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The Future of DeFi: Yield-Bearing Stablecoins and Verified Real-World Assets

DeFinition by Accountable 2026

October 20, 2026

Video Transcript

Interviewer: We are live right now from Definition at Token2049 in Singapore, and of course this is the event where institutions and builders in tokenized credit, yield, and stablecoins meet, and it's powered by Accountable. And Accountable is the verification layer bringing institutional finance on-chain. Joining me right now, ahead of his panel actually on private credit, is Pramodia Du Alvis, co-founder and CEO of Spice Protocol. Pramodia, welcome to FinTech TV.

Pramodia Du Alvis: Thank you so much. Good to be here.

Interviewer: Great. So, Pramodia, first of all, for viewers meeting Spice for the first time, talk to us about what this protocol does.

Pramodia Du Alvis: Yes, of course. So, you know, when we first started Spice, there was a big problem with off-chain verification. Accountable, good on-chain verification and getting there with on off-chain as well, there's a lot of integration to be done, and we've hyper-focused on the private credit side. So private credit loan origination has a long way to go for verification in general, without even thinking about on-chain and off-chain or any of that, so just general TradFi verification is lacking. So what we've done is we've essentially built digital credit, that's what we're coining it. A way to verify off-chain deals just like you would on-chain.

Interviewer: Amazing. So private credit, of course, is an enormous market off-chain. What does bringing it on-chain make possible in your opinion?

Pramodia Du Alvis: Yeah, of course. So, you know, we're looking to launch a yield-bearing stablecoin, and that gives you interesting side effects that are powered by DeFi, right? You get secondary market liquidity, instant redemptions, you get lending, so you can loop. Usually to do that in TradFi space, you'll have to talk to Goldman, Goldman Sachs or some other big bank and hope they like you enough. And of course the product has to go through their DD process and all sorts of nonsense, you know, go to Moody's and go through all those risk rating companies, and it's not like we can't pass those, it's just that it gets complicated really quick and a lot of retail, even retail or even small institutional investors cannot get plugged in, so it really gives us the ability to do TradFi things that TradFi guys take for granted and do it instantly on-chain.

Interviewer: Amazing. And who are the borrowers and lenders you are bringing together on your platform?

Pramodia Du Alvis: So our borrowers are mostly property developers and other property... So for us we work with a lot of property developers and other property businesses, people with lending books, first mortgage lending books that they wanna essentially look for alternative sources of capital, get a nice little uplift, even a 0.5% uplift will help them greatly. Especially out of Australia, right, so Australia, the rates are going up, the margins are getting bigger for essentially the cash rate in the US versus the cash rate out of Australia, so it's becoming, I don't wanna call it free money, but free money, right? And, you know, with borrowers in Australia, they're all struggling to go through those normal banking rails. One, it takes long to go through banks, so they go through private credit lenders, but private credit lenders depend on banks, you know. So for us, we work with those guys and we help them get funding through on-chain rails, stablecoins. And our lenders are obviously people on-chain, people with stablecoins. And, you know, when we launch that yield... And when we launch the yield-bearing stablecoin, it's gonna be a product they can jump in and out of, right? Something you can't do in your normal credit deals.

Interviewer: Yeah, and I think we can agree that every credit deal is different. What do you think needs to become standard, let's say, for this market to scale?

Pramodia Du Alvis: Yeah, of course. Well, this is where digital credit comes in, right? So we've built this infrastructure as Argus, which is essentially a private credit loan management stack. It does end-to-end origination all the way from when the borrower goes, yeah, I need money, to, OK, here's your money, and the final completion where they pay back the principal and interest and everything, right? And along the way, we're sending those verifications on-chain. Right, through Vigil, which is our custom layer we've built in-house for private credit and other off-chain verifications, right? And that's something Accountable will be able to pick up and show on the dashboards with ZK proofs, right? We don't, we don't, we don't wanna reveal to the world exactly how big that drawdown was, right? But we will reveal that, you know, there's these proofs that Accountable can use to show, OK, yes, these guys have $20 million NAV behind that loan or that fund.

Interviewer: And which parts do you personally think, parts of a deal, should always stay tailored to the borrower?

Pramodia Du Alvis: So, there's a lot of relationship building in the borrower-lender space, right? Because it's a very, it is a very intimate process. You're going through lots of, you know, signing NDAs, you're signing all sorts of things to make sure that you guys can work together comfortably, you know. If something happens with the borrower, you know, like, ah, the timber didn't arrive on time. What are you gonna do? Just go, yeah, nah, you're defaulting? You work with them, you restructure a loan, you know. You can't automate, you can automate them to an extent, but there's a lot of relationships in that, like where you can actually work with the lender to, you know, do it. And, you know, what we do through Spice and Argus is that we can help automate the process. But at the end of the day, the borrowers have needs and, you know, that's why we wanna make this a human-first product. Of course, you know, we've got AI off the back of it to improve automation and stuff, but it's all about relationships still, and we wanna keep that because it's very important.

Interviewer: You're trying to balance this relationship as well, so yeah.

Pramodia Du Alvis: Yeah, you need it, yeah.

Interviewer: And how do you help lenders understand the risks behind the loans that they are funding as well?

Pramodia Du Alvis: Of course, and that's like through the on-chain verification, so through Vigil. We send it up the stack to, you know, you can roll up to Ethereum, Base, or even a private Hyperledger if you really want to. And for lenders, they have that peace of mind that, OK, that drawdown did happen, you know. It didn't just, we didn't just put the money in the vault for no reason. That money went to that drawdown, right? When it's taken out of the vault, they can see the money moving, but where is it going? And we can link the two together, right? And that's the beauty of bringing the off-chain verification and on-chain together.

