RedStone has rolled out two connected initiatives that push tokenized real-world credit deeper into decentralized finance. On one front, its price data now allows Obligate’s oTFY token—representing exposure to a revolving portfolio of trade-finance assets—to be used as collateral on Morpho. On another, RedStone has launched standardized net-asset-value feeds for a FalconX private-credit vault with more than $170 million in exposure across Monad, Plume, and MegaETH.
The Obligate integration changes oTFY from a yield-bearing token into productive credit collateral. Because the underlying trade-finance instruments do not trade like liquid crypto tokens, RedStone’s pricing layer gives Morpho the data needed to evaluate borrowing capacity and liquidation conditions. Holders can potentially borrow against their oTFY while retaining exposure to the yield from the underlying strategy, improving capital efficiency without forcing a sale or redemption.
For the FalconX vault, the product comes from Pareto’s Credit Vaults. Institutional investors deposit USDC to finance part of FalconX’s prime brokerage business and receive AA_FalconXUSDC, a token for the senior tranche of the credit portfolio. Interest accrues inside the token’s NAV, so redemption value can rise over time. M11 Credit curates the product and monitors exposure. RedStone reads the vault’s NAV from its Ethereum contract and publishes the same signed valuation to Monad, Plume, and MegaETH. Lending protocols can use the feed to determine how much a holder may borrow against AA_FalconXUSDC.
FalconX calculates and signs the NAV off-chain based on the private-credit portfolio. RedStone oracle nodes collect the signed update and validate it against deviation thresholds and heartbeat rules before publishing onchain. Safeguards include multiple node confirmations, signature verification, stale-update rejection, and circuit breakers that halt publication if a value moves beyond preset limits. All three chains receive the same value from a single source; if Ethereum or another network has an outage, the affected chain keeps displaying the last valid signed NAV until a fresh update is verified.
RedStone’s role is not a substitute for risk management. The company has cautioned that NAV is not the same as liquidation value. Lending protocols should apply haircuts for possible slippage, limit borrowing based on realistic secondary-market depth, and keep a buffer between the liquidation threshold and a stressed exit price. RedStone can provide the feed and risk ratings through Credora, but each lending protocol or curator remains responsible for collateral factors, borrowing caps, and liquidation thresholds. Because AA_FalconXUSDC is permissioned, liquidators may need to be whitelisted; RedStone has developed Settle to auction liquidation or redemption rights to KYC-completed whitelisted solvers.
