CoinDesk
RockawayX, a $2 billion digital-asset investment firm, is committing $150 million to Catapult, an initiative designed to bring private credit and other yield-generating real-world assets onchain. The program will provide venture funding, product structuring, liquidity, market making and distribution for tokenized products. Its targets include trade finance, asset-backed securities, collateralized loan obligations and real-estate-related credit.
Why it matters
RockawayX is betting that yield, rather than trading, becomes crypto's largest onchain use case. CEO Viktor Fischer said the firm is seeking new sources of yield above 12% that are less correlated with crypto markets. That would broaden DeFi's investment proposition beyond exposure to digital-asset prices and connect it more directly to lending tied to the real economy.
Tokenized real-world assets have grown to roughly $38 billion, although more than half of that market consists of tokenized money-market funds. RockawayX expects the broader market to reach $10 trillion to $20 trillion by 2030, above Citi analysts' $5.5 trillion base-case forecast for the end of the decade.
Market impact
Catapult's strategy extends beyond issuing tokens. RockawayX plans to pair traditional finance professionals who can originate and underwrite assets with crypto-native operators who can structure and distribute them onchain. The firm argues that tokenization is only the starting point, with buyers, secondary trading and exits determining whether less-liquid assets can attract durable demand.
Market makers could provide exit liquidity even when the underlying investments have lengthy redemption periods. RockawayX already operates venture funds, a market-neutral DeFi liquidity fund and a vault business with roughly $300 million in deployed capital, giving Catapult access to several parts of the digital-asset investment stack.
Frequently asked questions
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What is RockawayX investing $150 million in?
RockawayX is committing $150 million to Catapult, a program focused on bringing private credit and other yield-generating real-world assets onchain.
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Which assets will Catapult target?
Catapult will focus on trade and supply-chain finance, specialty asset-backed securities, collateralized loan obligations and real-estate-related credit.
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Why does RockawayX see yield as a major crypto use case?
The firm expects yield tied to real-economy assets to offer returns that are less correlated with crypto markets. Its CEO cited a search for new sources of 12% plus yield.
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How large is the tokenized real-world asset market?
Tokenized real-world assets are worth roughly $38 billion, with more than half of the market consisting of tokenized money-market funds.
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What is the main challenge for tokenized private credit?
The challenge extends beyond tokenization to finding buyers, creating secondary-market liquidity and providing exits when the underlying assets have lengthy redemption periods.
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