From permissionless roots to institutional focus

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Jonathan Han, CEO of Euler Finance, about building the credit layer of the internet and making DeFi lending accessible to retail and institutional users alike. Jonathan, who previously worked at Bridgewater Associates explains how Euler's lending framework is evolving from a permissionless protocol to one serving both crypto natives and traditional finance partners.

The conversation covers why traditional mortgage applications can take months when crypto lending can happen in seconds, how tokenized funds like Apollo provide diversification against bitcoin volatility in DeFi lending markets, and why Euler integrated Securitize’s digital securities (DS) protocol, which allows for DS tokens to be used as collateral in “curated, risk isolated lending markets.”. Jonathan also discusses the institutional pivot happening across DeFi, why fixed-rate lending and compliance features are key for enterprise partners, common misconceptions about institutional adoption timelines, and how AI agents are beginning to execute trades and deploy portfolios across lending markets. He also shares insights from building Euler to over $4 billion in deposits within a year after the protocol's recovery from a 2023 hack.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.

TIMESTAMPS 

(00:00) Intro
(01:19) From Bridgewater Associates to crypto
(04:04) Becoming Euler CEO after leading partnerships and institutional growth
(04:47) Building the credit layer of the internet: democratizing access to credit
(07:26) Why crypto lending unlocks liquidity in seconds vs months for mortgages
(08:12) Euler's evolution from permissionless DeFi to serving institutions and fintech
(10:06) Making financial tools accessible without requiring a finance degree
(14:57) RWAs as diversification: Apollo funds performing independently of bitcoin volatility
(20:06) How tokenized treasuries and private credit reduce liquidation risk in DeFi
(22:45) Euler launching tokenized stock lending following Nasdaq, Kraken partnership
(24:00) What institutional partners actually ask: fixed-rate products and compliance
(26:41) Biggest misconceptions: crypto moving too fast vs traditional cycles
(29:45) Measuring success by: plugging Euler into stablecoin issuers and fintech platforms
(35:20) Retail investors accessing exotic financial tools through education and AI
(37:20) How Jonathan uses AI agents for portfolio deployment and market summaries

ESSENTIALS 

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.