The Rollup What Happens When Treasury Products Flood The Market? with Aya Kantorovich and Shiliang Tang
Sep 3, 2025
Aya Kantorovich, co-founder and co-CEO of August, and Shiliang Tang, who runs a multi-strategy fund focusing on crypto, dive into the dynamic shifts in treasury products flooding the market. They reveal how buying call options is emerging as the new institutional strategy, while exploring systemic risks lurking beneath the surface. The duo discusses the importance of innovative yield opportunities and the role of Asian capital in later-stage investments, shedding light on the ever-evolving relationship between traditional finance and crypto.
AI Snips
Chapters
Transcript
Episode notes
DAT Attention Is Finite
- The DAT market hit attention limits in August and may be nearing saturation.
- Issuers need fresh yield products and token 2049 will restart partnership conversations.
Asia Is Buying Later-Stage DATs
- Asian capital is flowing into later-stage DATs that early U.S. investors skipped.
- Global demand can revive new issuances even if U.S. interest softens.
Build Institutional-Grade Infrastructure First
- Build NAV, reporting, oracle redundancy, and underwriting before courting institutional clients.
- Prioritize smart-contract security and operational tooling to make DeFi accessible to institutions.