Connor Dougherty (Valinor) on the Evolution of Private Credit (EP.712)

Bullish:

• $STABLES - Stablecoins expected to grow 10x from $300B to $3T, creating massive demand for productive capital deployment and new credit infrastructure.

  • “if you really believe that stablecoins, and this is more of a longer term view, go from which I think everybody you and me believe this, but go from 300,000,000,000 to 3,000,000,000,000, there's just gonna be a tremendous amount of demand for to make that capital productive by the people that own it, and that plays into us tremendously.”

    Connor·14:42
• $DEFI - Growing demand for real yield in DeFi as crypto native yields compress and institutional underwriting becomes more valued.

  • “I think there's just clearly demand for attractive real yield. The crypto native yield has been compressing. Sure, that's supportive. But I think it's more than that. I think there's just this acknowledgement that institutional underwriting, people to stand behind the writ, a lot of the things that we champion, which is we put skin in the game in everything that we do, we're aligned with everything and everyone that we partner with. I think it's starting to matter”

    Connor·14:07

  • “we're actually positioning the business to do a more DeFi in 2026.”

    Connor·15:05