The next phase of tokenization is not just bringing assets onchain, but turning them into financial products through vaults. Curated lending vaults have grown more than 50% over the past year to nearly $9 billion. But the category remains dominated by stablecoin lending: roughly four out of five curated vaults run a stablecoin strategy. That is starting to change as more types of assets move onchain. Some tokenized private credit positions can now be used as collateral to increase exposure. Covered-call vaults can generate income from tokenized gold, while other vaults use stablecoin deposits to finance short-term commodity trades. The vault performs the same role in each case by packaging the asset and strategy into a product that can be distributed onchain. That model is already reaching users through familiar apps. Coinbase, Robinhood and Uniswap use vaults behind yield products and many users may never interact directly with the underlying protocol. Moving this activity onchain does not make asset managers obsolete. Curators still decide where capital goes and which risks are worth taking. As the products become more complex, trust in the curator will matter as much as the code. Vaults are becoming the way asset management is distributed onchain.(Delphi Digital)