.
Why the Stack Is Structured This Way
KPK USDC Prime RWA brings together three infrastructure layers that are beginning to define what institutional-grade onchain credit actually looks like. Securitize governs issuance and compliance, including DS Token controls, account-level freeze and seize functions, and borrower onboarding. Euler provides the modular lending architecture, with isolated markets, where KPK configures per-asset LTV thresholds, LLTV parameters, and allocation caps, all logged publicly before allocation begins. RedStone delivers the NAV pricing layer, connecting the collateral’s economic state to the lending system without requiring it to behave like a spot asset.
Tokenization is only the first step. For real-world assets to function as collateral in onchain credit markets, the surrounding infrastructure must be designed around the characteristics of regulated financial products. Securitize provides the regulated issuance and compliance framework, and through its Trusted Single Source Oracle (TSSO) model enables issuer-authoritative NAV data to be delivered onchain. Euler provides the lending architecture, and RedStone delivers the oracle infrastructure that distributes this pricing data to lending markets. Together, these components help bridge traditional financial assets and onchain capital markets.
What matters is not that these components exist individually. It is that they are now coordinated into a single credit stack. That coordination is what makes institutional borrowers like Yuzu Money comfortable using tokenized Treasury exposure as DeFi collateral, with the issuer’s compliance controls intact and the pricing infrastructure auditable at every layer.
What This Represents
The RWA conversation in DeFi has focused heavily on tokenization. Making RWAs work as collateral is where the infrastructure challenge is. An asset only becomes financially useful in credit markets once it can be priced coherently, integrated into lending systems, monitored at the balance-sheet level, and handled correctly under stress. That set of requirements is different from what exchange aggregation systems were built to solve.
The Prime RWA vault is a working example of what onchain credit infrastructure looks like when those requirements are taken seriously from the start. USDC deposits are open to anyone. Borrowers are onboarded through Securitize. The oracle feeds are live.
The collateral layer is evolving. The infrastructure required to price it coherently is what makes it functional in credit markets.
About RedStone
RedStone is a leading blockchain oracle provider delivering fast, gas-efficient, and cross-chain data feeds to power DeFi protocols and institutional applications. As the oracle of choice for real-world asset tokenization, including BlackRock’s BUIDL fund and European treasury assets via Spiko, RedStone bridges traditional finance with onchain infrastructure. RedStone offers the industry standard for secure pricing and quality support, serving as the market leader for emerging ecosystems and institutional use cases. Learn more at redstone.finance
About KPK
KPK is a non-custodial onchain asset manager operating treasury mandates, Funds, and Vaults for DAOs and institutions across DeFi since 2021. $8bn+ in capital deployed across DAO treasuries, 16,000+ onchain transactions and zero funds lost.
