Stani Kulechov proposed bringing securities markets on-chain via Aave V4 hub-and-spoke architecture (June 20, 2026 blog). US repo market: 1.3T. Securities lending: ~400B+.
V4 central liquidity hub supplies capital to specialized markets with independent risk parameters. Supports: stablecoin borrowing against tokenized securities, onchain repo, securities lending for yield.
Two liquidity models: shared hub maximizing capital efficiency; isolated hubs by asset class (Treasury, credit, equities). Protocol can enforce KYC while accessing shared liquidity. Atomic continuous settlement vs T+1/T+2 traditional settlement.