The Pricing Layer For Real-World Collateral

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.

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.