Why RWAs and Tokenized Stocks Are Unlocking DeFi for Institutions | Jonathan Han

Mar 17, 2026

Jonathan Han, CEO of Euler Finance and former Bridgewater macro researcher, leads DeFi lending and institutional tokenization. He discusses tokenized real-world assets and stocks as collateral, how compliant DS tokens enable permissioned lending markets, the shift from permissionless protocols to institutional-grade products, and the role of fixed rates, compliance, and AI agents in scaling on-chain credit.

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INSIGHT

Tokenized Lending Creates Instant Credit Access

Tokenized lending can create a credit layer for the internet that gives retail users instant access to liquidity instead of months of paperwork.
Jonathan Han contrasts seconds-long crypto loans to mortgage processes that take months and thousands of documents, highlighting convenience and speed.

INSIGHT

Euler's Shift From Permissionless To Institutional Focus

Euler evolved from a permissionless, modular lending protocol proof of concept into a platform aiming to serve fintechs, exchanges, and institutions.
Jonathan Han says Euler proved isolated pools work and now focuses on scaling, usability, security, and compliance for non-crypto users.

ADVICE

Provide Transparent Risk Data Not Just APRs

Make risk transparent instead of just showing APRs so users can make informed choices without hours of research.
Jonathan Han urges builders to balance openness with guardrails and provide accessible risk data to onboard fintech and retail users.

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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.