The RWA Investment Thesis

The integration of Real World Assets into DeFi has been promised for years, but Cambi represents one of the first protocols to deliver it in a way that makes economic sense. The key insight is that Latin American fixed income markets offer yields that are essentially impossible to find in developed markets, but these yields come with access barriers that blockchain can uniquely solve.

On the other hand, most progress in RWAs across Latam was done on the base layer, that meaning, many assets have been tokenized over the last 2 years, but very few distribution mechanics, UX abstractions/improvements and protocols in general have been built on top of them. This exposes a dichotomy within the market: growing assets available but stale user base and exposition. Brazil needs projects like Cambi for RWA to really thrive.

Through our partnership with Liqi, we're accessing tokenized receivables that routinely yield 20%+ annually. These aren't experimental instruments – they're the same types of receivables that Brazilian banks have financed for decades. A typical receivable might be a 60-day credit right from a major retailer, backed by credit card payments. The yield is high because Brazilian interest rates are structurally higher, not because the credit risk is excessive.

The protocol's RWA strategy employs what we call "ladder maturity management" – a continuous process of investing in staggered maturities to ensure constant liquidity, directly inspired by MakerDAO's RWA Core Unit risk modeling. Rather than locking funds in single long-term instruments, we maintain a portfolio where receivables are constantly maturing and paying out. This creates several benefits: continuous yield realization, reduced duration risk, and the ability to dynamically adjust the portfolio based on market conditions.

Our risk management combines traditional credit analysis with modern tools. Each receivable undergoes due diligence examining the creditor, payment history, and legal structure. AI systems help identify patterns and anomalies across the portfolio, while the DAO can vote to exclude specific types of receivables or adjust exposure limits. This hybrid approach leverages both human expertise in local markets and algorithmic efficiency in portfolio management.

The beauty of this system is its scalability. As the protocol grows, we can access larger and more diverse receivables, potentially including government bonds when they become available on-chain. The Brazilian government has announced plans to tokenize hundreds of millions in treasury bonds – when this happens, Cambi will be positioned to immediately integrate these lower-risk, lower-yield instruments for users preferring stability.