Which assets can I pledge as collateral?

Which assets can I pledge as collateral?

The eligible collateral set spans both crypto assets and certain real-world assets, but every collateral type has to clear the same bar: it has to be something whose value can be reliably established and whose claim can be enforced if a loan defaults.

On the crypto side, eligible collateral typically includes major, liquid assets, ETH and other large-cap tokens, along with liquid staking tokens like stETH and rETH that carry staking yield while remaining tradable. What makes a crypto asset eligible is a combination of deep, reliable market liquidity (so it can actually be sold in a liquidation without collapsing its own price) and a hardened price oracle (so its value can be tracked accurately and can't be easily manipulated). Thinly traded or highly volatile tokens are either ineligible or accepted only with much more conservative terms.

On the real-world side, eligible collateral includes the asset types underlying the platform's credit deals, which can range from receivables and other cash-flow-generating assets to certain high-value physical assets, each subject to its own valuation and custody requirements. Real-world collateral is priced through NAV or valuation-based oracles rather than live market feeds, and it generally requires verifiable custody and clear enforcement mechanics before it's accepted.

The unifying principle is that eligibility is about risk manageability, not asset category. Every accepted collateral type needs three things: a credible way to value it, a workable way to enforce the claim against it, and terms (advance rates, thresholds) sized to its specific liquidity and volatility. Assets that can't satisfy all three aren't eligible, regardless of how valuable they might be on paper.

Related: Overcollateralization in institutional crypto-backed lending and \[What is an RWA\].