Interviewer: And where do you think in this part of the industry, do you think there's room still for improvement?

Pramodia Du Alvis: Hm. That's a good question. I mean, you know, a lot of the stuff we're doing already is that improvement. For example, in Australia, we've got tight regulations, but it's hard to audit at regular intervals just because of how the data is placed or there's a bit of a falsification, so unfortunately, even with the regulations, and you know, you can see it now with ASIC cracking down, and you can see that they're trying their level best to keep it nice and clean. But right now investors are not investing in those funds because even though the fund might be fine, they've seen the other guys go down, maybe the bigger guys. But because the lenders can't see into the books, they don't know what's happening. They have to hope they have a big enough position that the fund is happy enough to tell them enough information, you know. And we don't want that, right? We don't want the $100 million guy knowing more information than the $10 million guy. We should all have, you know, we should all be equal in that, because that's how you get bank runs and all sorts of nonsense. So through Argus and the Vigil stack, we can verify that, you know, these guys have the LVR, it's still good. Still at the 65% max lock, and the assets as such.

Interviewer: So you think we're moving in the right direction?

Pramodia Du Alvis: Yeah, I think, well, on-chain I feel like on the side we've already solved a lot of that. It's actually nothing. DeFi is, I would say, solved enough to allocate. The problem that's not solved is the verification of what's on the back end, right? We're still trying our level best to verify that. And again, Accountable has done a great job on-chain and working with like Bybit and all those other exchanges to get that data on Galaxy, but off-chain, that's still... I mean, Bybit and everything's still off-chain, but you know they've got ZK verifications that you can plug in and log in and do all that stuff. How do you do that with private credit funds, right? You don't, you can't do that. And Argus is built from the ground up to give that level of access, right?

Interviewer: And over the year ahead, what will you personally be watching very closely?

Pramodia Du Alvis: Obviously, regulations do change here and there. The Australian regulations for private credit funds are solid, and investors should be really happy that they exist. Obviously, we wanna see things like investors being more comfortable allocating through a token-based investment product on-chain, you know, what are their rights and all those little niggly things. So, you know, you saw the GENIUS Act come out, there's the CLARITY Act which is for a lot of people not so clear, but we're hoping that those things can come together to make it more comfortable for investors to allocate into products like ours and everything else off-chain. You know, we can't just depend on DeFi alone, we have to depend on off-chain yield to come in on-chain and grow our ecosystem, right?

Interviewer: Right, right, right. Money has to come on from somewhere.

Pramodia Du Alvis: Absolutely, absolutely.

Interviewer: Pramodia, wish you the best of luck, you and Spice, and thank you very much for coming on FinTech TV.

Pramodia Du Alvis: Thank you so much. Appreciate it.

Can blockchain technology make private credit more transparent, accessible and efficient? At TOKEN2049 Singapore, Bassel Sabri, FinTech.TV correspondent, spoke with Pramodya De Alwis, Co-Founder and CEO of Spice Protocol. The conversation explored how tokenized private credit, on-chain verification and yield-bearing stablecoins could bridge traditional financial markets and decentralized finance while addressing longstanding challenges around transparency, liquidity and investor confidence.

De Alwis explained why simply tokenizing private credit assets was not enough to transform the lending industry. Traditional credit markets often operate through fragmented processes, limited reporting and complex verification requirements that make it difficult for investors to independently assess underlying loans. He discussed how Spice Protocol was developing digital credit infrastructure to connect real-world lending activities with blockchain-based verification, allowing investors to gain greater visibility into the financial assets supporting tokenized credit products.

The discussion highlighted Spice Protocol’s work with Australian property developers and private credit lenders, where access to funding remained a significant challenge. De Alwis outlined how blockchain infrastructure could create additional financing channels by connecting traditional borrowers with stablecoin capital and decentralized lending markets. He also shared the company’s plans for a yield-bearing stablecoin designed to provide exposure to private credit returns while potentially improving capital flexibility and access to liquidity.

Technology and verification were central to the conversation. De Alwis introduced Argus, Spice Protocol’s loan management infrastructure, which was designed to support the lending lifecycle from origination and funding to servicing and repayment. He also discussed Vigil, the company’s verification layer, which aimed to connect real-world financial activities with blockchain networks such as Ethereum and Base. Through integration with Accountable and the use of zero-knowledge proofs, these systems could help investors verify important financial information without exposing sensitive borrower or lender data.

Despite the opportunities presented by automation, De Alwis emphasized why human relationships remained essential in private credit. He explained how lending often required negotiation, flexibility and judgment, particularly when borrowers encountered unexpected project delays or changing financial circumstances. Spice Protocol’s approach therefore focused on using technology and artificial intelligence to improve efficiency while preserving the relationships and decision-making processes that underpin responsible lending.

The conversation also examined information inequality within private credit markets and the importance of independently verifiable financial data. De Alwis discussed how continuous verification of loan performance, collateral coverage and loan-to-value ratios could provide investors with clearer insights into underlying credit exposure. He also highlighted regulatory developments in Australia and the U.S., including the GENIUS Act and CLARITY Act, as important considerations for the institutional adoption of tokenized financial products.

Looking ahead, De Alwis shared his perspective on how private credit could become a more significant component of decentralized finance. His insights from TOKEN2049 Singapore highlighted why the next stage of real-world asset tokenization would depend not only on bringing financial products onto blockchain networks, but also on establishing reliable verification, privacy protections and stronger connections between traditional lending and digital capital markets.

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