Aave Founder: Aave V4 is a reconfigurable on-chain securities financing market, targeting a market size of tens of trillions of dollars

Golden Finance reports that on June 20, Aave founder Stani Kulechov posted that Aave V4 can be used to reconstruct the on-chain securities financing market. He stated that securities financing is one of Wall Street's largest but least focused markets, with securities collateral loans already a multi-trillion dollar business, including the U.S. repurchase market with an average daily exposure of about $12.6 trillion, a secured financing scale of $1.3 trillion, securities-backed loans in wealth management exceeding $400 billion, and approximately $4.6 trillion in assets lent out in the securities lending market, generating a record $15 billion in revenue by 2025.
Aave V4, through a "liquidity hub + modular market" structure, can share liquidity at the core layer and set up segmented markets with different risk parameters, asset ranges, and rules at the upper layer. Aave V4 supports three core securities financing scenarios: securities collateral loans, repurchase agreements, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can borrow stablecoins by collateralizing tokenized securities and achieve atomic settlement; in securities lending, tokenized securities themselves can become lendable assets, with lending income directly flowing to the asset holders.
Stani stated that Aave V4 can adopt a single shared liquidity hub or multiple hubs split by asset class and risk. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes that the realistic path may start with unified liquidity, and as collateral types expand, gradually evolve into a multi-hub structure divided by category and risk.
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