Two of crypto's largest lending businesses, built on very different architectures: one as neutral lending infrastructure, the other deploying Sky's ~$10B balance sheet.
This episode breaks down where the capital comes from, who is actually borrowing, how lending demand differs across markets, and what crypto credit still cannot do today.
Host
⭐️ Momir @momir_amidzic, Managing Partner @IOSGVC
Guests
⭐️ Sam @hexonaut, Co-founder & CEO @sparkdotfi
⭐️ Shan @shanandwater, APAC Lead @MorphoLabs
Timestamps
Intro
Seven years of money markets
Morpho vs. Spark: neutral infrastructure or your own balance sheet
"The world of credit is $200 trillion — crypto is a tiny fraction of it"
Two games in money markets
Who filled Coinbase's Bitcoin loan book?
Crypto-native liquidity is thinning — the new money comes from fintech
West vs. East: crypto as one of the last deep-tech industries that is still global
In Asia, a good product only gets you to the table
Is an HKD stablecoin any different from holding USDC?
Who's actually borrowing — are money markets just leverage facilitators?
"Perps are more of a retail product"
The bottleneck isn't capital — it's loan origination
The missing pieces: fixed terms, differentiated pricing, and undercollateralized lending
Which chains are worth showing up on
Asia's biggest holders aren't on exchanges — they're on hardware wallets
The DeFi mullet: blockchains are becoming back-end infrastructure
Predictions: the yen carry trade, and life after "DeFi"
EP6: Who Funds Crypto's Loan Book
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