ZURICH, SWITZERLAND — The machinery of global commerce has long been a closed loop, with a handful of banks financing the movement of goods while outside investors watch from the sidelines. That barrier is starting to crack. Obligate, a Swiss capital markets infrastructure provider for blockchain-based securities, has announced that oTFY, its trade finance yield product, is now live on Morpho, a major lending network built on public blockchains. Investors holding oTFY can now borrow against the product, opening a new channel between real-world trade and onchain liquidity.
What oTFY actually does
When goods move between countries, somebody has to pay for them while they are in transit. That gap is trade finance, a market measured in trillions of dollars a year and one that almost no investor outside a handful of institutional investors can access.
TradeFlow funds these shipments by taking legal title to the goods rather than lending against a company’s credit. Using the Obligate platform, that activity is turned into a security issued under Swiss law on several blockchains. By holding oTFY, investors may get exposure to the financing of real cargo, with weekly liquidity.
Following deployment on Solana’s Kamino protocol earlier this year, investors may now also tap into the liquidity pools provided on Morpho on the Ethereum blockchain. By using oTFY as collateral, investors access liquidity from Morpho Markets while maintaining the exposure to the real-world economic activity supporting global supply chains.
The payment leg moved first. The financing leg is following.
Trade finance was one of the earliest parts of the real economy to adopt blockchain, through stablecoins used to settle cross-border payments. Moving the money was the easy part. Funding the goods stayed offchain.
Putting oTFY on Morpho connects the two. Someone earning yield on a real-world asset in an onchain lending market is, in effect, helping fund a container of copper or some other commodity crossing the ocean.
“Global trade runs on credit, and almost all of that credit sits inside a handful of banks where no outside investor can access it. We have first turned that financing into something an investor can access, and now into something they can borrow against. An investor earning yield onchain and a shipment of metal crossing the ocean are now a lot closer together than most people would have ever imagined,” said Matthias Wyss, CEO of Obligate.
Attracting significant capital
Since launching in July, oTFY has reached approximately $26 million outstanding on Solana and now extends to Ethereum. Over the same period, the underlying trade finance bonds have grown from roughly $40 million to $170 million.
“This is an important development in connecting institutional-grade trade finance with onchain capital markets. The TradeFlow investment model is based on our funds purchasing and taking legal title to physical commodities within carefully structured import and export transactions. By making oTFY usable as collateral on Morpho, investors can access additional liquidity and capital efficiency while retaining exposure to the real-world economic activity that supports global trade,” said Tom James, CEO and CIO of TradeFlow Capital Management.
Sophisticated interplay
RockawayX, a digital asset investment firm with over $2 billion in collective assets under management, sets and monitors the risk parameters of the market on an ongoing basis. RedStone supplies the pricing data that lets the market value oTFY reliably, without which a real-world asset cannot function as collateral.
“A real-world asset only works as collateral if the market can see what it is worth at any moment. Bringing oTFY’s valuation onchain is what turns it from a token you can only hold into something you can actually lend against,” said Matt Gurbiel, VP of Business Development at RedStone.
About Obligate
Obligate AG is a Swiss-based provider of blockchain-based capital markets infrastructure. It operates a platform that supports the issuance, subscription, settlement and lifecycle management of debt and structured instruments natively on public blockchains, connecting issuers seeking financing with professional investors. Debt instruments are issued as ledger-based securities under Swiss law, combining on-chain transferability with legal enforceability and the operational controls institutional participants expect. Obligate AG is a financial intermediary within the meaning of the Swiss Anti-Money Laundering Act (AMLA) and a member of the Financial Services Standards Association (VQF), a self-regulatory organization recognized and supervised by the Swiss Financial Market Supervisory Authority (FINMA).
About TradeFlow
TradeFlow Capital Management is a pioneer in transforming physical global trade into an institutional-grade, digitally investable real-world asset class. Since 2018, TradeFlow has completed more than 5,000 physical commodity transactions representing over US$5 billion in cumulative turnover. Its asset-backed, non-credit model is based on purchasing and taking legal title to commodities moving through global supply chains. TradeFlow has pioneered investment-grade rated trade finance securities and is at the forefront of bringing institutional-grade trade finance into digital capital markets through tokenisation, blockchain-based securities and stablecoin infrastructure.
About RockawayX
RockawayX is a leading digital asset investment firm operating across venture, liquidity, curation, and infrastructure, with over $2 billion in collective assets under management. Through its evolved approach to onchain yield, the firm applies institutional-grade credit underwriting to construct, monitor, and manage diversified exposure across stablecoin and real-world asset strategies.
This framework is supported by advanced allocation models, automated risk controls, and real-time opportunity detection, enabling the firm to maintain a zero-default record across CeFi and DeFi lending since inception.
About Morpho
Morpho is an open credit network with $14B+ in deposits connecting lenders and borrowers to the optimal opportunities worldwide. Its modular, open infrastructure enables fintechs, wallets, exchanges, and institutions to embed configurable credit products directly into their platforms, while maintaining full control over the user experience. Leaders like Coinbase, Bitwise Asset Management, and Société Générale already build on Morpho to deploy secure, scalable onchain credit products. For more information, please visit Morpho.org.
About RedStone
RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with a custom pricing infrastructure built for complex onchain systems. RedStone is the primary oracle for tokenized products, including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime.
Why it matters: This move marks another step toward opening institutional-grade trade finance — historically one of the most exclusive corners of global capital markets — to a broader base of onchain investors. By enabling borrowing against real-world asset exposure, it could accelerate capital flows into trade finance while giving DeFi participants a new way to leverage their positions.
Tetiana Shokhina
Obligate AG
