Apollo's ACRED just crossed $100m AUM tokenized across 6 chains. $785b asset manager now plugging private credit into morpho as collateral. 7-9% yielding fund shares getting leveraged 2-3x by defi users on top of institutional first-lien loans. securitize handles transfer agent, redstone handles NAV oracles, gauntlet runs the vault optimization. apollo also made a strategic investment into plume, first RWA project in their crypto portfolio. the underlying is illiquid 7-10 year corporate debt. the token trades with daily NAV pricing. if 30% of holders redeem in a stress event that liquidity mismatch breaks hard. but right now this is a $785b firm treating defi composability as core infrastructure. not a sandbox. when goldman and blackrock see apollo pulling $100m+ through morpho vaults they will accelerate everything. 18 months from now $10-20b in private credit sits onchain and apollo owns the pricing standard because they moved first.