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Pharos has tokenized Southeast Asia's personal loans on the blockchain, with 70% exposure in developing countries. An APY of 14% sounds like fixed income, but in reality, the underlying assets are consumer loans, and those in the know are calculating the default rate.
Among them, 70% is allocated to microloans for individuals in countries such as Thailand, the Philippines, and Indonesia.
The official reminder states that there may be a risk of default in unsecured consumer loans in developing countries.
(Source: MLion)