Peter Gaffney of O2O Capital Partners analyzed that while real-world assets already back the largest stablecoins, on-chain lending still operates through variable-rate pools. He believes that fixed-rate, fixed-term on-chain loans are the missing link in the Real World Assets (RWA) sector. Gaffney also mentioned that a 5% transfer from Sky and Ethena reserves could create $1.8 billion in demand for RWA.