Bhavin Vaid (Birch Hill) on Better Markets for Tokenized Assets (EP.700)
Feb 11, 2026•37 min•Ep. 700
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Summary
Bhavin Vaid, co-founder of Birch Hill, discusses the critical role of institutional-grade risk curation in bridging traditional finance with on-chain credit markets. The conversation delves into lessons learned from past DeFi and TradFi blow-ups, emphasizing the shift towards isolated risk models and the evolving 'Fat Protocol Thesis' regarding value accrual. Birch Hill's approach to risk assessment, the importance of accurate Net Asset Value reporting for real-world assets (RWAs), and the future of specialized curator business models are also explored, highlighting the growing demand for high-quality, credit-based tokenized assets on-chain.Episode description
Wyatt sits down with Bhavin, co-founder of Birch Hill to chat about the tokenized asset and DeFi market broadly. In this episode:
- Who is assessing whether cryptoassets are safe in DeFi today?
- Who is assessing risk and ensuring assets are solvent and not fraudulent?
- How have these standards been set and how are they evolving?
- What is a risk curator, how do risk curators make money, and what is their role?
- Is it the responsibility of protocols, curators, wallets, or someone else to protect users from buying bad assets?
- How do you expect non-DeFi-native market participants will start to enter this market?
- Will users eventually buy, hold, and sell assets on protocol interfaces, brokerages / exchanges, or risk curator interfaces?
- Does the Fat Protocol Thesis hold true? Where does value accrue today?
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